On November 4th, AEX announced its support for polka parallel chain slot auction voting, providing users with a convenient channel to capture the value of the polka ecology. AEX has selected a number of high-quality projects among many projects, with a greater chance of winning the auction. The first batch of supported projects include Acala (ACA), Moonbeam (GLMR), AstarNetwork (ASTR), MANTA (MA), etc. Users can enjoy AEX Staking service by depositing DOT.
On November 5th, 18:15 (UTC), users can deposit DOT assets in specific projects on AEX Global “KSM & DOT Parallel Chain Slot Auction” page to support their favorite projects and receive valuable incentives from the project owner after a successful campaign. AEX provides services such as project selection, voting, and reward distribution, etc. No commission is charged throughout the process, and participants can enjoy a 12% annual bonus.
Why Do The Slot Bidding?
Polkadot works to build a network protocol that allows all blockchains that access this architecture to better accomplish message interaction with each other. Polkadot builds an architecture of relay chains and parallel chains. Parallel chains need to pass through slots on relay chains in order to pass cross-chain messages with other parallel chains, while public chains with non-parallel chain structure need to link to slots on relay chains again by means of transfer bridges in order to enjoy cross-chain functions. So, to enjoy the cross-chain function provided by Polka, you need to get a slot on the relay chain.
Each trunk chain slot can only receive one parallel chain. However, the number of slots for Polka Parallel chains is limited to 100, so it is necessary to pass a slot auction to become a Polka Parallel chain. The process of each project participating is the "slot auction".
The project that wins the auction and becomes a parallel chain can share technical advantages such as polka security, cross-chain interoperability and on-chain governance, and can also share and interact across businesses while developing its own business lines. Other projects will need Token Bridge for cross-chain in order to achieve asset interoperability.
Competitive Auction Mechanism Ensures Parallel Chain Diversity
The Polkadot slot auction is an improved bidding method based on the candle auction, where bidders bid randomly and the highest bidder wins at the end of a random auction time. To prevent bidders from not wanting to bid early and launching an auction attack at the end of the auction, Polkadot uses a random beacon based on a VRF that will provide the basis for randomness, which will retroactively determine the "end time" of the auction.
The approach of dividing parallel chain slots into six-month intervals stems from the desire to diversify parallel chains and prevent particularly large and well-funded parallel chains from hoarding slot slots. Although each cycle is six months, but the entire duration of the slot at 2 years, the mechanism responds to well-funded parallel chains to ensure they acquire a slot at the end of their lease; while gradually allowing other parallel chains to enter the ecosystem and occupy another six-month that have not been used.
AEX Polkadot Capture Forward-Looking Layout
As Polka downplays competition with public chains and becomes a linker, the Polka ecosystem is growing rapidly. In addition to the main chain coin DOT, a series of assets of Polka ecology are entering the exchange circulation one after another, which are further recognized by global mainstream exchanges and users. aex noticed the value of cross-chain integrated public chain Polka early on, and AEX research institute included it in the research special, and made a forward-looking layout in business.
At present, AEX Exchange has supported the circulation of dozens of Polkadot eco-currencies such as DOT, LINK, KSM, ANKR, OCEAN, CELR, CLV, PHA, POLS, MXC, DIA, CRU, AKRO, PCX, DOCK, RING, DORA, NSURE, etc. It has become one of the core places for Polkadot eco-value exchange. Polka eco-users who hold these assets can go to AEX to quickly exchange them for DOT and instantly participate in the Polkadot slot auction.
Polkadot Slot Bidding：https://www.aex.com/page/news/notice/2021/1104/en_2906.html