What is Parachain Slot Auction (Polkadot and Kusama)?

A Parachain Slot Auction is a process that allows potential parachain blockchains to compete with each other in the hopes of securing a parachain slot on the Polkadot Relay Chain or the Kusama Rococo Relay Chain, for lease periods between 6 months and 2 years in length. These lease periods can also be extended for longer via re-election. In order to secure a parachain slot, potential parachains must bond or stake KSM or DOT coins within a validator node on either the Polkadot or Kusama networks. For Polkadot, parachain slot auctions take place on Polkadot's main Relay Chain, while for Kusama, they take place on the Rococo Relay Chain.