10 Things You Need to Know About Polkadot Crowdloan Unlocking

10 Essential Things You Should Know About Unlocking Polkadot Crowdloans

1. What is Polkadot Crowdloan?

Polkadot parachains can raise funds through Crowdloan to bid for slots. When a parachain wins the auction, users participating in the Crowdloan need to lock DOT tokens during the lease period in exchange for the native token of the parachain.

2. Do I need to manually claim the unlocked tokens?

If you contributed on Polkadot, your DOT tokens will automatically unlock and be distributed to your wallet. If you contributed through a third-party platform (such as a DeFi protocol) or exchange, make sure to check the platform for redemption instructions on how to claim your DOT tokens.

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3. Which projects will be included in the first batch of unlocked Crowdloans?

The first batch of unlocked Crowdloan projects are: Moonbeam, Acala, Astar, LianGuairallel, and Clover.

4. When will the first batch of Crowdloans be unlocked?

The unlocking will occur on October 24, 2023, at block number 17856000.

You can check the countdown here: https://crowdloan.subwallet.app

5. How much will each project unlock?

Moonbeam will unlock 35.76 million DOT, Acala will unlock 32.52 million DOT, LianGuairallel will unlock 10.75 million DOT, Astar will unlock 10.33 million DOT, and Clover will unlock 9.75 million DOT.

6. Where can I check my Crowdloan contribution?

You can check your Crowdloan contribution on the SubWallet Crowdloan website: https://crowdloan.subwallet.app

7. Will the ideal staking rate for Polkadot change after the unlock?

Yes. Proposal number 166 suggests adjusting the ideal staking rate from 52% to 60%. (PolkaWorld note: This proposal has been approved and will be implemented two days before the unlock.)

8. What can I do with my unlocked DOT tokens?

There are many ways to use your unlocked DOT tokens, such as native staking, providing liquidity, or lending.

You can check our selected DOT yield channels on the SubWallet website.

9. Can I use my Polkadot.js account on SubWallet?

You can import your Polkadot.js address into SubWallet using your mnemonic phrase or JSON file. Tutorial: https://t.co/mUqaicep6x

10. How can I transfer DOT tokens to an exchange and vice versa?

You can easily perform this operation through SubWallet. Tutorial:

10. How can I transfer DOT to cryptocurrency exchanges or vice versa?

You can easily do so with SubWallet. Watch this simple instruction on how to transfer DOT from Binance to SubWallet and vice versa😎 pic.twitter.com/ZANq6UGVLb

— SubWallet (@subwalletapp) October 13, 2023

Original post: https://twitter.com/subwalletapp/status/1712857297863766349

Translation: PolkaWorld

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