Polkadex is going for a parachain slot on January 17 and we need your help to win!
What is a parachain?
One of the key features of the Polkadot ecosystem, parachains are specialized Layer-1 blockchains built on top of the Polkadot network. They are tailored to specific use cases (in Polkadex’s case: trading) and are interconnected, which means data and assets flow freely between them. Thanks to this, parachains are able to transcend the boundaries that currently leave existing layer-1 blockchains isolated. Projects building on parachains are able to utilize this interconnectivity to create new and innovative products with unprecendented interoperable solutions. That’s exactly what Polkadex is doing.
What’s in it for Polkadex?
The Polkadex mainnet launched in September of 2021. The Polkadex network is a blockchain that uses the Substrate framework and is therefore easily upgradeable and tailored to Polkadex’s future use cases. However, the Polkadex network does not yet benefit from the interoperability and shared security that come with being a parachain.
Once Polkadex becomes a parachain, it will be able to connect to any other parachain and the Polkadot network itself to start sharing assets in a trustless way. This will not be limited to tokens from outside the Polkadex network being traded on Polkadex, but will also apply to tokens generated on Polkadex (through PolkaIDO, for example), which will have native support for cross-chain transfers to other parachains and connected networks.
What exactly is a Crowdloan?
In order to win a slot in any of the auctions between now and March 10th, Polkadex is looking to garner enough community support in the form of DOT through a Crowdloan. A Crowdloan is just one of the many ways to raise funds to cover the cost of a parachain lease. It also allows for Polkadexers to have a direct impact on the parachain auction outcome.
Polkadex is a non-custodial, peer-to-peer trading platform that combines the benefits of CEXes and DEXes into one. Polkadex’s range of fully decentralized tools provides modern traders, investors and blockchain teams with unparalleled functionality. Built on Substrate and leveraging other sophisticated technologies.