Binance Ends DOT Slot Auction Lock-up Period, DOT Redemption Starts on October 26

By 0xK2 10/20/23 5:18 AM

Binance, one of the world’s largest cryptocurrency exchanges, has made a significant announcement regarding the conclusion of the Polkadot (DOT) Slot Auction’s lock-up period. Binance’s official announcement, which was made on October 20, has outlined important details for users and traders, marking the end of a phase of the highly-anticipated DOT Slot Auction.

The announcement states that the lock-up period for the DOT Slot Auction is set to conclude on October 24, 2023, with users becoming eligible to redeem their locked DOT assets starting from 6:00 AM (UTC) on October 26, 2023.

This move opens up a new phase of opportunity for users, as they will be able to subscribe to DOT on both Simple Earn Locked and Flexible Products, with the potential to earn rewards boasting an impressive APR of up to 13.9%.

However, the announcement includes several key points that users need to take note of:

1. Redemption Using BDOT: As of October 26, 2023, users who hold BDOT in their Spot Wallets will have the ability to redeem DOT on a 1:1 basis on the DOT Slot Auction page.

2. Automatic Redemption: For users who participated in the Dot Slot Auction but didn’t convert their locked DOT to BDOT by the designated time on October 26, 2023, their locked DOT will be automatically credited to their Spot Wallets.

3. Delisting of BDOT/DOT Trading Pair: At the same time on October 26, 2023, Binance will delist and cease trading on the BDOT/DOT spot trading pair, and will also terminate Trading Bots services for the pair. All pending trade orders on this pair will be automatically removed after trading ceases. Users are strongly encouraged to update and/or cancel their Trading Bots prior to the cessation of Trading Bots services to avoid potential losses.

4. BDOT to DOT Asset Swap: Beginning on November 9, 2023, at 6:00 AM (UTC), users’ remaining BDOT assets will be automatically swapped for DOT on a 1:1 basis and credited to the respective user’s Spot Wallet.

It is important to highlight that participants of the DOT Slot Auction are still eligible to claim remaining voting rewards after redemption. For those who have yet to claim these rewards, the automatic distribution will take place on February 1, 2024, at 6:00 AM (UTC), when all unclaimed voting rewards will be credited to users’ Spot Wallets.

The Binance team has provided a valuable resource for more information, directing users to the official Polkadot (DOT) Parachain Slot Auction Rules, where they can find comprehensive details about the process.

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