Polkadot’s 16th Parachain Slot Secured in Crowdloan Round

On May 6, Polkadot’s most recent auction round ended, raising more than $13.8 million and bringing a new platform to the system. The winner of this auction, Polkadexposted 973,324 DOTs across more than 6,000 community member donations, demonstrating the incredible community push that was behind this win.

Dot is an interoperable blockchain ecosystem that offers a high level of security, user-driven governance, high energy efficiency and can be easily built for rapid scalability. Part of this scalability comes from the interoperable parachains, with many different blockchain systems connecting to the central chain.

By winning the most recent auction of parachain slots, Polkadex has become the 16th chain to be embedded in Polkadot. Built on substrate, Polkadex provides an easy-to-use decentralized order book exchange where users can participate in high-frequency trading and other DeFi features.

The Polkadex COO, Deepansh Singh, comments on their parachain win, suggesting that “The Polkadex parachain will allow us to bridge assets with the Dotsama ecosystem and users will now be able to trade Polkadot ecosystem tokens from across the spectrum from parachians” , which indicates the core interoperability that Polkadot offers.

Likewise, he went on to mark this as a landmark event for the ecosystem itself: “This is a first for Polkadot and a first for DeFi as a whole,” given the potential for both Polkadot and Polkadex to expand with their parachain win. Since Polkadex can now interact with all other blockchain assets within this ecosystem, the versatility of their platform’s application has been radically increased.

Campaign Strategy

This round of crowd lending saw Polkadex become the first-ever parachain auction to surpass its 90% target limit of $1 million USD, making it the largest in batch 3. Part of what made this campaign so effective was Polkadex’s rally within their own community, bringing many benefits to users who decided to get involved with the funding opportunity.

Polkadex created an auction cap of 1 million DOT tokens, but offered 2 million PDEX tokens (which is 10% of the total supply). Because of the ratio they created, there was a 2:1 chance where users could get at least 2 PDEX tokens for every single DOT token they added to the campaign effort.

Given the sheer utility of PDEX, allowing users to get discounts on all Polkadex transitions made, reduce trading fees, provide board votes, and even provide eviction options, it’s no wonder the community flocked to this fantastic crowd-lending structure.

In addition to token allocation, Polkadex offered the top 1,000 crowd loan participants the opportunity to get a utility-based NFT, which offers even more discount on all their Polkadex order book trades once it launches. These rewards were also distributed through various DeFi platforms that Polkadex partnered with during the event.

Large scale exchanges like Kraken and KuCoin were all involved, balanced by decentralized platforms like Equilibrium and Parallel Finance, allowing the community to get involved through whatever financial system they prefer.

Commenting on the community’s fantastic efforts, Polkadex’s head of marketing, Dagmara Handzlik, said they are “extremely proud of the way the Polkadex community led the attack during the crowdloan campaign.” Following this, she stated, “Polkadex is testament to how important a strong community is to the overall success of a project, and we couldn’t be more excited to deliver the products we’ve built with the enthusiastic support of Polkadexers.”

By winning this campaign and getting your hands on a parachain slot, Polkadex is one step closer to becoming the central trading engine for Web3 and DeFi as a whole, with the Polkadot ecosystem now benefiting from this comprehensive, cutting-edge crypto trading solution.

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