Polkadex Locks in Polkadot Parachain Slot by Allocating Nearly 1 Million DOT

Polkadex Locks in Polkadot Parachain Slot by Allocating Nearly 1 Million DOT

Since the 21st of November 2021, the team at Polkadot has conducted regular DOT-based auctions for one of the coveted slots in their parachain network. There are plans for 100 parachain slots, give or take. Auctions for the first 41 have already been planned, with one happening roughly every ten days.

The 16th auction started on the 29th of April and ended on the 6th of May with a victory for Polkadex, an order book-based DEX with support for Polkadot, Ethereum, and the proprietary blockchain. This makes it the latest project to stake its growth for the foreseeable future on Polkadot, alongside projects like Acala or Moonriver.

16th Slot Goes To Polkadex

In the wake of their participation in the latest Polkadot Parachain Auction, the team at Polkadex announced securing one of the coveted slots for nearly two years – 96 weeks, to be precise. Following a 2-month long onboarding period, Polkadex will lock in their spot on the Polkadot network on the 4th of June.

As a decentralized exchange (DEX), Polkadex has already benefitted from the freedom afforded by this particular business model. But the project’s goal is to go beyond the parameters of regular DEXes, the statement shared with CryptoPotato reads.

The team argued that what sets them apart is the goal of pairing DEX-tier freedom with the accessibility of the centralized exchanges (CEXs) that a sizable portion of investors flocks to.

Polkadex has already partnered with big-league names like Equilibrium, Kraken, and KuCoin on the way – but securing its slot on the parachain should give it a big boost.

It’s worth noting that the victory did come with a hefty price tag – 973,324 DOT, worth $13.8 million at the time. The bid was placed using Polkadot’s crowdloan feature, garnering funds from over 6,000 contributors.

Dagmara Handzlik – the Head of Marketing at Polkadex – took to social media to thank the Polkadex community for their support.

“Thank you to all partners and foremost to our vibrant community for believing in Polkadex and supporting us all the way. We couldn’t have done it without you. After all this hard work and a few all-nighters, my friends ask me if I’ll finally get some well-deserved rest. My answer is: No, we’re actually just getting started!”

Trust Is Rewarded

As a token of gratitude for their participation in the crowdloan vital to Polkadex’s vision, contributors will receive at least 2 PDEX – Polkadex’s proprietary token – for every DOT they contributed. The top 1000 participants will also get exclusive utility-based NFTs that will guarantee discounted trading fees for holders once the Polkadex Orderbook goes live.

According to the statement, PDEX provides several incentives to holders, including discounts on transaction and trading fees, participation in on-chain governance, and taking part in PolkaIDO investment rounds.

The next parachain auction will start on the 12th of May, gathering eager Polkadot fans for the victory lap that will follow on the 18th.

Previous Post
Louisiana Bill to Allow Banks to Have Custody of Bitcoin and Digital Assets
Next Post
Barclays & Goldman Sachs Backs Elwood Crypto Trading Software Platform