PDEX Migration: Two ways about it
Migrating just got a whole lot easier thanks to native PDEX’s listing on Gate.io
The Polkadex network has been constantly growing since its September 29th launch. In less than two months, more than 850,000 PDEX have been migrated from Ethereum to Polkadex, and there are now almost 900,000 PDEX (~$15 million) being staked in the network. The staking APY (annual percentage yield) is currently estimated at 65% and the network is currently being validated by 90 active validator nodes spread around the world. In other words, if you aren’t staking your PDEX, you’re missing out.
ERC-20 PDEX vs Native PDEX
While PDEX was launched originally as an ERC-20 token on Ethereum, it was always supposed to become the native token of the Polkadex network. As the native token on Polkadex, PDEX will continue to gain utility the more Polkadex products are released. Staking is the first of many use-cases for PDEX as the Polkadex network is a nominated Proof of Stake network modeled after the Polkadot network.
In order to stake (and earn 65% returns on your PDEX), you will need native PDEX on the Polkadex network. Still haven’t migrated your PDEX from Ethereum over to the Polkadex network? Don’t worry, thanks to Gate.io’s listing of native PDEX, it is now easier than ever to migrate.
The easy way to migrate
How easy is it? Gate.io supports ERC-20 PDEX and native PDEX deposits but it only supports native PDEX withdrawals. In other words, any PDEX on Gate.io essentially becomes native PDEX. This means there are at least two ways of migrating using Gate.io. All you need is a Gate.io account for either.
1. Deposit ERC-20 PDEX then withdraw it as native PDEX.
2. Buy PDEX using USDT and then withdraw it to your Polkadex address
The best part is Gate.io’s withdrawal fee is around 0.1 PDEX right now! That’s nothing compared to ERC-20 PDEX withdrawal fees on other exchanges.
Don’t have a Polkadex address? We made a quick walk-through video guide on how you can create a Polkadex account using Polkadot.js Apps.
What about Kucoin?
ERC-20 PDEX is the only version of PDEX currently supported by Kucoin. Kucoin, along with other exchanges, will add support for native PDEX soon. Wider support for native PDEX will enable more necessary migration routes as different Polkadex components launch onto the Mainnet and demand for native PDEX rises.
The more technical way
While it requires a few more tools and might incur high Ethereum gas fees, it’s also possible to swap your ERC-20 PDEX to native PDEX 1:1 using the Polkadex migration app.
To migrate using the Polkadex migration app, you’ll need a Metamask extension Ethereum wallet, a Polkadot.js extension Polkadex wallet, around $30 in ETH to cover gas fees (we know), and ERC-20 PDEX in your Metamask extension wallet.
Once you have all that, follow along with the walk-through guide below to migrate:
Any questions about either path? Drop into the Polkadex Discord server or any of the other official channels to get answers and help from the Polkadex team and the Polkadex community!