Crowdloan

Overview

Almost exactly five years after the vision of a heterogeneous multichain framework was first outlined in the Polkadot Whitepaper (aka the Polkadot Paper), parachains are now officially ready for launch on Polkadot. The news that Polkadot is now technically capable of supporting its first parachains was announced on October 13th, 2021, by Polkadot founders Gavin Wood and Robert Habermeier. The announcement was followed by a motion for Polkadot Council to open up the network’s first parachain slot auctions, proposed to begin on November 11th, 2021.

Crowdloan Mechanism

The crowdloan mechanism allows people to contribute by agreeing to lock up their own DOT until the end of the lease. ASTR token (the native token of Astar Network) is distributed based on the amount of DOT he/she locks.
Step1: Creating a crowdloan campaign Stake Technologies sets a maximum of the total allowed contributions and a campaign end date and invites our community to participate. We incentivize people to join the crowdloan event.
Step2: Initiate a transaction Crowdloan contributors initiate a special transaction allocating transferable DOT to the campaign’s index. Keep in mind that this transaction is different from a normal transaction. Contributors should NOT send DOT to an external account.
Step3: Contribute DOT contributions can be submitted throughout the duration of the crowdloan campaign or until an auction is won, up to the maximum amount of contributions set by the parachain team when creating the campaign.
Step4: Winning the auction If Astar Network wins an auction, the chain is automatically deployed at the start of the lease, and the full amount of DOT contributed to the campaign index will remain locked for the duration of the lease on the Relay Chain. These DOT's are never in control of the Astar team.
Step5: Returning DOT Crowdloaned DOT will be returned to the contributor’s control at the end of the lease period. Contributors don't need to withdraw DOT tokens. DOT will be returned automatically.

Astar Crowdloan Event

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Last modified 1mo ago