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How to prepare Polkadot.JS for Crowdloans in Parachain Auctions (Step-By-Step Tutorial)

Updated: Mar 18, 2022


Preparing Polkadot JS for Crowdloan and Parachain Auctions

Hello, friends! This is James Agenda here.


My mission is to make Polkadot easier for you!


The first Parachain Slot Auction is ready to start on November 11.


It's important that you also get ready for it now!


Crowdloan's contributions are likely to start days before the Auction!

In the following days, I'll release step-to-step tutorials to help you get the best out of the Crowdloans.


Subscribe to don't miss it!

In this first guide, I'll help you set an address on the blockchain and then prepare the Polkadot.js Extension to participate in the Crowdloans for Parachains Auctions.


Today's Topics:

If you want to save some time, you may navigate using the underlined topics above.



Polkadot JS for Crowdloan and Parachain Auctions

Why should you use Polkadot.JS for Crowdloans?



As I said in my previous post, there are more ways to participate in the Crowdloans, but the best way is through Polkadot.JS.


Not only because it's very secure:


By using Polkadot.JS you are likely to receive greater rewards from the Parachains Projects.

It may sound a little complex in the begging, but don't worry!


I'll make everything clear for you!



Step-by-Step on Polkadot.JS


Polkadot.JS is the official Polkadot wallet that you can use as an Extension on your browser.


You can also use it in the browser without an Extension or as a desktop.


To get the higher rewards from Parachains Project, you'll need to use the Extension.

Below, I'll find how you set the Polkadot.js Extension:



Step 1: Instaling the Polkadot.JS Extension.


Go to the official https://polkadot.js.org/extension/ and download it for Chrome or Firefox:


Instaling Polkadot JS Extension for Crowdloan and Parachains Auctions


Step 2: How to set an address on Polkadot.JS


After installing the Extension, open it, and you'll see a window like this:


Set Address Polkadot JS Extension for Crowdloan and Parachain Auctions


Now, to add a new account, just click on the big "+" at the center.


OR


1) Click on the "+" at the up corner and 2) then click on Create new account:

add account Polkadot JS Extension for Crowdloan and Parachains Auctions


Now, pay attention!


seed Polkadot JS Extension for Crowdloan and Parachain Auctions

1) You need to carefully write those 12 words in the exact same order in a paper and keep this paper in a safe place.


  • Whoever knows these words can access your account forever and steal your funds.


  • If you lose those 12 words, you can't recreate your account on another computer and can't recover your funds.



2) After that, CHECK AGAIN if you wrote everything correctly and didn't miss any word.


If so, mark the "I have saved my mnemonic seed safely".


Then go to the Next step:


network Polkadot JS Extension for Crowdloan and Parachain Auctions

1) Change the Network from Allow use on any Chain to Polkadot Relay Chain.


(This will prevent you from making some mistakes in the future.)


You'll notice that the address will be changed.


Don't worry: The addresses are still related, and you can change them back in the future if you need.


For the Crowdloans, it's important to use your Polkadot Relay Chain address.



2) Choose a good name for your account (you can change it in the future).



3) Set a password to prevent other people from using this account if they are using your computer.


This password is only for your computer.


If you need to use your address on another computer, you'll need to use your seed (those 12 words you wrote).


If you lose this password, you'll also need to your seed.



4) Finally, click on the "Add the account with the generated seed" button.



Congratulations! Now you have an address on Polkadot.JS!


successful Polkadot JS Extension for Crowdloan and Parachain Auctions


Step 3: How to transfer DOT tokens to Polkadot.JS


Now that you have an address on Polkadot.JS, you need to buy some DOT tokens and transfer them to this address.


For buying DOT, you may use exchanges like Binance, Kraken or KuCoin.


After buying, you just need to withdraw the DOTs from the exchange to your Polkadot.JS address.


details Polkadot JS Extension for Crowdloan and Parachain Auctions

1) Those letters & numbers form your address.


2) Click on the copy button to copy it, and paste it on the exchange withdrawal page.



If you are withdrawing from Binance, confirm that the Network is DOT, not ETH, BSC neither other.


Pay attention: DOT only exists on the Polkadot Blockchain!

"DOT" on Ethereum or PancakeSwap is not actual DOT.


They are just representations of DOT and can't be sent to your Polkadot.JS address.


Don't try to send DOT using Ethereum or BSC Network to your address on Polkadot.Js.


If you use Kraken or KuCoin, you don't need to worry about the network since those exchanges only use DOT Network for DOT tokens.



Step 4: Checking your balance on Polkadot.JS


Finally, to ensure that you are ready for the crowdloans, go check your balance.



The first time you access it, you will need to Authorize the Extension:


Authorize Polkadot JS Extension for Crowdloan and Parachain Auctions

After that, you will be able to check your balance:


When you have at least 5 DOT on your balance (plus more ~0.5 DOT for fees), you'll be ready to participate in the Crowdloans for Parachain Auctions!


In the following days, I'll release a step-to-step guide for each of the best parachains projects and my strategy for them all!


Subscribe for free, so you don't miss it!


And if you have any doubt, just leave it here in the comments that I'll read and answer them all!


Cheers and good Auctions for us! 🥂



7,030 views34 comments

34 Comments


Steve Sabo
Steve Sabo
Feb 06, 2022

I did the extension and all that, months ago, and contributed/ locked up dot. On Acala and parrell,, auctions. Had some time to go back on there ,just checking it out, my question is I only see my wallet which has like 3dot that I originally left in there months ago. But can't find any info on the 2 auctions reflecting any numbers or anything I did, is that it. 2nd question I thought at the time I did auctions and locked up dot for 2 years there would some sort of rewards I can't remember any info or help would be great, thanks

Like
James Agenda
James Agenda
Feb 21, 2022
Replying to

Are you using Poladot.JS?


"If so, change the account to "Allow any chain" and switch the server to ACALA"

Like

Rob Panton
Rob Panton
Jan 17, 2022

Does anyone know how to claim rewards after the auction? The tokens from the projects I supported are not in my wallet under the Accounts tab and there's no Pay Out tab under the Claim Tokens Menu. Lost :(

Like
James Agenda
James Agenda
Jan 19, 2022
Replying to

Hello Rob,


If you contributed using the project's website, the tokens will automatically appear on your wallet. The exception is Moonbeam which you needed to inform your ETH address.

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claudine nagiah
claudine nagiah
Nov 13, 2021

do you need to keep any DOT in the wallet after the crowdloan contribution has gone through ?

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James Agenda
James Agenda
Nov 13, 2021
Replying to

Great question. If your balance is below 1 DOT, it will go to zero. (take a look at my first post in this blog:https://www.holdpolkadot.com/post/existential-deposit-on-polkadot)


Your Parachains rewards would be safe, but I always recommend keeping at least 1.5 DOT on every address that you have.


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Arvind Swamy
Arvind Swamy
Nov 09, 2021

is it better to buy the winning polkadot parachains instead of participating in crowd loan?

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Arvind Swamy
Arvind Swamy
Nov 09, 2021
Replying to

Awesome. Will do that. Thanks James. I will use your reference link as well.

Like

deeparjose
Nov 06, 2021

I m not able to connect from acala webpage to my polkadot wallet.How do I do it?When I tried to click on manage extensions nothing there is no acala.Plz help

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James Agenda
James Agenda
Nov 06, 2021
Replying to

That's strange. I suggest that you switch browsers and try again.


(If you are using Chrome, then try using Firefox, or vice versa.)

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