How to prepare Polkadot.JS for Crowdloans in Parachain Auctions (Step-By-Step Tutorial)
Updated: Mar 18, 2022
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.
If you want to save some time, you may navigate using the underlined topics above.
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:
Step 2: How to set an address on Polkadot.JS
After installing the Extension, open it, and you'll see a window like this:
Now, to add a new account, just click on the big "+" at the center.
1) Click on the "+" at the up corner and 2) then click on Create new account:
Now, pay attention!
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:
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!
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.
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.
For this, access https://polkadot.js.org/apps/#/accounts.
The first time you access it, you will need to Authorize the Extension:
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! 🥂