On the 6th of May, Polkadot’s most recent auction round came to an end, generating over $13.8 million and bringing a new platform to the system. Polkadex won the auction and received 973,324 Dots from over 6000 community donations. It is an incredible testament to the support of the entire community that helped make this happen.
Polkadot, a interoperable, blockchain-based ecosystem, offers high levels security and user-driven governance. It is also highly energy efficient. And it is easily built to scale quickly. The interoperable parachains that connect to the central blockchain allow for some of its scalability.
Polkadex became the 16th parachain to be embedded in Polkadot by winning the last slot auction. Polkadex was built using substrate. It provides an easy-to-use decentralized order-book exchange for high-frequency trading, and other DeFi functions.
Deepansh Singh (COO Polkadex) comments on the win of their parachain, suggesting that “Thanks to the Polkadex parachain, we will be able to bridge assets with the Dotsama ecosystem and now users will be able to trade Polkadot ecosystem tokens from across the whole spectrum of parachians,”Polkadot is known for its core interoperability.
Equally, he continued by marking this as a monumental event for the ecosystem itself, “This is a first for Polkadot and a first for DeFi as a whole,” seeing the potential for the expansion of both Polkadot and Polkadex with their parachain win. With the ability to interact with other assets in the blockchain ecosystem, Polkadex has greatly increased the flexibility of its platform.
Campaign Strategy
This round of crowdloan saw Polkadex become the very first parachain auction to surpass it’s 90% target cap of $1 million USD, making this the largest in Batch 3. Part of what made this campaign so effective was Polkadex’s rallying within their own community, providing many benefits to users that decided to get involved with the funding opportunity.
Polkadex had an auction cap at 1 million DOT tokens. However, they offered 2,000,000 PDEX tokens which is 10% of the total supply. The ratio created a 2:1 chance, where users could get 2 PDEX tokens per DOT token they added to their campaign.
Considering the vast utility of PDEX, allowing users to get discounts on any Polkadex transitions made, lowering trading fees, providing governance voting, and even offering staking opportunities, it’s no wonder that the community flocked to this fantastic crowdloan structure.
Polkadex provided token allocation and offered the top 1,000 participants to a crowdloan the chance of a utility-based NFT. Once it launches, this NFT will provide additional discounts on all their Polkadex orderbook transactions. This reward was also available through the DeFi platforms Polkadex had partnered with.
Large-scale crypto exchanges such as Kraken and KuCoin were all included. These platforms were equally balanced by Equilibrium or Parallel Finance which allows the community to take part in whatever financial system suits them best.
Commenting on the fantastic community effort, the head of marketing at Polkadex, Dagmara Handzlik, stated that they are “extremely proud of the way the Polkadex community led the charge during the crowdloan campaign.” Following this, she stated that, “Polkadex is proof of how important a strong community is to the overall success of a project, and we could not be more excited to deliver the products we have been building with the eager support of Polkadexers.”
Polkadex won the campaign and was awarded a parachain slots. This puts Polkadex one step closer in becoming the main trading engine for Web3/DeFi. With the Polkadot community now benefiting from the comprehensive and cutting-edge cryptocurrency trading solution,