PHA is Now Trading on Polkadex Orderbook
Phala Network’s PHA is the first token to be listed following the community-led democratic listing process on the Polkadex governance platform
PHA from Phala Network is now trading on Polkadex Orderbook, the order book-based decentralized exchange (DEX) with high-frequency-trading speeds. The listing comes after the successful opening of HRMP channels between the Phala and Polkadex parachains and the Polkadex community’s unanimous vote to list PHA via Referendum 8.
What is PHA and Phala Network?
Phala Network is transforming Web3 with its decentralized, trustless off-chain computing platform for dApp creators. Phala’s Phat Contracts elevate existing Smart Contracts by linking them to off-chain applications, thus enhancing dApps with cross-chain interactions, internet access, and extensive computation.
PHA is the native token of the Phala blockchain. Phala Network Workers, or ‘compute’ providers receive rewards in PHA, while running programs, or Phat Contracts, on Phala Network requires users to stake PHA to their contracts. PHA is also the governance token for the Phala Network DAO, and can be staked to support the security of the Phala network and earn rewards.
The benefits of listing PHA on Polkadex Orderbook
With a listing on Polkadex Orderbook, PHA breaks free from the shackles of centralized exchanges, and the inefficiencies of existing DEXes. PHA traders no longer have to pick between the wider functionality of a CEX and the trustlessness of a DEX. Traders no longer need to sacrifice custody over their funds in order to trade in real time on an order book with limit and market orders.
Polkadex Orderbook allows PHA traders to stay in control of their funds at all times, while they benefit from the traditional advantages of CEXes, including speed, limit and market orders, charting tools, and more. Liquidity providers can delegate trading to non-custodial trading bots, while remaining unaffected by impermanent loss prevalent in AMM DEXes. Last but not least, PHA traders can use Polkadex Orderbook as an arbitrage tool against existing AMM DEXes, as well as against CEXes, with the PHA/USDT pair.
“The best thing about it is, thanks to Polkadot and the fact that Polkadex and Phala are both parachains, CEX-like trading of PHA on a non-custodial DEX is just a simple XCM transfer away,” said Gautham J. CEO & Co-Founder of Polkadex.
Polkadex market-making partner, Enflux will ensure a healthy order book for the PHA/USDT pair, with limit buy and sell orders providing efficient market depth.
The importance of the democratic listing process
Not only is this a milestone for PHA, however, this listing also marks a milestone for Polkadex. While PHA is only the 6th token to be listed on Polkadex Orderbook after DOT, USDT, PDEX, ASTR, and iBTC, it is, most importantly, the first ever democratic listing on Polkadex. What this means is that in order to list PHA, the Polkadex community came together to vote in a referendum whether to add the PHA/USDT pair or not. The result was unanimous, with 100% of voters opting to add PHA/USDT to the slate of markets available on Polkadex Orderbook.
The process undertaken by the Polkadex community in listing PHA sets a precedent and charts a path forward for future listings. It will ensure the addition of markets to Polkadex Orderbook becomes permissionless, with the decision vested in the holders of PDEX. In turn, this adds an extra layer of utility to the PDEX token as it will give holders a voice on the markets added to Polkadex Orderbook going forward.
Exciting in more ways than one
The listing of PHA on Polkadex Orderbook is exciting for traders across the Polkadot ecosystem and beyond as it offers a new, better way to trade one of the ecosystem’s largest tokens by market capitalization. Existing PHA traders stand to benefit from non-custodial limit and market orders at high speeds just an XCM transfer away. Meanwhile, Polkadex community members, and all DeFi enthusiasts for that matter, should be excited about a future in which decentralized order book spot markets are just a vote away. That future starts today!
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Polkadex is a fully non-custodial, peer-to-peer, orderbook-based cryptocurrency exchange for the DeFi ecosystem built on Substrate and designed to become the ultimate trading engine for Web3. Polkadex has developed Polkadex Orderbook, an easy-to-use platform that combines the benefits of centralized and decentralized exchanges into one cutting-edge, non-custodial solution that caters to all crypto traders. You can now trade ASTR, iBTC, DOT, PHALA, USDT, and PDEX, on Polkadex Orderbook.