Polkadex wins Polkadot’s parachain slot!
Disclaimer: this article is not editorial content of Polkadot News.
There’s a new parachain in Polkadot-land. Polkadex, the orderbook-based decentralized exchange aiming to become the trading engine of Web3 has won the 16th Polkadot parachain auction. Thanks to a community-driven campaign, the Polkadex Crowdloan not only became the uncontested winner of auction 16, but also became the largest Crowdloan in batch 3 with 973,324 $DOT from 6000k+ contributors!
So what is Polkadex?
In short, Polkadex is a decentralized exchange built on Substrate that aims to combine the advanced trading features and familiar user experience of CEXs with the safety and non-custodial nature of DEXs, all while solving for some of the great inefficiencies of both. In order to do so, Polkadex has built a whole Substrate-based ecosystem led by its flagship product: Polkadex Orderbook, a layer 2 trusted execution environment which enables non-custodial high frequency trading of assets from different blockchain networks.
While Polkadex Orderbook is its crown jewel, the Polkadex ecosystem also features a fairer IDO launchpad, PolkaIDO, an AMM without front-running, Polkapool, and a revolutionary interoperability layer, Thea. All of these are seamlessly integrated into a single, easy-to-use frontend interface reminiscent of the advanced functionality of CEXs and the minimalist design of DEXs.
In order for Polkadex to offer a CEX-like experience, interoperability is key. Polkadex needs to connect to and support assets from ecosystems like Ethereum and Polkadot.
Thea, Polkadex’s cutting-edge decentralized token bridge, will establish a trustless connection between Polkadex and Ethereum (plus other chains down the line) which will make Ethereum assets available on Polkadex’s products. Meanwhile, Polkadex will also benefit from a connection to other Polkadot parachains, thus adding support for all kinds of Polkadot ecosystem tokens in addition to the ERC-20 tokens brought over through Thea.
“Winning a parachain was always in the pipeline for Polkadex,” said Polkadex Head of Marketing Dagmara Handzlik. “We could not be happier with the way the Polkadex community came together to get the win in auction 16 and we can’t wait for the Polkadex parachain to open up new opportunities for the DeFi space and Polkadex users.”
With this auction victory, Polkadex is one step closer to becoming the trading engine of Web3. The Polkadex parachain is set to allow Polkadex to seamlessly add support for native assets from different parachains, therefore giving birth to the Polkadot ecosystem’s first cross-chain, non-custodial, orderbook-based decentralized exchange with high frequency trading.
”Thanks to the Polkadex parachain and the Thea interoperability layer, Polkadex users will soon be able to exchange ETH for DOT or GLMR for USDC, for example, in a lightning-quick and completely non-custodial manner.” said Polkadex COO and Co-Founder Deepansh Singh. “We see this as a huge win for not only the Polkadot ecosystem, but the DeFi community as a whole.”
Polkadex is a fully decentralized, peer-to-peer orderbook-based cryptocurrency exchange for the DeFi ecosystem built on Substrate. The main idea behind Polkadex is to create a platform that combines the benefits of centralized and decentralized exchanges into one cutting-edge solution that caters to all crypto traders.