October at Polkadex
Catch up on all the growth of the Polkadex network, new partnerships, and more!
After the anticipated launch of the Polkadex Mainnet on September 29th, October was bound to be an important month for Polkadex. From the growth of the Polkadex network to the launch of the beta tester program and the roll-out of PolkaIDO to beta testers, October was another month of incredible progress.
In October, the Polkadex network grew to a size of 75 active validator nodes (with around 50 more nodes waiting to validate) and over 700 active nominators. In total, there are already over 1,100 participants in the network spread around the world. The amount of PDEX currently being staked is over 670,000 PDEX, or almost $14 million at the time of writing. It’s still early though! The average return for staking is still at a yearly rate of 79%. By our calculations, that rate will make its way down to 10%-15% depending on the validator, so the earlier you stake your PDEX, the longer you’ll be able to take advantage of the higher rates. To participate in the Polkadex Mainnet, check out the article below:
While the growth of the network was the big news of the month, the launch of the beta tester program and the release of PolkaIDO to beta testers was arguably as important. PolkaIDO’s release to beta testers marks a significant milestone as the first component of the Polkadex vision has now been shipped out to the community, starting with beta testers. This step is crucial as it allows the Polkadex developer team to work hand-in-hand with community members and future users on making the best version of Polkadex possible. Soon, PolkaIDO will be released to the public testnet and from there it will roll out to the Mainnet — all set to change the IDO game!
Apart from the exciting growth of the network and the release of PolkaIDO to beta testers, the rest of October was super busy for the Polkadex dev team. The Polkadex Orderbook backend code was completed at the beginning of the month and has been followed by frontend integration work. For example, the place and cancel order functions along with various trading bot functions were all integrated to the frontend, while the graph component was tested with mock data. On the Polkapool side, the team laid out a comprehensive roadmap for the remaining backend tasks and the frontend integration to follow. Work is almost complete on the Polkapool backend and frontend integration has already begun! In addition, the biometrics process has been implemented into the Orderbook mobile app, and the on-chain identity verification process has been set in place.
Also in October, Polkadex was featured by CoinMarketCap as the P in the A-Zs of NFTs. According to CoinMarketCap, Polkadex is “set to become one of the first DEXs to gamify the trading experience through the use of NFTs. Polkadex’s mainnet launch was also mentioned by Altcoin Buzz as one of the ‘Top 10 DeFi updates” of October.
On the interview side, Polkadex Executive Director and Co-Founder Vivek Prasannan sat down with CryptoWise for a detailed hour-long interview on all things Polkadex. Viewing is highly recommended. Polkadex CMO, Kseniia Baziian, was also interviewed by Market Square in the last week of October and we cannot wait to see the full interview this coming week!
Last but not least, Polkadex’s first physical event appearance in a long time! As some parts of the world start getting back into the swing of things post-pandemic, in-person events are slowly making a comeback. Kseniia represented Polkadex at Digital Assets Week in London this month. She introduced Polkadex to a traditional finance (TradFi) crowd in a presentation, and participated in a panel discussion about the current state of DeFi and what is to come.
Polkadex is not just a project, but a whole ecosystem! October was proof of that. Not only did we go into detail on the who’s who of Polkadex validators, but we also revealed the initial validator set that received nominations from the Ecosystem & Growth PDEX tokenomics allocation. The team also officially became a part of the Substrate Builders Program, cementing Polkadex’s place in the Web3 space.
In partnership news, Polkadex joined forces with OnFinality to give anybody a chance to run their own Polkadex validator without the need to buy/set-up their own hardware. Taking all the hassle out of being a validator is a big plus for the decentralization of the Polkadex network. The team made a video to show potential validators just how easy OnFinality makes the whole process:
The Polkadex community is the key ingredient helping to make the Polkadex vision a reality. Thanks to every member of the community’s continued support, the community has grown every month across every single channel. While October understandably didn’t reach the highs of September, it was nonetheless a month of significant growth for all Polkadex communities.
Here’s a few amazing growth metrics:
- The Polkadex Twitter page grew by 3.6% (almost 2,000 new followers) to reach a follower count of over 57,000
- The Polkadex Discord server has continued to grow as it has become the main gathering place for validators and participants in the Polkadex network. Over 300 members have joined in the last month, bringing the total member count to 1,760.
- The Polkadex YouTube channel and official subreddit grew by 17% and 13% respectively as each surpassed the 1,200 subscribers/members milestone.
- We’ve also seen a 9% increase in the LinkedIn and Medium followers.
- The recently-launched Polkadex local Telegram communities in 5 different languages grew by 96%
Throughout the month, we connected with the community in different ways and on different channels. To help Polkadex community members navigate the Polkadex Mainnet, the team made several YouTube walk-through guides for migrating, staking, setting an identity, and running their own validator with the help of OnFinality.
October was fun… but the fun is only just getting started. Here’s what’s coming in November and beyond:
⚫️ Welcoming even more validators and nominators onto the Polkadex Mainnet
⚫️ Releasing PolkaIDO to the public Testnet
⚫️ Progressing on Polkapool with a possible beta-tester release
⚫️ Lots more!
Follow the official Polkadex accounts to keep up with all the exciting things happening at Polkadex as we head into the deeper phases of beta testing and public testnet releases, and start deploying components to the Mainnet.
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