Polkadex has secured a parachain slot

The time has come, Polkadex won the 16th Polkadot parachain auction on Friday May 6th! With 973,324 DOT (almost $14 million at Friday’s prices) loaned to the Polkadex Crowdloan by more than 2,300 contributors in over 6,000 contributions, Polkadex not only secured a parachain slot, but also became the biggest crowdloan (in total DOT contributed) in batch 3 of the Polkadot parachain auctions.

Thank you

A testament to the widespread belief in Polkadex, this community-driven win was the work of Polkadex supporters around the world. While Polkadexers deserve the highest recognition, it is also important to acknowledge and thank all the partners who made this possible.

Launch partners

Our launch partners (Parallel Finance, Equilibrium, and Bifrost) provided easy-to-use interfaces and allowed contributors to remain liquid on their DOT position thanks to their respective liquid DOT mechanisms. Launch partners not only offered liquid DOT on a 1:1 ratio to contributors’ loaned DOT, but they also offered extra rewards in their respective tokens. In total, 52% of contributors opted to loan their DOT via Parallel Finance, almost 6% went with Bifrost, and 2.67% contributed via Equilibrium.

CEX partners

Our centralized exchange partners made contributions super easy for DOT holders in their exchanges. Thank you KuCoin, Kraken, Gate.io, AscendEx, and MEXC Global! On KuCoin, the Polkadex Crowdloan became the third biggest crowdloan of all time, while on AscendEx it has taken the number one spot.

Wallet partners

Wallet partners like Nova, Fearless, Talisman and Subwallet gave contributors an intuitive user experience which also allowed them to track their Polkadex Crowdloan participation straight from their wallets. We look forward to continuing to work with our wallet partners to facilitate access to Polkadex in the future.

Explorers and data providers

With so many different contribution options and with amounts changing in real-time, our explorer and data provider partners were extremely helpful as they allowed contributors to visualize the auction’s status at any given moment while also allowing them to analyze any and all contributions. Thank you Subscan, Parachains.info, PolkaProject, Subvisio. Polkadex is relying on partners like these to provide even more transparency and helpful analytical tools to the Polkadex network and parachain, and all its products.

Parity

Of course, the whole concept of parachains would not exist without the work of the team at Parity Technologies and all those working on Polkadot, Substrate, and Polkadot.js. We’re grateful not only for the groundwork they have laid out, but the continuous support they provide every step of the way.

Community

Last but not least, none of this would have been possible without the joint efforts of all Polkadexers. When Polkadex suddenly found itself in second place a few days before the auction was set to start, Polkadexers came together to reclaim the lead for Polkadex right before the start of the auction. However, they didn’t stop there: Polkadexers kept contributing to make the Polkadex Crowdloan the biggest crowdloan in batch 3 so far.

The crowdloan campaign has proven just how strong the community behind Polkadex is. This support serves as extra motivation for the team and makes upcoming releases all the more exciting.

Rewards timeline

While we could spend all day thanking all the partners and contributors who made the Polkadex parachain possible, you’d rather hear about the crowdloan rewards. With the total amount of PDEX loaned at 973,324, the rewards ratio ended up at approximately 2.05 PDEX per DOT. The PDEX rewards will be distributed a few weeks after the early-June launch of the Polkadex parachain. Look for more details on rewards distribution coming in late June.

The full list of the top 1,000 contributors who will also receive the utility-based NFT will be published around that time as well. To learn more about how we partnered with RMRK on the Crowdloan-exclusive NFT, check out this article:

Lastly, additional partner rewards and liquid DOT will be distributed directly by each launch partner.

What does winning a parachain slot actually mean?

So, now what? The parachain is an integral part of Polkadex’s interoperability solutions. It provides Polkadex with a direct connection to the Polkadot ecosystem with cheaper and “on-demand” access to open channels with other parachains via the recent XCM release. In other words, it ensures Polkadex products are able to connect to other parachains in order to support any asset across the Polkadot ecosystem.

The Polkadex parachain will work together with Thea, Polkadex’s cutting-edge decentralized token bridge, to make Polkadex a truly cross-chain DEX with support for assets from Ethereum, Polkadot, and more blockchains and ecosystems down the line. Thanks to this unique set-up, we’ll soon see trading pairs like ETH/DOT, aUSD/USDT, and GLMR/USDC live on Polkadex.

Still Polkadexin’

While this win is a very significant milestone, it’s just another step on Polkadex’s way to becoming the trading engine for Web3 and DeFi.

We are just getting started. The parachain win solidifies Polkadex spot in the Polkadot ecosystem and opens the doors to unprecedented interoperability possibilities. Join us as we continue building a cross-chain, non-custodial, orderbook-based DEX with high frequency trading.

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