Tortola, British Virgin Islands,, 21st January, 2022,
— Polkadex Inc., the DeFi order-book exchange built on Substrate, has announced its parachain bid, aiming to join the second round of parachains set for launch in March.
To win a slot in the auctions, Polkadex has launched its own Crowdloan: allowing users to borrow DOT from the community to bid in the automated parachain auctions. To reward contributions, Polkadex is distributing 10% of the total PDEX supply, equal to 2 million tokens. There are a number of additional bonuses for participants, including an early bird reward of 15% of the contributed amount, a 10% reward from referrals, and a set of exclusive NFTs reserved for the top 1000 contributors.
25% of the PDEX obtained in the Crowdloan is already following the unlocking of the post-parachain launch, while the rest will be distributed in a 96 week (about 22 months) linear vesting schedule. The PDEX token holds a number of utility functions in the Polkadex network, and is primarily used as the network fee token for the exchange. Additionally, PDEX holders will have governance control over the parachain and exclusive access to Polkadex IDOs, fee-less Polkapool swaps, and other initiatives. PDEX mainnet and the token is already live and tradable, which is an added benefit over many other parachains who will first need to go through a token launch phase. PDEX Crowdloan participants will thus be able to put their PDEX rewards to use as soon as they get their hands on them.
To participate in the Crowdloan, contributors have a number of options. The primary way is to use the Polkadot.js wallet to make an on-chain contribution through the Polkadot.js interface which offers an easy-to-use dashboard for placing funds in the Crowdloan in a completely decentralized way. Alternatively, Polkadex has partnered with Parallel Finance, Bifrost and Equilibrium to offer liquid Crowdloans. With this method, users can maintain access to their locked DOTs through a staking derivative, while earning additional rewards paid out in the respective platforms’ tokens. Additional information is available on the Polkadex blog.
Polkadex is a peer-to-peer and order-book based exchange for DeFi built on Substrate that aims to combine the safe and non-custodial format typical of DEXs, with the accessible and user-friendly structure proper of CEXs.
In order to accomplish this objective, Polkadex combines AMM pools with order-books, governed by on-chain bots that work to avoid price slippage issues. Moreover, to create a performant and slim exchange, only the functions that require verification are built on-chain on Polkadex, while features like market data aggregation and storage happen off-chain.
“After building on Substrate for over a year, we’re in a prime position to join the Polkadot ecosystem directly as a parachain, so we’re really excited to begin our Crowdloan,” said Vivek Prasannan, Executive Director and co-founder at Polkadex. “We aim to become the largest order book exchange for Polkadot, supporting cross-chain liquidity from other parachain projects and beyond”.
To find out more about PolkadexCrowdloan rules and terms, please visit the official PolkadexCrowdloan website.
Polkadex is a non-custodial, peer-to-peer trading platform that combines the benefits of CEXs and DEXs into one. Built on Substrate, Polkadex’s range of fully decentralized tools provides the liquidity of order books with the convenience and security of a decentralized exchange.
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