Polkadex AMA Recep

Dagmara H and Vivek Prasannan from the Polkadexteam sat down for an AMA with Mary from AscendEX on Telegram this morning to discuss their product offerings and their token listing, here is the transcript of their conversation:

Mary Zheng | AscendEX

Hi @vivekprasannan and @Dagmarah. For those that are not familiar, can you briefly describe Polkadex and what problems you are aiming to solve with it?

Dagmara H | PolkaDex

Polakdex is a fully decentralized order-book based exchange built on the Substrate network. Our order book combines key features of DEX with the interface users experience in CEXs. Polkadex solves some of the pain points of the Ethereum ecosystem, such as high network fees and high entry barriers for new tokens from other ecosystems.

Mary Zheng | AscendEX

Let us transition a bit toward the native token PDEX. How does the PDEX token function within the platform and why is it needed?

Vivek Prasannan

Polkadex is not only a protocol, we have multiple applications running on top of it. Everyone who wants to participate in the Polkadex network must have PDEX. This is necessary for the network to run safely.

If you look at the utility of PDEX, there are several uses which includes the following and more:

Pay transaction and trading fees to get discounts on them

Participate in Polkadex IDOs

Participate in on-chain governance of the network

Become a validator of the network by staking

Nominate validators and collators of the network

Become a validator of the Thea interoperability decentralized bridge

Mary Zheng | AscendEX

Appreciate the detailed elaboration here.

Could you share the development status and progress of the project thus far? Including the major partners and perhaps some operational data.

Vivek Prasannan | PolkDex

There are two parts to the project: 1) Protocols 2) Applications.

As part of protocol development, Polkadex mainnet was already released in September, 2021. The last of the protocol release — interoperability (Thea) on the mainnet with Ethereum will go live by March, 2022. Parachain will also secure its connection to Polkadot for which auctions are live now. That completes all protocols needed to secure and run the applications.

Lastly what sets our project apart from the others is scalability backed by the interoperability with other networks, such as Ethereum and Polkadot at present and bridges with other chains coming in the near future. This is the first time a fully decentralized bridge is going to be put into action for supporting a decentralized exchange’s liquidity.

decentralized bridge is the key word above.

Dagmara H | Polkadex

Blockchain as a decentralized protocol already has built in algorithms that drive people and community to participate in securing the protocols. This is the reason why even without any utility, PDEX token already has tremendous potential. Any additional adoption that comes with ecosystem building, we have a planned marketing strategy.

Our marketing strategy has always been community oriented. We strive to deliver true value to our investors, adopters and community members by focusing on nurturing our relationships within the Polkadot and Substrate network ecosystem and beyond. Strategic partnerships with leading projects in the crypto space are also always in the pipeline. Brand Ambassadors, KOLs, events and other initiatives are aimed at expanding and enriching the Polkadex ecosystem.

Dagmara H | PolkDex

The unique experience of Polkadex founders as past traders who understand the Defi space, along with their previous experience in attempting similar solutions on other layer 1 blockchains, puts us in a position of advantage of understanding what the trading community is looking for.

Polkadex team consists of 20+ talented and motivated members from across the world. What makes us successful is our commitment to bring the best DeFi experience to users. Our disruptive solutions shape the ecosystem, expand usability of blockchain applications and hence facilitate the process of mass crypto adoption.

…

Vivek Prasannan | PolkaDex

Polkadex wants to cement its place as pioneers in building the infrastructure of the next generation of decentralized exchanges. All our code is open source, hence we take pride in the fact that many of the solutions we have made are fully researched and implemented in house within a span of just one year.

One of the biggest risks is that the solutions we have built are open source, so all the inherent security risks of the decentralized protocols are visible to the public. Hence, one of the challenges is that the system can be secured only through open participation of the community. We need the open hacker community to join and help make this more robust and secure. We have done everything we can from our side to make it as secure as possible through consultation with third party audits and security experts.

I hope that answers the question. I can think of more, but this is one thing that came to the top of my mind.

Mary Zheng | AscendEX

Last question is a non-project-related question, which sector of crypto markets excites you the most?

Vivek Prasannan | Polkadex

That’s an exciting question actually .

Right now, the sector that excites us most is interoperability and zero knowledge proof transactions on a large validator set. We are researching long and hard on this, until we solve some specific problems around it. It will help us create new products and value adds for the exchange and its ecosystem in future.