P2P Web3 Platform, Polkadex Raises $13.8 Million to Win 16th Parachain Slot

Summary:
• Web 3 P2P exchange platform, Polkadex has won the 16th Parachain slot auction on Polkadot. What’s next for the project?

Polkadex, the P2P order-book based exchange for Web3, has won the 16th Polkadot parachain slot auction. As of May 6, the project had raised $13.8 million in DOT tokens, which is equal to 973,324 DOT. For crypto traders, Polkadex is a cutting-edge platform that combines the advantages of both centralized and decentralized exchanges.

With more than 6,000 contributions, it’s clear that the project garnered a lot of support. In light of this, it is clear that it has a lot of potential. Additionally, Polkadex will reward the top 1,000 Crowdloan contributors with an exclusive utility-based NFT that will allow for cheaper trading fees on the Polkadex Orderbook when it goes online.

Having secured a parachain spot, Polkadex is now able to work with other Polkadot parachain projects. This ensures that it benefits from the same level of security as the Polkadot blockchain itself. This is the first Parachain auction to reach 90% of its $1 million goal. It is also the largest Crowdloan in Batch 3. To that end, Polkadex has made great strides towards becoming the preferred trading platform for DeFi and Web3.

By adding a new parachain slot, Polkadex Orderbook and its entire product line will be able to support Polkadot-native assets from all other parachains. Also, a high-frequency cross-chain, non-custodial order book exchange is now available to the Polkadot ecosystem as a result of this move.

How did Polkadex do it?

As part of Polkadex’s crowdloan campaign for Batch 3, its members received a number of enticing rewards. A reward pool of 2 million PDEX tokens, representing10% of the total supply ensured that contributors received at least 2 PDEX tokens for every DOT token they contributed.

PDEX, Polkadex’s native utility token, offers significant value to its holders in the form of reduced transaction and trading costs. Holders of PolkaIDO tokens also have the opportunity to participate in on-chain governance and participate in PolkaIDO funding rounds. Also, PDEX token holders have the option of becoming network validators in exchange for rewards. This will enable them to help protect the Polkadex Network.