Polkadex’s mainnet is going live today (September 29) Following the launch of the mainnet, PDEX token holders will be able to begin migrating their tokens from Ethereum to the mainnet. Polkadex’s blockchain will include multiple DeFi products and is intended to become a Polkadot parachain in the future.
Polkadex, a decentralized exchange project, is getting ready to launch its mainnet and migrate its PDEX token.
Polkadex, a decentralized exchange, is about to launch its mainnet today (September 29). The migration of the project’s PDEX token, which is currently an ERC-20 standard token on the Ethereum blockchain, is an important aspect of the Polkadex mainnet launch.
Following the launch of the mainnet, the Polkadex project will provide a one-way bridge for ERC-20 PDEX tokens to migrate to the Polkadex mainnet. Users who migrate their PDEX tokens will be able to act as validators on the Polkadex network, earning PDEX rewards in exchange for assisting in the network’s security. Users who do not intend to run a validator node will be able to stake their PDEX tokens and nominate validators.
Substrate, the same framework used by Polkadot and Kusama, is used to build Polkadex’s blockchain. The project hopes to become a parachain on the Polkadot network in the future, allowing it to communicate with other parachains connected to Polkadot. Polkadex will benefit from the Polkadot platform’s bridges, which allow it to communicate with external blockchain networks like Ethereum, once it becomes a parachain.
Polkadex’s offering consists of several products, but its core functionality is the Polkadex Orderbook, which is a decentralized exchange based on orderbooks. Polkadex Orderbook is intended to provide the convenience that users have come to expect from centralized cryptocurrency exchanges, while also giving users complete control over their assets (non-custodial design).
Polkadex plans to launch an Initial DEX Offering (IDO) platform, NFT functionality, and Polkapool, an automated market maker, in addition to the Polkadex Orderbook.
The Polkadex project will begin implementing their projects on the Polkadex testnet after the mainnet launches and the PDEX token migration begins, and will gradually bring them to the mainnet if they perform as expected.
The mainnet launch, according to Polkadex CEO Gautham J, lays the groundwork for a series of releases to come in the coming months:
“Polkadex has reached a major milestone with the launch of the mainnet. It is the start of a series of events that will unfold over the next few months. Polkadex will serve as the primary decentralized layer for all of our decentralized applications, including PolkaIDO, Polkapool, and Polkadex Orderbook.”