Polkadex (PDEX), one of the exciting new projects in the DeFi ecosystem, is set to secure a parachain spot on Polkadot (DOT). This comes as Polkadot parachain auctions enter number 16 today, April 29, 2022.
The Polkadot auction #16 is set to last for one week (starting from today to May 6th). It will see Polkadex go head to head with newcomer, Bifrost Finance. The rule is simple: the project that spends the most time leading with the highest amount of DOT loaned, within the auction period, will win the auction and get the chance to secure a parachain spot once and for all.
Polkadex Crowdloan Taking the Lead
As it stands, Polkadex Crowdloan is considered the favorite to earn the spot with over 1,203 contributions and a total of over 304,126 DOT committed already at press time. It has proven to be a crowd favorite, indeed, and has garnered widespread support from participants and observers.
Polkadex’s imminent success is attributable to several critical partnerships, especially the ones with fellow Polkadot DeFi platforms like Parallel Finance and Equilibrium. It is also in partnership with centralized exchanges like Kraken and KuCoin.
Thanks to the aforementioned partnerships, Polkadex Crowdloan has been able to get several DeFi enthusiasts to contribute. As much as 47% of contributions so far were made via Parallel Finance alone. 6.5% has been made via Kraken, while 4.5% and 3.9% have been made through Equilibrium and KuCoin, respectively.
A New Dawn for the Orderbook-Based Cryptocurrency Exchange
Polkadex co-founder and CEO, Gautham J, is excited about the prospects of securing the parachain spot. In his words:
“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.”
But what are the specific benefits Polkadex stand to gain by securing a parachain slot on the Polkadot network? For a start, it will ensure that Polkadex Orderbook and other Polkadex products will support other Polkadot-based tokens from across parachains. The implication is that all Polkadot tokens are about to become available on the first-ever cross-chain, non-custodial, orderbook-based exchange, with high-frequency trading.
Expressing his excitement, Polkadex’s co-founder and COO, Deepansh Singh said:
“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. For that to happen smoothly, we need to win a parachain slot in one of the upcoming auctions.”
Polkadex is closer than ever before to securing the fortune-changing parachain spot. It will definitely be a huge step towards achieving most of its other goals. This is an exciting time for the company that prides itself as a top trading engine for Web3 and DeFi.
Exciting Times for the Polkadex Community
The Polkadex team is working hard to deliver on its promises. To ensure that Polkadex community members get something substantial from participating in the Polkadot Crowdloan, the company has introduced some of the best parachain rewards we’ve ever seen.
The auction cap is 1 Million DOT, and Polkadex has a dedicated rewards pool of 2 million PDEX (which is just 10% of the total supply). The implication is that Polkadex Crowdloan contributors will earn at least 2 PDEX per every DOT contributed. This is a massive 10x improvement to what was offered in auction 2, back in January 2022.
To further incentivize participants, Polkadex has declared that the top 1,000 DOT contributors will win an exclusive utility-based non-fungible token. This NFT will grant holders access to discounts on trading fees on the Polkadot Orderbook.
Wrapping Up a Successful Auction
Auction 16 has commenced, and the Polkadex team aims to take the lead immediately and decisively secure the parachain slot. There are several concrete reasons to believe in Polkadex and its purpose-driven mission. There are also many reasons to believe that it will secure a Polkadot parachain slot in the ongoing auction. Its unbeatable rewards have triggered a community-led contribution that inspires confidence.
You can get more information about the ongoing auction and also gain access to the contribution channel through the Polkadex Crowdloan website.
