Polkadex's Crowdloan Campaign Raises 973,324 DOTs ($13.8M) to Secure the 16th Polkadot Parachain Slot
Tortola, British Virgin Islands--(Newsfile Corp. - May 9, 2022) - Polkadex, the revolutionary Substrate-based decentralized order-book exchange, has won the 16th Polkadot parachain slot auction, achieving the milestone on May 6 with 973,324 DOTs ($13.8M worth) from more than 6000 contributors within its community. Polkadex is also the first Parachain auction to cross 90% of its target cap of $1M and the largest Crowdloan in Batch 3.
Polkadex Winning Parachain #16
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Polkadex is a peer-to-peer order-book based exchange for Web3 built on Substrate that aims to combine the safe and non-custodial format typical of DEXs, with the advanced trading features and accessible and user-friendly structure customary of CEXs. Winning the 16th Polkadot parachain slot was an important goal for Polkadex, enabling it to become interoperable with other Polkadot parachain projects all while sharing the security of the Polkadot blockchain.
By obtaining a parachain slot, Polkadex moves much closer to fulfilling its mission of becoming the trading engine for DeFi and Web3. The Polkadex parachain will enable Polkadex Orderbook and Polkadex's whole slate of products to support Polkadot-native assets from all other parachains, and give the Polkadot ecosystem access to its first cross-chain, non-custodial order book-based exchange with high-frequency trading.
"Thanks to the Polkadex parachain we will be able to bridge assets with the Dotsama ecosystem and now users will be able to trade Polkadot ecosystem tokens from across the whole spectrum of parachains," said Polkadex COO Deepansh Singh. "This is a first for Polkadot and a first for DeFi as a whole."
Polkadex's crowdloan campaign for the batch 3 of the parachain auctions offered strong incentives for its community members. By establishing an auction cap of 1 million DOT tokens with a rewards pool of 2 million PDEX (10% of the total supply), contributors were guaranteed at least 2 PDEX tokens for each DOT token they contributed to the campaign.
PDEX, Polkadex's native utility token, provides substantial utility; allowing holders to receive discounts on transaction and trading fees, participate in on-chain governance and take part in PolkaIDO investment rounds. In addition, PDEX holders can stake their tokens to become network validators, helping to secure the Polkadex Network in exchange for rewards. Alternatively, PDEX holders can also nominate validators and collators to earn a share of their rewards. They also have the option to stake PDEX in Thea Protocol and earn additional rewards for enabling deposits and withdrawals on Polkadex Orderbook.
As well as the PDEX incentives, Polkadex will give the top 1,000 Crowdloan contributors an exclusive utility-based NFT that will enable discounted trading fees on the Polkadex Orderbook once it goes live on Polkadex.
Throughout the Crowdloan campaign, Polkadex partnered with a number of Polkadot DeFi platforms, including Parallel Finance and Equilibrium, and centralized exchanges like KuCoin and Kraken, in order to give its community more opportunities to participate and more rewards for doing so.
"We're extremely proud of the way the Polkadex community led the charge during the Crowdloan campaign, especially during the week of the auction," said Dagmara Handzlik, Head of Marketing at Polkadex. "Polkadex is proof of how important a strong community is to the overall success of a project and we could not be more excited to deliver the products we have been building with the eager support of Polkadexers."
Polkadex is a fully decentralized, peer-to-peer orderbook-based cryptocurrency exchange for the DeFi ecosystem built on Substrate. The main idea behind Polkadex is to create a platform that combines the benefits of centralized and decentralized exchanges into one cutting-edge solution that caters to all crypto traders.
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