Polkadex Inc., the DeFi order-book exchange built on Substrate, has announced its bid for a parachain slot on Polkadot. After operating on Substrate since inception, the exchange feels ready to upgrade to a parachain. Consequently, it has launched a crowdloan in readiness for the bid set for March.
Polkadex is incentivizing users by issuing 2 million PDEX tokens, equivalent to 10% of its total supply. In addition, there is an extra 15% reward for early contributors and 10% for referrals. In the aftermath of the crowdloan launch, 25% of PDEX was issued. The other 75% will follow a linear vesting format, over a period of 96 weeks.
Another key benefit of holding PDEX is the right to have a say in the governance of the PDEX platform. Also, token holders won’t pay transaction fees on Polkapool swaps and will get exclusive access to Polkadex IDO.
Polkadex Executive Director and co-founder Vivek Prasannan, exuded confidence that the platform is ready to operate on a parachain.
Even before the Crowdloan phase, PDEX is already a tradable token. This sets Polkadex apart from other platforms that first launch their tokens. Therefore, holders of PDEX will have tradable and valuable assets, regardless of the outcome of the parachain bid.
We aim to become the largest order book exchange for Polkadot, supporting cross-chain liquidity from other parachain projects and beyond”.
Vivek Prasannan, Executive Director and co-founder, Polkadex
Contributors can participate in the crowdloan by loading up their Polkadot.js wallets, through which they can make on-chain contributions. Alternatively, they can access liquidity on Bitfrost, Equilibrium or Parallel Finance, who have partnered with Polkadex. With this option, users can access their DOTs through staking while still earning their rewards on those platforms. To learn more about the crowdloan, visit the Polkadex blog.
Founded in 2020, Polkadex is a DeFi exchange platform, operating on peer-to-peer and order book models. Built on Substrate, Polkadex aims to be the bridge that leverages the safety and non-custodial nature of DEXs and the simplicity and intuitiveness of CEXs. It combines AMM pools and order books and employs on-chain bots to hedge against price slippage. In addition, Polkadex integrates off-chain platforms to reduce congestion on the network. Examples include market data aggregation and storage.