Polkadot Parachain Auctions Are Now Live On Kraken

We are excited to announce that Polkadot Parachain Auctions are now live. Earn rewards while supporting your favorite Polkadot projects on Kraken!

With as little as 5 DOT, you can cast your vote in an auction for the next parachain to be added to the Polkadot network. Purchase DOT here or deposit it by navigating to Funding and selecting it from the list. 

Need a refresh on parachain auctions? We’ve got you covered in the Learn Center.

How to back your favorite project

Head into the Earn section of your Kraken account and select the Parachains tab. Locate the project you’re interested in (or browse the offerings) and enter the amount you want to bond. To celebrate the launch of the first Polkadot parachain auctions, we’re reducing the auction fees from 10% to 5%. Find out more in our Support Center.

In the first-ever Polkadot auction, you can bond tokens to at least six projects via Kraken:

We’ll continue to add projects as they appear, so be sure to keep an eye on the Parachains tab! Kraken will support additional Polkadot auctions moving forward. 

Please Note: You’ll need to unstake your DOT to use it in a parachain auction. The DOT you contribute to support a parachain auction bid is locked for the duration of the auction and, if it wins, for the duration of the acquired parachain slot (from three months up to two years). At the end of either period, bonded DOT will be unlocked and Kraken will aim to promptly return it to your account.

Rewards

Rewards granted vary by project. Please see our Support Center article for an illustrative breakdown of each project’s potential rewards and other information on individual projects. 

Contribute Now

Example flow of tokens for Acala (ACA)

___________________________________________________________________________

Please Note: Parachain auctions are not available to residents of the United States, Canada, Japan and Australia. Only verified Intermediate accounts and higher are eligible to participate in the Parachain Auctions. Get verified now.

Participate with caution: Kraken does not guarantee, and does not assume any responsibility for, the acts or omissions of any parachain auction candidate (“Candidates”), the performance of their products or services, or the performance of the Polkadot network. This includes any aspect of the Parachain Slot Auction process; any aspect of a Candidate’s Parachain Slot Auction bid; the amount, functionality, value, or date of delivery of rewards for participation in a parachain slot auction; and your ability to reclaim any DOT you contribute in a Parachain Slot Auction. The descriptions of Candidates and the Parachain Slot Auction process are based on information provided by third parties, may not be accurate, and are subject to change. 

Kraken does not recommend that you support, and does not endorse, any specific Candidate or Parachain Slot Auctions in general. Before participating in a Parachain Slot Auction, you must understand the risks and determine that such participation is appropriate for you. See our Terms of Service for more information.

Investing in crypto assets is high risk and not suitable for every consumer. The value of crypto assets may go down or up. As many crypto products and markets are unregulated, you may not be protected by government compensation or protection schemes. You should be prepared to lose all your money if things go wrong.

Source: https://blog.kraken.com/post/11884/polkadot-parachain-auctions-are-now-live-on-kraken/