Looking to take part in a Parachain crowdloan?
Crowdloans can be a great way to support promising new projects. Polkadot is currently holding auctions that will greenlight multiple projects.
You can read all about it here: https://wiki.polkadot.network/docs/learn-parachains
In addition to supporting a project, investors get access to some promising tokens before they go on sale. As an investor, you will be asked to freeze a minimum of 1.1 DOT for 96 weeks. After this period, your DOT will be refunded along with a number of project tokens. This number is based on your initial investment.
This article will focus on the Acala project.
Use this link to learn more about Acala: https://acala.network/
The first thing you should know is the minimum amount of DOT required to participate in the crowdloan.
Since you will be asked to download the Polkadot.js browser extension and transfer DOT into a Polkadot Wallet, you will need to own at least 2.2 DOT. The Polkadot Wallet requires you to have a minimum of 1 DOT in your wallet at all times. If your balance goes below 1, the account will be closed and you will lose your DOT.
The Acala crowdloan also has a minimum DOT amount. You will have to invest at least 1.1 DOT. This brings us to a minimum of 2.2 DOT (just to be on the safe side) you will need to participate in the crowdloan.
The actual process of joining the crowdloan is very simple.
- Download the Polkadot.js browser extension: https://polkadot.js.org/extension/
- Set up your first app: https://polkadot.js.org/apps
- Transfer DOT into your account (Minimum of 2.2 DOT)
- Follow the crowdloan instructions on the Acala website: https://acala.network/acala/join-acala
The process should not take longer than 5 minutes.
Once you are ready to join the crowdloan, use the following referral code to get a 5% crowdloan bonus: 0xbaedb0a4fce8541efecebd3c7451978ab4e8a0a3f7c6da320b21688fe36c8c2a
