What is a polkadot parachain auction?

A Polkadot parachain auction is the process that determines which blockchains will be allowed to lease a slot and connect to the Relay Chain. These parachain auctions are very similar to traditional auctions. The first batch of Polkadot parachain auctions started on November 11th 2021. It includes 5 auctions, with 1 new auction starting each week.

What happens if a project wins a polkadot auction?

If a project wins an auction, they will lease a parachain slot on the Polkadot network for up to 2 years. A parathread is a parachain that only participates temporarily on the Polkadot network. Instead of taking part in the parachain auction to acquire a lease, they pay to participate on a block-to-block basis.

How long does a Kusama Polkadot auction last?

Each auction lasted seven days with a two-day starting and five-day ending period. Although the first five Kusama parachains onboarded immediately after winning a slot, in Polkadot all winners of the first batch began onboarding simultaneously on December 17th.

How do Polkadot teams bid?

Teams bid by specifying at least one contiguous range of 1-8 lease periods (each lease period is 12 weeks) and the amount of DOT they are willing to lock up for the duration of the chosen range. See the currently live and completed Polkadot auctions. Data includes the lease period, bids and total amounts raised in the auction.