The Polkadex Mainnet is live!
A key milestone for Polkadex and the start of a new era for DeFi and Web3
Exactly a year after the idea of Polkadex began to take form, the Polkadex blockchain is now live as a public solo-chain built on Substrate. Soon, the main components of Polkadex, including the PolkaIDO launchpad, Polkapool, and Polkadex Orderbook, will be launched onto the Mainnet. Before that can happen, the community must secure the network by migrating their PDEX from Ethereum to Polkadex and staking their native PDEX (either by validating the network or nominating others to do so). Once they have migrated their PDEX, stakers can start earning returns on their PDEX from their participation in the security operations of the network.
So, what exactly does Mainnet mean?
As the trading engine for Web3 and DeFi, Polkadex is an expansive project made up of a complex combination of innovative solutions all built on top of the Polkadex blockchain. When we say ‘Mainnet’ we are referring to the main network, or the Polkadex blockchain. This is the foundation upon which the rest of Polkadex’s components are built, and onto which the different components will be gradually released.
When the Polkadex blockchain is deployed, it will need to be secured by validators and nominators. Once enough validators and nominators have secured the chain to the point where it becomes stable, other components of the Polkadex project (PolkaIDO, Polkapool, Polkadex Orderbook, etc.) will be rolled out onto the blockchain in their own Mainnet launches.
To make a comparison between Polkadex and, say, a DeFi project launched on Ethereum, it is important to note that DeFi projects on Ethereum are released onto an already-stable ‘mainnet’, the Ethereum blockchain, which makes launching a lot easier. In the case of Polkadex, the brand-new blockchain will need some time to become as secure, distributed and stable as possible before any components are launched onto it.
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Where can you access the Mainnet?
The Polkadex blockchain is now accessible here. Create a Polkadex account if you don’t have one already by visiting the ‘Accounts’ menu.
If you are interested in running your own validator node on the Polkadex Mainnet, check this guide out.
If you are looking to simply stake your PDEX and nominate other validators, you will find a detailed guide on how to do so in the article below. The staking guide was made for the Testnet but is a helpful reference since the process is basically the same on Mainnet.
Testnet update: Tokenomics Integration
After last week’s successful release of the Polkadex Testnet, it’s time to kick things up a notch.
In order to participate in the mainnet and start staking, nominating or validating, you will need some PDEX. If you don’t currently have PDEX, you can get some on centralized exchanges like KuCoin or Gate.io, and decentralized exchanges like Uniswap. If you have some PDEX already, read on!
It is important to remember that PDEX is currently an ERC-20 token. However, starting today, PDEX will be migrating to the Polkadex network through a one-way cross-chain bridge. Once you have some PDEX, you can migrate it to Polkadex to start staking it; thus securing the network, and earning more of it in return.
How does the migration work?
In order to migrate your ERC-20 PDEX to the Polkadex network and turn it into native PDEX, you will need three things:
- A MetaMask browser extension with your Ethereum wallet with at least $30 in ETH to cover gas fees. You may need more ETH depending on the gas prices at the time you migrate.
- A Polkadot.js browser extension wallet with a Polkadex account.
- Some ERC-20 PDEX in your Ethereum wallet
Once you have all the above, you can access the ERC-20 PDEX to native PDEX migration app, connect your wallets, and migrate!
Quick migration guide
1. Open https://polkadex.trade/migrate
2. Click ‘Connect to a Wallet’ on Step 1 to connect to your Polkadex wallet. This is where you will receive your migrated PDEX. You may have to approve the connection using the Polkadot.js browser extension. If you have multiple Polkadot accounts, click on the wallet once it is connected to select a different account.
3. Click ‘Connect to a Wallet’ on Step 2 to connect to your Ethereum wallet. This is where your PDEX currently is and where it will be migrated from. You will have to have some ETH to pay for the Ethereum gas fees. You may also have to approve the connection using the Metamask browser extension.
4. Once you’re connected to both networks, click on the ‘Migrate Now’ button and approve the transaction amount on your Metamask wallet.
5. Confirm the transaction on your Metamask wallet and wait until it’s processed. An etherscan link will show the transaction on Ethereum and the button should turn from ‘Processing on Ethereum’ to ‘Processing on Relayer’.
6. Wait until the original ‘Migrate Now’ button turns from ‘Processing on Relayer’ to ‘Migrated’. While this may take a few minutes, seeing the ‘Migrated!’ button means the migration is complete! Congrats!
Migrated! What’s next?
Once the migration is done, you’ll see it reflected in the balances of your Polkadex and Ethereum wallets. You can even visit the Polkadex app on Polkadot.js/apps to check your account’s PDEX balance. While you will be able to stake your PDEX immediately after migration, there is a 28 day lock on transfers in order to minimize the security threat of a potential attack on the migration process. After 28 days or 201,600 blocks from the migration, you will be able to make an unlock transaction call (instructions on this coming closer to the time) which will enable PDEX transfers to and from your account. The 28 day transfer lock also affects the ‘Set on-chain identity’ function in the Accounts panel and this too will become available 28 days after your PDEX is migrated.
Heads up future validators (and nominators too)!
While you can use the same account as the stash and controller, it is recommended these two be separate accounts. The 28 day lock on transfers means that before setting up your validator you will need to either set up the stash and controller in the same account, or wait 28 days to make a transfer between your stash and controller accounts, or migrate twice from Ethereum to your stash and controller accounts respectively.
Edit made on October 5th 2021: The Polkadex devs have released a security patch onto the mainnet that will affect the 28 day transfer lock post-migration. After the update, every new migration will reset the 28 day transfer token lock period. This means the PDEX in your account will not be transferrable for 28 days after your latest migration.
If you have not yet migrated or you still have PDEX to migrate and want to avoid extending the 28 day lock on balance transfers, it is best to send all your PDEX in one migration transaction or migrate to different Polkadex addresses at the same time (if you want more than one address with different balances).
Once your ERC-20 PDEX burn transaction has gotten over 15 block confirmations on the Ethereum blockchain, it will be sent over to the Polkadex relayer, which will then credit your Polkadex account with the PDEX. The migration process might be slow as part of it relies on the Ethereum blockchain which is known for low speeds and high gas fees.
While the migration bridge opened today, it will remain open until sometime in Q1 2022, giving you plenty of time to migrate and plenty of opportunities to take advantage of lower gas fees. It is recommended that all PDEX holders, whether holding on a centralized exchange or an Ethereum wallet, migrate as soon as possible to avoid any issues arising from missing the Q1 2022 migration deadline. PDEX holders will have to withdraw their PDEX from centralized exchanges and to an Ethereum wallet with a MetaMask browser extension in order to migrate their PDEX. Centralized exchanges will not do the migration for you.
Lastly, in the unlikely event that there are any issues with your PDEX migration, please fill this form out to ensure the Polkadex team can fund your Polkadex account with PDEX using the sudo key. There is no need to fill this form if your migration was successful! This measure exists out of extreme care and just to double and triple-check in case there are any issues.
Whether you just came across Polkadex or whether you’ve been following the developments since day one; whether you’re already migrating your PDEX or whether you’re waiting for the right time, whether you’re planning to validate, or nominate, or just want to want to be a Polkadex pioneer, the Polkadex Mainnet is waiting for you.
The Polkadex train is leaving the station. Follow the official Polkadex channels to keep up with everything happening right now!