Polkadex Closes In on a Polkadot Parachain Slot
Tortola, British Virgin Islands--(Newsfile Corp. - April 29, 2022) - As the Polkadot parachain auctions enter Auction #16, Polkadex is closer than ever before to securing a parachain spot once and for all. Auction #16, starting today (April 29) and lasting 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.
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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 smoothly, we need to win a parachain slot in one of the upcoming auctions."
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.
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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