Tortola, British Virgin Islands, 7th April, 2022,
— Polkadex, the revolutionary Substrate-based order-book exchange, returned to the Polkadot parachain auctions with a new bid featuring increased PDEX rewards.
Hot on the heels of announcing the Thea interoperability layer, the Polkadex Crowdloan has returned and supporters of the project can now loan their DOT to help Polkadex earn a coveted parachain slot. After falling just short in batch two of the auctions, Polkadex has reduced the auction cap to 1 million DOT while maintaining the 2 million PDEX (10% of total supply) dedicated to the Crowdloan. With this ratio, Polkadex Crowdloan contributors will take home at least 2 PDEX for each DOT token contributed.
This means the minimum rewards ratio this time around is over 10 times higher than Polkadex offered in the previous batch, but the rewards do not stop there. In addition, the top 1,000 DOT contributors will receive an exclusive utility based-NFT which will grant them access to discounts on trading fees on the Polkadex Orderbook.
While 25% of the PDEX rewards will be distributed in bulk post-parachain launch, the remaining 75% will vest linearly (per block) throughout the 96 week parachain lease period.
PDEX is the native utility token of Polkadex and will play a vital role in its ecosystem, enabling users to receive discounts on transaction and trading fees, participate in on-chain governance and PolkaIDO investment rounds. The PDEX token has substantial utility, with holders able to become a validator to help secure the Polkadex Network and earn rewards by staking PDEX. In addition, PDEX holders can nominate other validators and collators for a share of their rewards, and participate in the Thea Protocol by staking PDEX, earning yet more rewards for enabling deposits and withdrawals in the Polkadex Orderbook.
The Polkadex Networks are already live, so Crowdloan contributors will be able to participate and stake their PDEX tokens the moment they receive them.
To contribute towards the Polkadex Crowdloan, supporters can choose from a variety of methods via the Polkadex website, including lending DOT directly on-chain using the Polkadot.js/apps interface or through exchanges such as KuCoin, Gate.io, AscendEX and MXC, plus wallets like Talisman, Subwallet, Fearless and Nova.
Supporters can also contribute through Polkadex launch partners such as Parallel Finance, Equilibrium, and Bifrost, and earn even more rewards for doing so. The partners will compensate supporters by providing them with an equal amount of “liquid” DOT tokens for every DOT contributed. Liquid DOT helps contributors to maintain liquidity and will be redeemable for DOT at a 1:1 ratio once the parachain lease expires. Alternatively, it can be traded or used to participate in money markets immediately.
In addition to Liquid DOT, Polkadex’s launch partners will also provide contributors with their own native tokens as rewards, enabling them to participate in various other DeFi projects within the Polkadot ecosystem.
Those contributing to the Crowdloan directly on-chain must deposit a minimum of 5 DOT. The minimum contribution through Polkadex’s launch partners may vary, but backers are encouraged to contribute at least 5 DOT for the smoothest Crowdloan experience.
Polkadex CEO Gautham J will discuss at the annual Polkadot Decoded event about the need for Polkadex to build in the Polkadot ecosystem, including how products such as the Thea Token Bridge consensus layer modification and high-frequency trading without custody are only possible within the substrate framework – and also why they are not possible in other blockchain ecosystems. The talk will also describe how Polkadot will bring more liquidity to Polkadex’s orderbook via its parachains.
The Polkadot community is invited to vote for its favorite talks and workshops to help curate the final conference program. Polkadex supporters can vote for Gautham’s talk to help ensure it makes the final cut.
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 advanced trading features and accessible and user-friendly structure customary of CEXs. With the goal of supporting assets from multiple blockchains, Polkadex recently announced its groundbreaking interoperability layer powered by the Polkadex network’s existing validators.
“We aim to become the leading order book exchange for Polkadot, supporting cross-chain liquidity from other parachain projects and beyond,” said Deepansh Singh, Chief Operating Officer and a Co-Founder at Polkadex. “Securing a parachain spot with the help of Polkadexers will allow Polkadex to do just that.”
To find out more about the Polkadex Crowdloan and how to participate, visit the official Polkadex Crowdloan 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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