Binance Distributes $30M in Rewards Ahead of Polkadot’s Parachain Auction

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Crypto exchange Binance has announced a weekly promotion ahead of the launch of the Polkadot (DOT) slot auction. $30 million in rewards will be distributed among its participants, as reported by the company. Binance said:

“Users will be able to receive a bonus on the slot auction page every hour. Rewards of $30 million will be fully issued during the promotion period.”

The Polkadot Ecosystem Parachain Auction kicks off on Binance on November 11 at 4:00 PM (UTC) and ends on December 16, 2021 at 15:59 (UTC). Users will be able to take advantage of DOT staking on the platform and vote on Polkadot’s parachain projects.

DOT tokens staked during the launch period cannot be redeemed as they will be locked. Binance wrote:

“If your chosen project wins, your DOTs will be locked for 96 weeks. In return, you will receive staking rewards from your chosen project. If it fails during trading for a slot, your stake in DOT staking will be returned to your spot wallet on 12/18/2021 (UTC).”

The promotion starts on November 4 at 4:00 pm (UTC) and runs until November 11 at 3:59 pm (UTC).