Prospective Polkadot projects are eagerly anticipating the parachain auction, which finally implements the multichain aspect of Polkadot first outlined in the whitepaper. But when is the auction date?
Polkadot (DOT) is among the several cryptocurrencies touted as a so-called ‘Ethereum Killer’. With its unique multichain approach, it could offer a potential solution to the various congestion issues Ethereum and other blockchains face.
Here’s when the parachain auction starts.
Polkadot Parachain Auction Date
The first Polkadot parachain auction will begin on November 11 at around 12:00 UTC, lasting seven days, as stated in the #118 Proposal. From then, a new parachain auction will start every seven days, until December 9.
At this point, five parachain auctions will have gone live.
Then, on December 23, a new auction (again lasting seven days), will begin every 14 days. This section comprises six extra parachain auctions, with the auction period concluding on March 10, based on this schedule.
However, while every auction will last seven days, the system works slightly differently from a standard auction.
The seven-day period is actually split into two separate phases: a starting period of just under two days, and an ending phase of five days. While the auction will last for the entire week, with new bids being accepted throughout, the auction will retroactively determine the closing time of the auction, with the winner being the bid highest at that point.
Polkadot says this system will protect the auctions against auction sniping.
Onboarding for the first batch of parachains will begin on December 17. Their leases will expire on October 20, 2023. Polkadot will onboard its second batch of chains on March 11, with these leases expiring on January 12, 2024.
The parachain auction is still subject to a referendum. However, at the time of writing, the motion is passing by a near-unanimous margin.
If you or your project won’t be ready for this parachain auction, more auctions are likely. Polkadot plans to implement around 100 parachains incrementally.