What is a slot auction (pha slot auction)
What is card slot auction According to official information, at 20pm on March 8, 2021 (Hong Kong Time), the smart contract language PhalaNetwork of CrustNetwork announced the completion of card slot auction. According to the announcement, “By using Khasta, parallel chain slots can be auctioned for some of the hottest blockchain projects – Poka, AstarNetwork, Moonbeam, and Shiden.”
What is a slot auction?
? How to participate? Under what circumstances do you need to win card slots and receive rewards? Before conducting a slot auction, first understand what a slot is? Why bidding for card slots? To ensure that successful bidders can be successfully selected, we have two methods: directly initiating a new lease term from the main network; Then submit a rental request to other networks through an invitation. This type of activity includes providing funding to the development team and providing recommendations to the community. The first approach is through crowdfunding. If users wish to participate in the slot auction, they can register and apply to become a verification node at the time they choose to participate in the slot auction. This way, they can obtain a certain amount of KSM tokens as collateral, thereby earning corresponding mining profits. The second method is to buy all KSM tokens in a certain block at a high price during locking, and these tokens can also be used to pay transaction fees or govern voting for supporters. The third method is to entrust or propose others to join without pre excavation, so as not to cause the token to be locked or unlocked, so this method is very effective. The purpose of card slot auction is to solve this problem, ensure that the rights and interests of all stakeholders are fairly distributed to each stakeholder group, and also avoid Systematic risk caused by “inequality”. The last method is to pledge all KSMs into one’s own account for auction, and when the number of Stacks in that account exceeds the limit, it will automatically return their Stacks Of course, since stackers will receive a certain token to pay for their contribution value, and they must also hold a portion of the DOT to receive additional KMA (a total of 10k). If you think everything you want has already been achieved, you can always use ETH or BTC to purchase certain NFTs, because these NFTs have unique attributes, such as representing special functions (such as transaction fees), practicality, transferability, and so on. However, for users who are willing to use ETH or BNB as collateral, this may be a huge burden
Pha Card Slot Auction
On April 1st, according to official Twitter, the cross chain bridge protocol PHA has launched a two-day card slot auction at 8am Beijing time on April 2nd.
. This round of activities will be divided into two sessions, one will start bidding in 5 minutes; The second is to end within 6 hours, which is the third day after 3 hours. The deadline for starting the qualification of the second bidder is July 31, 2020 at 14:30 pm (UTC+8). A total of 100000 KSMs participated in this auction, with a total value of approximately $4 million. Some of them were used to pay gas fees, while the other half were distributed as rewards.
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