Since November 21, 2021, the Polkadot team has been running regular DOT-based auctions for one of the coveted slots on their parachute network. There are plans for 100 parachain slots, give or take. Auctions are already planned for the first 41, with one taking place approximately every ten days.
The 16th auction began on April 29 and ended on May 6 with a win for Polkadex, an orderbook-based DEX with support for Polkadot, Ethereum, and the proprietary blockchain. This makes it the latest project to stake its growth for the foreseeable future on Polkadot, alongside projects like Acala or Moonriver.
Slot 16 goes to Polkadex
In the wake of their participation in the latest Polkadot Parachain Auction, the Polkadex team announced that they secured one of the coveted slots for almost two years, 96 weeks to be precise. After a 2-month onboarding period, Polkadex will secure its spot on the Polkadot network on June 4th.
As a decentralized exchange (DEX), Polkadex has already benefited from the freedom that this particular business model provides. But the goal of the project is to go beyond the parameters of regular DEXes, reads the statement shared with CryptoPotato.
The team argued that what sets them apart is the goal of combining the freedom of the DEX level with the accessibility of centralized exchanges (CEX) that a sizeable portion of investors flock to.
Polkadex has already partnered with big league names like Equilibrium, Kraken, and KuCoin along the way, but securing its spot on the parachain should give it a big boost.
It’s worth noting that the victory came with a hefty price tag: 973,324 DOT, worth $13.8 million at the time. The offer was made using Polkadot’s crowdfunding feature, drawing funding from over 6,000 contributors.
Dagmara Handzlik, Polkadex Marketing Director, took to social media to thank the Polkadex community for their support.
“Thank you to all partners and above all to our vibrant community for believing in Polkadex and supporting us at all times. We couldn’t have done it without you. After all this hard work and a few sleepless nights, my friends ask me if I will finally get a well-deserved rest. My answer is: No, we are actually just getting started!
trust is rewarded
As a token of gratitude for your participation in the crowdfunding vital to Polkadex’s vision, contributors will receive at least 2 PDEX, Polkadex’s proprietary token, for every DOT they contributed. The top 1,000 participants will also earn exclusive utility-based NFTs that will guarantee discounted trading rates for holders once the Polkadex Orderbook goes live.
According to the release, PDEX offers various incentives to holders, including discounts on trading and trading fees, participation in on-chain governance, and participation in PolkaIDO investment rounds.
The next parachute auction will kick off on May 12th and will bring together enthusiastic Polkadot fans for the victory lap to follow on the 18th.
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This post Polkadex Crashes On Polkadot Parachain Slot By Allocating Nearly 1 Million DOT
was published first on https://cryptopotato.com/polkadex-locks-in-polkadot-parachain-slot-by-allocating-nearly-1-million-dot/