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.
IT'S OFFICIAL ✅
Polkadex has secured a @polkadot parachain slot with a resounding win in auction 16! 🍾
Polkadexers came together to loan 973k DOT (>97% of auction cap) to the Polkadex Crowdloan, making it batch 3's biggest 🤯
Thank you Polkadexers 🙌
Just gettin started 👀 pic.twitter.com/lWNoQpSXSi
— Polkadex (@polkadex) May 6, 2022
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’.
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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Disclaimer
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.
