Up next for Polkadexers!
After the successful runtime upgrade to v1.0.8, the public testnet release of Polkadex Orderbook, and the launch of the Polkadex Open Beta, the Polkadex network is getting ready for the mainnet releases of PolkaIDO and Polkadex Orderbook.
Here’s what you can expect in the coming months!
PolkaIDO
The testnet release of PolkaIDO was a resounding success! All the great feedback we’ve received from the community so far has been especially helpful as we design a better destination for fully on-chain fundraising. Below are a few of the feature updates based on valuable feedback from the community.
Feature updates:
- Instead of being randomly selected as investors at the end of a round (after having expressed interest), PolkaIDO users will now be selected as investors on a “first come first served” basis.
- In order for a round to be deemed successful (for the IDO to go through), a 50% total threshold must be reached. Once an IDO surpasses the 50% threshold and before it becomes fully funded, anybody who has made a contribution to it will become an investor.
For more information on the reason for these changes, please hop into the official Polkadex Discord server or participate in our live AMA discussions. There is always space for an extra voice!
Orderbook
Polkadex Orderbook is the flagship product in the Polkadex ecosystem. As a layer 2 trusted execution environment (TEE) that enables non-custodial high frequency trading, Polkadex Orderbook is unlike any existing decentralized exchange.
Testnet
The first phase of Orderbook releases was kickstarted by the recent launch of Polkadex Orderbook on the public testnet as part of the new Polkadex Open Beta. This version of Polkadex Orderbook is connected to the Polkadex test blockchain and features test token deposits, and market and limit order trades. Withdrawals will soon go live as an update of the testnet release. If you still haven’t started testing yet, check out the article below for a guide on how to get started.
Once you get familiar with Polkadex Orderbook, you earn PDEX by raising issues and sharing your feedback on the Polkadex Open Beta Github repository!
Mainnet Release — Orderbook 1.0
As planned, Polkadex Orderbook 1.0 is all set to roll out to the Polkadex mainnet along with PolkaIDO in Q3 2022. The first version of Polkadex Orderbook will include withdrawals and deposits to and from the layer 1 Polkadex network and will feature one ERC20 trading pair: PDEX/USDT or USDC (TBD). A bug bounty program with a leading Web3 bug bounty platform will run concurrently to this version. Trading volume will also be capped during Polkadex Orderbook 1.0 as the bug bounty progresses. Trading bot integration support should go live shortly after the initial 1.0 release.
Orderbook 2.0
Polkadex Orderbook 2.0 will come out after the bug bounty program in Q4 2022 and will mainly contain bug fixes and feature modifications based on bug bounty feedback. This version will also support the Liquidity Mining Program which will reward users who provide liquidity to the exchange.
More details regarding the next versions of Polkadex Orderbook and user onboarding strategies will be shared at the end of Q3 2022.
Bug bounty program details
The bug bounty program is intended to secure the entire Polkadex ecosystem and all its products against exploits. Through a partnership with an industry-leading bug bounty program platform, Polkadex will encourage hackers to find any potential cracks or bugs in the Polkadex codebase. Participating hackers will hack Polkadex to help make it more secure and will get paid for doing so. Around $2 million in PDEX from the Polkadex treasury will be solely dedicated to this program.
Think you have what it takes? Stay tuned for more details on the bug bounty program!
Parachain onboarding strategy
Polkadex won the 16th parachain slot thanks to the help of Polkadexers around the world who contributed almost 1 million DOT to make the Polkadex Crowdloan the biggest crowdloan in batch 3 of the Polkadot parachain auctions. The Polkadex parachain went live as a separate Substrate-based network on June 4th. After quietly producing blocks for some time, the parachain will go public post-Orderbook mainnet launch. All DOT-lending participants can expect the crowdloan rewards to be distributed after this. Around a month or so after the parachain goes public, half of the remaining PDEX supply will be migrated to the parachain. The Polkadex parachain will then start opening connections with other chains, thus allowing assets to seamlessly pass from other parachains onto Polkadex and back, and boosting the Polkadex ecosystem’s interoperability. Ultimately, the Polkadex parachain and its assets will appear on the Polkadex Token Manager interface and will also be available for trading on Polkadex Orderbook.
Chronological order for parachain onboarding:
- Orderbook Mainnet Launch
- Parachain reward distribution
- Parachain — HRMP channels with other parachains.
THEA
Polkadex’s layers of interoperability are not complete without THEA, a revolutionary decentralized bridging protocol explicitly built for Polkadex in order to ensure smooth deposits of assets to Polkadex from other blockchain ecosystems. THEA is integral to realizing the long-term vision of Polkadex as the non-custodial cross-chain trading hub capable of high frequency trading.
The mainnet launch of THEA protocol for Ethereum has been shifted to December 2022 for the following reasons:
Ethereum is shifting from Proof of Work to Proof of Stake. The ‘difficulty bomb’ is set to detonate for miners in October, 2022. The difficulty bomb is an important step in the merge to Ethereum 2.0 as–once detonated–it aims to incentivize the shift to proof-of-stake by making proof-of-work mining on Ethereum nearly impossible. The new Thea light client will need to be re-adjusted to accommodate the upgrade to Ethereum 2.0. This time will also be utilised for optimising THEA’s current daily data consumption for distributed signing mechanism (which now stands at 10GB per validator) in order to make it efficient on the validator side.
In the meantime, to avoid changes to any product release timelines, Chainsafe’s EVM-to-Substrate-compatible cross-chain communication protocol, Chainbridge, will serve as an alternative for Polkadexers. Chainbridge, which has already been deployed onto other Substrate-based projects like Moonbeam and Khala, will go live as an Ethereum to Polkadex (and back) bridge when Polkadex Orderbook and PolkaIDO hit the Polkadex mainnet.
Once THEA is released, support for Chainbridge will be phased out. The Chainbridge option ensures that the releases of Polkadex Orderbook, PolkaIDO and Parachain are rolled out in time.
THEA 1.0, 2.0, and beyond
THEA 1.0, currently scheduled for a Q4 2022/Q1 2023 release, will feature support for ETH and USDT deposits and withdrawals from Ethereum to Polkadex and back. Version 2.0 will include bridge support for more ERC-20 tokens. After the launch of THEA 2.0, Polkadex community members will be able to request for additional ERC-20 tokens to be whitelisted and approved through community governance.
In the longer term, THEA will add support for additional layer 1 networks in addition to Ethereum; therefore providing trustless liquidity bridges to networks beyond Ethereum and enabling cross-chain activity on Polkadex.
Future updates
Stay tuned for more updates and details as they continue to roll out. We are closing in on our protocol development stage and coming up on an exciting new phase on the application side of Polkadex Orderbook. Expect great products, professional tools, and value added services for our trading community to be announced next year as we shift from protocol development to full-on application-focused growth.
About Polkadex
Polkadex is a fully decentralized, peer-to-peer, orderbook-based cryptocurrency exchange for the DeFi ecosystem built on Substrate and designed to become the ultimate trading engine for Web3. In order to do so, Polkadex is creating an easy-to-use platform that combines the benefits of centralized and decentralized exchanges into one cutting-edge solution that caters to all crypto traders.
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