Polkadex Locks in Polkadot Parachain Slot by Allocating Nearly 1 Million DOT

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Since the 21st of Novem­ber 2021, the team at Polka­dot has con­duct­ed reg­u­lar DOT-based auc­tions for one of the cov­et­ed slots in their parachain net­work. There are plans for 100 parachain slots, give or take. Auc­tions for the first 41 have already been planned, with one hap­pen­ing rough­ly every ten days.

The 16th auc­tion start­ed on the 29th of April and end­ed on the 6th of May with a vic­to­ry for Polka­dex, an order book-based DEX with sup­port for Polka­dot, Ethereum, and the pro­pri­etary blockchain. This makes it the lat­est project to stake its growth for the fore­see­able future on Polka­dot, along­side projects like Acala or Moon­riv­er.

16th Slot Goes To Polkadex

In the wake of their par­tic­i­pa­tion in the lat­est Polka­dot Parachain Auc­tion, the team at Polka­dex announced secur­ing one of the cov­et­ed slots for near­ly two years – 96 weeks, to be pre­cise. Fol­low­ing a 2‑month long onboard­ing peri­od, Polka­dex will lock in their spot on the Polka­dot net­work on the 4th of June.

As a decen­tral­ized exchange (DEX), Polka­dex has already ben­e­fit­ted from the free­dom afford­ed by this par­tic­u­lar busi­ness mod­el. But the project’s goal is to go beyond the para­me­ters of reg­u­lar DEX­es, the state­ment shared with Cryp­toPota­to reads.

The team argued that what sets them apart is the goal of pair­ing DEX-tier free­dom with the acces­si­bil­i­ty of the cen­tral­ized exchanges (CEXs) that a siz­able por­tion of investors flocks to.

Polka­dex has already part­nered with big-league names like Equi­lib­ri­um, Krak­en, and KuCoin on the way – but secur­ing its slot on the parachain should give it a big boost.

It’s worth not­ing that the vic­to­ry did come with a hefty price tag – 973,324 DOT, worth $13.8 mil­lion at the time. The bid was placed using Polkadot’s crowd­loan fea­ture, gar­ner­ing funds from over 6,000 contributors.

Dag­mara Hand­z­lik – the Head of Mar­ket­ing at Polka­dex – took to social media to thank the Polka­dex com­mu­ni­ty for their support.

“Thank you to all part­ners and fore­most to our vibrant com­mu­ni­ty for believ­ing in Polka­dex and sup­port­ing us all the way. We couldn’t have done it with­out you. After all this hard work and a few all-nighters, my friends ask me if I’ll final­ly get some well-deserved rest. My answer is: No, we’re actu­al­ly just get­ting started!”

Trust Is Rewarded

As a token of grat­i­tude for their par­tic­i­pa­tion in the crowd­loan vital to Polkadex’s vision, con­trib­u­tors will receive at least 2 PDEX – Polkadex’s pro­pri­etary token – for every DOT they con­tributed. The top 1000 par­tic­i­pants will also get exclu­sive util­i­ty-based NFTs that will guar­an­tee dis­count­ed trad­ing fees for hold­ers once the Polka­dex Order­book goes live.

Accord­ing to the state­ment, PDEX pro­vides sev­er­al incen­tives to hold­ers, includ­ing dis­counts on trans­ac­tion and trad­ing fees, par­tic­i­pa­tion in on-chain gov­er­nance, and tak­ing part in Polka­I­DO invest­ment rounds.

The next parachain auc­tion will start on the 12th of May, gath­er­ing eager Polka­dot fans for the vic­to­ry lap that will fol­low on the 18th.

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