Project introductionPolkaEx is a cross-chain decentralized exchange in the Polkadot ecosystem. PolkaEx is built on the Astar Network and is the first DeFi application on the Astar parachain. Astar Network provides PolkaEx with higher TPS, lower transaction fees and smooth transaction protocols.
PolkaEx is a fast and low-cost cross-chain decentralized exchange. It also has Launchpad, Farm, and more features that will be added in the future to make it an integrated one-stop platform providing DeFi services. PolkaEx will eventually launch on-chain governance, making PolkaEx a DAO.
EventsOn August 2, PolkaEx released 7,500 PKEXs as rewards for testing the V1 test network
On September 4, PolkaEx launched on the Astar testnet Dusty, offering PKEX rewards to early supporters.
On September 29, PolkaEx launched an IDO and completed the sale in one minute and six seconds.
On September 30, they launched the PKEX-USDC LP liquidity mining on Uniswap
On October 1, they acquired strategic investments from Astar Network’s Founder(s)
On October 7, they locked $1.5 million USD in liquidity. The unlock date is on October 7, 2022.
Astar NetworkWhen it comes to DeFi and even all the decentralised applications, what is the biggest problem? The cost is increasing, and the transaction speed is slowing down, which are becoming serious problems. To move forward with blockchain technology, it is imperative to enhance the scalability of the blockchain!
The current feasible solution is Layer2. When we talk about Layer2, we not only want higher TPS but also lower transaction costs, less on-chain storage, and faster transaction speeds. These are the most important attributes a chain should have in DeFi. In this sense, the Astar and PolkaEx platforms are a natural fit.
Astar Network is an Ethereum Virtual Machine (EVM) and WebAssembly (WASM) compatible Polkadot parachain. Moreover, it supports multi-chain, cross-chain deployment and Layer2 expansion protocols. It is the smart contract platform centre of the Polkadot ecosystem. It pioneered DApp Staking, which will most likely amplify network effects. PolkaEx is the first native and fully functional DEX on Astar. In addition, PolkaEx supports cross-chain, launchpad, swap, farm, and so on.
The Astar Network’s developer team is the team with largest application and delivery for grant in Polka Ecosystem. They have won seven grants from the Web3 Foundation and has broken through many technical difficulties. It is worth mentioning that Binance Labs, with a fund of $10 million USD to support Polkadot’s ecosystem development, has invested in Astar Network first. Fenbushi Capital led the $10 million strategic investments in Astar Network.
The founder of such a technical team made a strategic investment in PolkaEx. This gave PolkaEx the confidence in its arrangement on Astar Network. Astar Network launched the $30 million USD Astar/Shiden Ecosystem-Fund phase to support participants in the Astar/Shiden Builder Program, where PolkaEx was also selected.
View the full article
