Connect with us

Polkadot News

Polkadex Spends $13.8M on a Polkadot Parachain Slot

mm

Published

 on

Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review.  Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.

The Polkadot team has been conducting regular auctions to allocate slots for the Polkadot parachain. The parachain slots have been on auction since November 21, 2021, after the Polkadot team announced 100 slots being up for auction.

Auctions for the initial 41 slots have been planned. Each auction happens after ten days, and Polkadot is the latest project to clinch a slot. The other projects that have also been successful in their bids include Acala and Moonriver.

Polkadot secures 16th Polkadot parachain slot

The 16th auction for the Polkadot parachains commenced on April 29, ending on May 6. The auction for these slots ended with a victory for Polkadex. Polkadex is a decentralized exchange (DEX) that supports Ethereum, Polkadot and the proprietary network.

By securing this slot, Polkadex will be benefiting from the notable benefits offered by the scalable Polkadot blockchain, and it will be working alongside other projects such as Acala that won these slots earlier on.

The Polkadex team confirmed that it had secured one of the coveted slots, and they will be running on this parallel blockchain for 96 weeks. After winning the auction, the projects engage in an onboarding process of around two months. Polkadex will be rolled out on the Polkadot parachain on June 4.

Polkadot is a decentralized exchange, and securing this slot will enable it to continue pursuing a decentralized business model while seeking scalability and efficiency. The objective of this project is to push beyond the regular offerings of a DEX. It plans to offer unique products and services, which could be facilitated by the high throughput provided by the Polkadot network.

The Polkadex team has already listed some of their unique offerings compared to other DEX platforms. The team says that it combines the offerings of a DEX platform with a centralized exchange (CEX) that has a large number of investors that can access the project.

Polkadex is already working with some of the largest names in the cryptocurrency industry, including Kraken, KuCoin and Equilibrium. However, if the project manages to secure a parachain slot, it could receive a major boost that could take it to the next level.

Polkadex secured the 16th parachain slot at a high price of 973,324 DOT tokens valued at around $13.8 million. The bid for this slot was secured through the Polkadot crowdloan feature that gathered funds from more than 6000 contributors to the project.

The head of marketing at Polkadex, Dagmara Handzlik, took to social; media to thank the Polkadex community for offering their support. Handzlik thanked the partners and the community for supporting Polkadex and supporting the project.

“Thank you to all partners and foremost to our vibrant community for believing in Polkadex and supporting us all the way. We couldn’t have done it without you. After all this hard work and a few all-nighters, my friends ask me if I’ll finally get some well-deserved rest. My answer is: No, we’re actually just getting started!” Handzlik said.

Polkadex crowdloan participators will be rewarded

Users who contributed to the Polkadex crowdloan platform will get at least 2 PDEX that will represent every DOT that has been contributed. The top 1000 participants in the pool will also receive a utility NFT that will unlock discounted trading fees after the Polkadex Orderbook has launched.

PDEX also offers incentives to token holders inclusive of discounts on trading and transaction fees. Users can also participate in on-chain governance and participate in PolkaIDO investment rounds. Another parachain auction started on May 12.

To learn more visit our Investing in Polkadot guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

Advertiser Disclosure: Securities.io is committed to rigorous editorial standards to provide our readers with accurate reviews and ratings. We may receive compensation when you click on links to products we reviewed.

ESMA: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Investment advice disclaimer: The information contained on this website is provided for educational purposes, and does not constitute investment advice.

Trading Risk Disclaimer: There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies.

This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio.

Securities.io is not a registered broker, analyst, or investment advisor.