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Home Crypto News Market Polkadex Closes In on a Polkadot Parachain Slot

Polkadex Closes In on a Polkadot Parachain Slot

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As the Polkadot parachain auctions enter auction number 16, Polkadex is closer than ever before securing a parachain spot once and for all. Auction #16 strating today (April 29) and will last for one week (May 6), will pit the Polkadex Crowdloan against late newcomer, Bifrost Finance. Within that time, the project that spends the most time leading with the highest amount of DOT loaned will get the highest chance to win the auction on May 6th.

With over 1,203 and a total of over 304 126 DOT contributed (at the time of writing), the Polkadex Crowdloan has garnered widespread support and has proven to be a crowd favorite. Partnerships with fellow Polkadot DeFi platforms like Parallel Finance and Equilibrium and centralized exchanges like KuCoin and Kraken have also made it easier for more people to contribute to the Polkadex Crowdloan. In fact, 47% of contributions have been made via Parallel Finance, while 6.5%, 4.5%, and 3.9% have been made via Kraken, Equilibrium, and KuCoin respectively.

“Securing a parachain slot will go a long way towards fulfilling Polkadex’s mission of becoming the trading engine of the whole DeFi and Web 3” said Gautham J, Polkadex’s CEO and Co-founder.

For Polkadex, securing a slot to the Polkadot network ensures Polkadex Orderbook and other Polkadex products are able to support Polkadot-based tokens from across parachains. In other words, Polkadot ecosystem tokens will soon be available on the first ever cross-chain, non-custodial, orderbook-based exchange featuring high frequency trading.

“We’re incredibly honored by the support for Polkadex and the Polkadex Crowdloan. We could not be more excited for Polkadex to support liquidity and assets from across the Polkadot ecosystem and its other parachains” said Polkadex COO and Co-Founder Deepansh Singh.”For that to happen smoothy, we need to win a parachain slot in one of the upcoming auctions.”

In order to incentivize Polkadex community members to participate in the Polkadex Crowdloan, Polkadex has introduced some of the best parachain rewards to date.

With an auction cap of 1 million DOT and a rewards pool of 2 million PDEX (10% of total supply), Polkadex Crowdloan contributors will take home at least 2 PDEX for each DOT token contributed. That makes the minimum rewards ratio for Polkadex in this batch of auctions over 10 times higher than what was offered in batch 2 back in January.

That’s not all though. The top 1,000 DOT contributors will also win an exclusive utility based-NFT which will grant them access to discounts on trading fees on the Polkadex Orderbook.

With auction 16 starting this Friday April 29th, the Polkadex team is aiming to take back the lead going into the auction and decisively secure its parachain slot. With almost unbeatable rewards, a purpose-driven mission, and a community-led total contribution, Polkadex is confident in its chances. “Let’s get it,” said Singh.

For more information and to access contribution channels please visit Polkadex Crowdloan website.

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. Polkadex Caters To All Crypto Traders.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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