STEP BY STEP : Participate to the Polkadot (DOT) parachain auctions
Parachain auctions are around the corner. If you are a bit lazy but still want to participate by yourself (a.k.a with your own non-custodian wallet), this guide is for you. Indeed, I am going straight to the point here in order to be as fast and efficient as possible in order to participate in the parachain auctions with fours sections : Installation of the Polkadot{.js} extension; Connecting your address to the https://polkadot.js.org website and send some DOT to your address; participate to the parachain auctions and finally, some tips and tricks for the auctions.
1. Install the Polkadot{.js} extension
Polkadot{.js} is available for both Chrome and Firefox. You can find it HERE. Once installed, with your seed phrase wrote down, select the Polkadot Relay Chain (click on the three vertical dots to access the relay chains). The Polkadot{.js} extension also gives you access to the KUSAMA network, as well as to all the KUSAMA parachains that won the KUSAMA parachain auctions. But let's just focus on the Polkadot network here!
If you want to be sure that the address displayed us the one related to the Polkadot Relay Chain, check at the top right of your address if it's written Polkadot.
2. Connect your address to polkadot.js.org and send DOT to your address
The second step is to go on polkadot.js.org and connect your account. In order to do that, first, on the top left, you have to connect to Polkadot via Parity.
Then, on the extension, click on Export Account. This will save a .json file on your computer. Go HERE and click on Restore JSON, and choose the .json file saved on your computer. This will connect your address to polkadot.js.org
3. Participate in the parachain auctions
Now you can go HERE and participate to the parachain auctions. The minimum amount you have to vest per project is 5 DOT. At the time of writing there is 6 projects for the first round, as displayed below.
Some projects require you to be whitelisted or to participate into their own website before being able to vest your DOT. This is for example the case for the first project listed above : Moonbeam. You can vest you DOT to Moonbeam HERE. On the Moonbeam website, click on Contribute to the Crowdloan and follow the steps. For the second one, Acala, you can either contribute directly, or on their website. You will have more incentives if you participate on their website, such as non-vested liquid DOT in exchange for your vested DOT.
3. Tips & Tricks for the Auctions
- I personally don't support projects that will give you tokens that already exist on other networks such as Etherium. The potential for such tokens is weaker than for new tokens.
- The DOT you use in the auctions are going to be vested for a while, be aware of that.
- Don't spend all your DOT during the first round! Other exciting projects are going to show up soon!
That's all, thank you for reading me. I regularly post about Defi and crypto in general. Don't hesitate to follow me, and if you are interested in the COSMOS ecosystem of blockchains, I just posted a guide about how to start with COSMOS and the KEPLR wallet.
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