Home Cryptocurrency News Product Release & Updates Polkadex Wins Parachain Auction 16

Polkadex Wins Parachain Auction 16

Polkadex, a leading DEX built using Substrate on the Polkadot Network, just won parachain slot 16 in an auction. Let's see what this means and why it's so important for them.

Polkadex review

Polkadex has the goal of being the best p2p DeFi exchange across chains. They built their exchange on Substrate and like Polkadot’s pledge of interoperability. And now they can fulfill the mission since they won auction 16 for a parachain slot.

What Are Parachain Slots?

A Parachain slot ensures interoperability within Polkadot’s ecosystem. There are already many apps building on Polkadot with Substrate. DOT calls itself a Layer 0 enabling companies to build their own chains. But they cannot connect to each other unless they connect to DOT’s main relay chain.

And these parachain slot auctions are to win a chance to lease a spot on the Relay Chain. It’s a very big deal. Once on the relay chain, you can easily connect with other apps and chains within DOT. The leases are 96 weeks long.

The next auctions for slots 17 and 18 start soon and end on May 23 and May 30 respectively. Polkadot has lots of great info on how these auctions work on their website.

More on Polkadex’s Victory

Polkadex raised 973,000 DOT to get the victory. But the company does not use those funds to pay the lease. As Polkadot explains, the cost is really ‘the opportunity cost of not being able to use your bonded DOT elsewhere’.

Polkadex Parachain Auction Stats
From Parachains.info

Their over 2300 contributors will get their DOT back over a vesting schedule over those same 96 weeks. Polkadex can add support immediately for the DOT chain and ETH chains from this victory. They are also working on a mobile app and IDO launchpad platform for ERC-20 tokens.

While Polkadex expected to eventually earn a parachain slot, the fact they did it now so early means more time to plan on other improvements and work on their ambitious roadmap. But with this victory, they are one step closer to DeFi trading interoperability.

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