Polkadex Crowdloan Partners with Parallel Finance
Polkadex Crowdloan contributors on Parallel Finance not only get PDEX rewards, but also liquid DOT & extra rewards thanks to our newest crowdloan partner!
The Polkadex Crowdloan is now live and the Polkadex team is excited to announce our latest partnership. In order to enhance the Crowdloan experience and increase the overall rewards pool, Polkadex has partnered with Parallel Finance. The partnership gives Polkadex Crowdloan contributors the ability to keep their DOT liquid throughout the duration of the lock (Crowdloan + parachain lease), all while earning even more rewards.
Parallel Finance Rewards for Polkadex Crowdloan contributors
Every Polkadexer who contributes to the Polkadex Crowdloan through Parallel Finance will receive the following rewards:
- Base reward starting from 0.1875 PDEX per DOT. That’s just the base reward. The final PDEX base reward amount will most likely be higher since PDEX rewards are paid as a % of your contribution to the total DOT contributed.
- 15% early-bird bonus on all contributions made in the first 72 hours.
- 5% on all contributions after the first 72 hours and till the 9th day.
- An exclusive NFT for each of the top 1,000 contributors
Plus the following rewards from Parallel Finance:
- 4 PARA tokens per DOT
- 1 cDOT per every DOT
- 5% Referral Bonus
If you have 1 PDEX in your Polkadot.js account, you can contribute as much or as little DOT as you want without worrying about the existential deposit.
If you do not currently have any PDEX in your Polkadot.js account and wish to contribute less than 22 DOT, please buy at least 1 PDEX so your account will meet the existential deposit requirement of 1 PDEX. That way, your account will be considered as ‘active’ and you’ll be able to receive your PDEX rewards.
What is cDOT?
The cDOT token represents a Crowdloan contributor’s locked DOT position. Polkadex Crowdloan contributors will get 1 cDOT for every 1 DOT they contribute through Parallel Finance. After the parachain goes live, contributors will be able to claim cDOT and start using it in different DeFi applications, including using it as collateral for loans. This also allows Polkadex Crowdloan contributors to keep their initial DOT contribution liquid at all times. Once the parachain lease comes to an end — 96 weeks after the parachain goes live — cDOT holders can redeem cDOT for DOT at a 1:1 ratio.
The takeaway for Polkadex Crowdloan contributors is that cDOT makes it so that you do not need to worry about locking your DOT for an extended period of time. With cDOT, you can continue to take advantage of numerous DeFi protocols using a liquid asset, all while earning PDEX and more!
Full rewards breakdown and participation guide
For more details on how much PDEX you can get and how to participate in the Polkadex Crowdloan, check out the guide below:
Polkadex Crowdloan is now live: 2 million PDEX available for contributors!
PDEX rewards are coming to all Polkadexers who contribute to the Crowdloan. Contribute now and help Polkadex get a…
About Parallel Finance
Parallel Finance is a Decentralized Money Market Protocol that offers lending, staking, and borrowing, built on the Polkadot ecosystem. Parallel Finance was the winner of the 4th parachain auction and will be a parachain on Polkadot soon.
More and more partners are joining Polkadex in its mission to win a parachain slot!
As the Polkadex Crowdloan continues, partners like Parallel Finance become an increasingly important factor of Polkadex’s success in the Polkadot parachain auctions and beyond and beyond. Follow the Polkadex channels below to be the first to hear about new partnerships!
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