Polkadex Renews Partnership with Parallel Finance for an Improved Polkadex Crowdloan
At least 2 PDEX per DOT loaned plus 4 PARA and 1 cDOT per DOT for contributors via Parallel Finance
The Polkadex Crowdloan has returned and the PDEX rewards are ten times higher this time. While there have been a few changes since our last bid for a parachain spot in batch 2, some things have remained the same. That includes our partnership with Parallel Finance, which is intended to make loaning your DOT to support Polkadex easier and even more rewarding. Aside from providing a simple and easy-to-use interface for Polkadex Crowdloan contributors, Parallel Finance also gives Polkadexers the ability to keep their DOT liquid throughout the 96 week parachain lease, all while earning even more rewards.
Rewards breakdown
Every Polkadexer who contributes to the Polkadex Crowdloan through Parallel Finance is set to receive the following rewards from Polkadex:
- Base reward of at least 2 PDEX per DOT.
- An exclusive utility-based NFT for each of the top 1,000 contributors which will grant holders a 20%–50% discount on Polkadex Orderbook trading fees.*
Plus the following rewards from Parallel Finance:
- 4 PARA per DOT
- 1 cDOT per every DOT
What is cDOT?
The cDOT token basically 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 Polkadex parachain lease comes to an end — 96 weeks after the parachain goes live — cDOT holders will be able to redeem cDOT for DOT at a 1:1 ratio.
The main takeaway for Polkadex Crowdloan contributors is that cDOT tokens make 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 rewards details and a comprehensive guide on how to participate in the Polkadex Crowdloan, check out the article below:
For more Polkadex Crowdloan rules and terms please refer to our Crowdloan website.
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.
Polkadex and Parallel Finance are just starting to get to know each other. Once Polkadex secures a parachain slot, the two networks will be able to interact synergistically. We’re looking forward to that future and we know Parallel Finance and Polkadexers will be integral to making it happen.
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*The discount structure may be subject to change at the time of the launch. While the NFTs will be distributed soon after Polkadex secures a parachain spot, their utility is subject to changes and will not be applied until 2023.
The NFTs are minted on Kusama. If there are no bridges to move tokens from Kusama to Polkadex at the time of the NFT and the implementation of its utility, the Polkadex team will announce a buy-back in order to reissue them on the Polkadex network.
