Polkadex Locks in Polkadot Parachain Slot by Allocating Nearly 1 Million DOT

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Polkadex Locks in Polkadot Parachain Slot by Allocating Nearly 1 Million DOT

The Polkadot team has been conducting auctions for one of the coveted slots in their parachain network, every ten days. The first 41 have already been planned, and one will be happening roughly every ten days.

The 16th auction started on the 29th of April and ended on the 6th of May. It was won by Polkadex, a DEX that has support for Polkadot, Ethereum, and the proprietary blockchain. This makes it the latest project to stake its growth for the foreseeable future on Polkadot, alongside projects like Acala or Moonriver.

Polkadot has a new official platform. They locked in their slot in 2 months. The official platform will go live on the 4th of June.

DEXs like Polkadex, while quite useful, are quite limited. They're just exchanges, and don't offer many additional features. Polkadot's goal is to go beyond this, and offer new features, like governance.

The team argues that what sets them apart is the goal of pairing decentralized exchanges with the accessibility of centralized exchanges (CEXs). This means that the technology behind their platform is secure, and easy to use.

Polkadex has already partnered with big-league names like Equilibrium, Kraken, and KuCoin on the way. Securing its spot on the parachain should give it a big boost.

This victory did come with a hefty price tag. 973,324 DOT, worth $13.8 million at the time. The bid was placed using Polkadot's crowdloan feature, garnering funds from over 6,000 contributors.

Dagmara Handzlik – the Head of Marketing at Polkadex – took to social media to thank the Polkadex community for their support.

To thank users for participating in the crowdloan vital to Polkadex's vision, contributors will receive at least 2 PDEX for every DOT they contributed. The top 1000 participants will also receive exclusive utility-based NFTs that will guarantee discounted trading fees for holders once the Polkadex orderbook goes live.

Polka's blockchain provides a number of incentives to investors. It provides discounts on transaction and trading fees, as well as governance participation. Investors can also take part in the PolkaIDO investment rounds.

The next parachain auction will start on the 12th of May, gathering eager Polkadot fans for the victory lap that will follow on the 18th.

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