DeFi order-book exchange Polkadex Inc. has decided to join the second round of parachains, about to be launched in March. The Polkadex Crowdloan program, which lets users borrow DOT from the Polkadex community to participate in the automated parachain auctions, has been introduced to help users win a slot in the auctions. Polkadex awards 10 percent of the whole PDEX supply, equal to 2 million tokens, as a prize for contributions.
Additional incentives for participation include:
- A 15% early-bird award.
- A 10% referral reward.
- A set of special NFTs for the top 1000 contributors.
PDEX purchased via Crowdloan will be dispersed over 96 weeks (about 22 months) after unlocking the post-parachain launch. The Polkadex network uses the PDEX currency mainly as a network fee token, but it also serves other purposes.
There will also be special access to Polkadex IDOs, free Polkapool exchanges, and other Polkadex efforts for PDEX holders. In contrast to many other parachains, PDEX’s mainnet and token are already active and marketable, which is a significant advantage. They may utilize their prizes as soon as they acquire them from PDEX Crowdloan participants.
Members of the public may choose from various ways to engage in the Crowdloan. When making an on-chain contribution, users may utilize the Polkadot.js wallet, which provides an intuitive and secure means to deposit money into the Crowdloan in a decentralized manner.
Polkadex’s Executive Director and co-founder, Vivek Prasannan, said:
“After building on Substrate for over a year, we’re in a prime position to join the Polkadot ecosystem directly as a parachain, so we’re really excited to begin our Crowdloan.”
Equilibrium, Parallel Finance and Bifrost have also teamed up with Polkadex to provide liquid Crowdloans. Using this strategy, users may keep their DOTs unlocked while still collecting incentives in the tokens of the various platforms they utilize.
Substrate-based DeFi exchange Polkadex attempts to combine the secure and non-custodial format common of DEXs, with the accessible and user-friendly framework typical of CEXs.
Polkadex mixes AMM pools with order books administered by on-chain bots to eradicate price slippage issues. In addition, Polkadex only implements on-chain services that need verification. At the same time, off-chain functions such as market data aggregation and storage are used to provide a fast and slim exchange.