Linking Polkadot to Other Chains with PolkaBridge

For the uninitiated, it’s a figurative link between Polkadot and several other blockchain networks. It intends to consolidate several blockchains into a single platform where users may deal, farm, yield, invest in NFTs, and do other things. The goal is to make cross-chain transactions possible without relying on the centralized organizations and third-party services that are necessary at now. It’s also a decentralized cryptocurrency exchange (DEX) where you may swap and sell digital currency. The PolkaBridge team has also built an ecosystem of supporting services to facilitate cross-chain and multi-chain transactions.

PolkaBridge uses its own token, PBR. Existing on the Ethereum network, this token is an ERC-20 standard cryptographic token. Fees for PolkaBridge platform transactions, staking, taking part in launchpad IDO (more on this later), etc. are all deducted from PBR tokens. PBR token holders also have a governance in deciding how the PolkaBridge ecosystem is governed. During its maiden DEX offering, the token was promptly purchased (IDO). On the same day it was posted on Uniswap, it became available for purchase on several other exchanges.

Instead of manually transacting with sellers, tokens and coins can be automatically traded or swapped through liquidity pools. In the PolkaBridge ecosystem, automated market makers (AMMs) come in two varieties.

PolkaBridge’s flagship product is a multi-chain AMM with a user interface fairly dissimilar to Uniswap’s. It enables users to transact tokens across various blockchains from a single platform. There is a 0.2% swap charge, of which 20% will be utilized for the monthly “buyback and burn” of PBR tokens by the AMM. Ethereum, Polygon, Solana, Polkadot, and BNB Chain are all presently compatible with the multi-chain AMM.

This is a near AMM add-on that will provide cross-swapping between several accounts. With the multi-chain AMM, for instance, you may swap Ether (ETH) for PBR on the Ethereum blockchain and convert BNB Coin to PBR on the BNB Chain, all on a single platform. As they use distinct blockchains, however, you cannot swap BNB for ETH. If you want to trade BNB for ETH, or vice versa, you’ll have to wait till the cross-chain AMM is live. Though it hasn’t gone live just yet, this functionality has the potential to serve as a genuine bridge across several blockchains, facilitating user transactions between them with greater lot and speed.

Most decentralized exchanges (DEXs), like PancakeSwap and SushiSwap, limit you to staking a single blockchain token in their respective token staking pools. PolkaBridge, however, enables multi-chain staking, allowing you to stake your PBR tokens across multiple blockchain pools.

Because of PolkaBridge’s deflationary farming mechanism, the supply of PBR will naturally decline as its value rises. Instead of rewarding liquidity providers with more PBR tokens, the platform collects a 0.5% charge from each on-chain PBR transaction and distributes 90% of it to the “farmers” who have put their coins or tokens in the pool.

In the very early stages of a crypto project’s deployment across several blockchain platforms, PBR token holders can participate thanks to PolkaBridge Launchpad, also known as IDO launchpad. This launchpad is amazing since each project has already been reviewed by its team; all you have to do is select the one you prefer and invest in it; there’s no need to research the project’s dev team or legitimacy beforehand.

It facilitates the development of communities around NFT initiatives and the communication between artists and businesses, as well as between these groups and their respective audiences. The INO functions via distinct NFT pools that provide bundles of time-sensitive NFTs. To purchase the NFT package, you must first stake 1,000 PBR, and you may only purchase a maximum of five bundles at a time.

It is the goal of the PolkaBridge blockchain to become the central hub for all crypto-related activities, including trading, NFT development, and other uses. The following are some other initiatives that will be introduced in the near future: Platform for decentralized Analytics by PolkaBridge (a content creation and distribution platform). The Lending and Predicting Platform allows users to lend assets in exchange for interest and provide access to those assets for a fee. Users will be able to place wagers on actual events and potentially win prizes using the platform.

As of August 28th, 2022, the market capitalization of the PBR token was about $4,302,921. It has a maximum supply of 100,000,000 PBR and a current supply of about 76,264,425 PBR. PolkaBridge’s deflationary farming and the AMM’s “buyback and burn” policy contribute to a steadily shrinking quantity of tokens. The current price of one PBR is about $0.067, and the 24-hour trading volume is close to $687,335. ( as of Sept. 2, 2022). The price of PBR has been mostly stable since its inception, with the exception of a sharp increase from November 2021 to December 2021.

Some have speculated that this is all a rug-pulling scam, painting a bleak picture of PBR’s prospects. In contrast, some market watchers believe this coin’s price will rise because of the increased demand for it from other blockchains because to its multi-chain functionality. TechNewsLeader is also bullish, forecasting that PBR tokens would rise in value from their present value of roughly $0.0747 to around $0.30 in 2025. WalletInvestor predicts that after a year, the price of PBR will drop to $0.00378. (Aug. 2023). They estimate that by 2025, the price will have increased to roughly $0.006.

Currently, only a select number of cryptocurrency exchanges, like Uniswap and 1inch Exchange, support PBR Coin trading. PBR tokens can be acquired on the PolkaBridge DEX by exchanging them for currency of other blockchains. You may no longer use a fiat currency like the Hong Kong dollar or the United States dollar to directly purchase PBR as of August 2022. This means you’ll need to use a centralized or decentralized exchange to turn your money into ETH, USDT, AAVE, etc. After that, you may move the crypto currencies to your wallet and use them to make purchases on the PolkaBridge DEX.

The PolkaBridge platform has a lot of potential because to its novel offerings and the many uses for its token. It remains to be seen, however, if it can become a truly unified decentralized platform for many blockchains and provide its customers with all the benefits it offers.

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