Normally, when you talk about a decentralized exchange (DEX), you immediately think about swapping, staking, and yield farming right? Well, every DEX has those features. However, Polkadex is a lot more than a simple DEX, it’s a decentralized ecosystem.
In this article, we’ll talk about the latest launches and news of the biggest DEX in Polkadot. But first, let’s see what is Polkadex.
What is Polkadex?
Polkadex is a cheap, secure, and fast P2P order-book decentralized exchange. This DEX has its own parachain that let users bridge their tokens with Ethereum’s blockchain via the THEA bridge. It’s coming soon in the App Store and Google Play.
🔁 Non-custodial orderbook-based exchange
📈 High frequency trading + advanced tools
💻 Sleek UI, CEX functionality
🤖 Add trading bots or automate
💼 Delegate asset trading, watch profits
🌐 Cross-chain with Polkadex parachain
💡 PolkaIDO for fair IDOs pic.twitter.com/wkbmJgklez
— Polkadotters | Validators and media house (@Polkadotters1) June 21, 2023
The reasons why we say Polkadex is an ecosystem is because of the following features:
- Use 6 different kinds of non-custodial wallets: Ledger, Nova Wallet, Talisman, Fearless, SubWallet, and PolkadotJs.
- It connects with these exchanges: KuCoin, Gate.io, and AscendEX.
- Allow high-frequency trading.
- 500,000 trades per second.
- Use on-chain trading bots to automate trading.
- Delegate your fund to a third-party fund manager.
- No order placement, cancellation, or trading fees.
- Projects can get listed on PolkaIDO, Polkadex’s launchpad.
In other words, Polkadex is developing tools that enable both DeFi protocols and users to manage their assets securely and efficiently. On the other hand, Polkadex has very important partners, like Acala, Subscan, Polkastarter, among many others.
Among the many exciting features for blockchain teams and communities is PolkaIDO 💥
Let’s unlock the full potential of PolkaIDO – the exclusive launchpad on… pic.twitter.com/7bAdPZrFqd
— Polkadot Insider (@PolkadotInsider) June 27, 2023
Polkadex Made Its First Testnet with Moonbeam
Anyone in the DotSama community may now get an overview of what trading GLMR in a non-custodial order book-based exchange will be like shortly thanks to an open XCM channel between the Moonbeam and Polkadex testnets.
Once this is completed, they will be able to list all of these tokens on the mainnet, including DOT, and become the go-to DEX for Polkadot’s assets.
Here’s a long tweet on the status of a few of these XCM channel openings 👇
🪙 A council motion has been proposed on @Polkadot to open XCM channels between Statemint &…
— Polkadex (@polkadex) June 2, 2023
Gautham J, Polkadex CEO and Co-Founder, said: “We’re very proud to have Moonbeam as our first open XCM channel on testnet and we can’t wait to continue to work together to make trading GLMR (and other Moonbeam-based assets) easier than ever thanks to our non-custodial orderbook exchange, Polkadex Orderbook.”
PDEX Crowdloan Rewards are Ready to Claim
Polkadex won parachain auction #16 with approximately 1 million DOT donated to the Polkadex Crowdloan by over 2,300 contributors. This secured a parachain berth in 2022. As a result, Polkadex pledged 2 million PDEX in incentives as a thank-you to all supporters. This corresponds to little more than 2 PDEX each DOT contributed.
If you contributed to the Polkadex Crowdloan and assisted Polkadex in obtaining a parachain space, it is now time to receive your PDEX incentives. You can do it by following these steps:
- Check out the Crowdloan rewards page.
- Check that your Polkadot.js extension wallet is configured to “Allow use on any chain” and that you have more than 1.1 PDEX in your wallet.
- Select the Polkadot.js account you used to contribute to the Polkadex Crowdloan from the drop-down box and connect. The interface will display the total awards for this location, the number of claimable rewards, and the ones you have already claimed.
- To begin your claim and confirm the transaction on your wallet extension, click the ‘Claim‘ button. This transfers the benefits to your wallet.
- To unlock your claimable rewards and confirm the transaction on your wallet extension, click ‘Unlock‘. This will enable you to access the vested rewards in your wallet.
The Polkadex Crowdloan rewards are now ready to claim!
— Polkadex (@polkadex) July 4, 2023
Stake PDEX and get 24.54% APY
Polkadex offers attractive rewards when users want to stake PDEX via Polkadot.js. Users can earn a 24.6% APY. With 4.8 million PDEX staked and 200 active validators. Here is a video guide about it.
There are other 3 ways to stake PDEX:
- Nova Wallet: You may stake your PDEX tokens directly from your mobile device.
- Subwallet: Subwallet’s browser extension wallet and user interface make staking simple.
- AscendEX: Here you can purchase PDEX and stake it without ever leaving your exchange.
Here are more details about these staking options.
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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Polkadex. Copyright Altcoin Buzz Pte Ltd.