Polkadot Parachain Slot: Polkadex Locks by Allocating Nearly 1,000,000 DOT

Polkadot started conducting regular DOT-based bidding for the parachain’s most sought-after slots. There are currently plans to create 100 parachain slots. The auctions for the first 41 slots have been already planned. One is held approximately every ten days.

The 16th auction was held on the 29th and 6th of May. It ended with a victory for Polkadex. Polkadex is an order book-based DEX which supports Polkadot as well Ethereum and its proprietary blockchain. This means that it is now the latest project to stake their growth on Polkadot and other projects like Moonriver or Acala.

16th Slot Goes To Polkadex

In the wake of their participation in the latest Polkadot Parachain Auction, the team at Polkadex announced securing one of the coveted slots for nearly two years – 96 weeks, to be precise. After a two-month onboarding process, Polkadex will secure their spot on Polkadot’s network on the 4th June.

Polkadex is a decentralized Exchange (DEX) and has already enjoyed the freedom that this business model allows. But the project’s goal is to go beyond the parameters of regular DEXes, the statement shared with CryptoPotato reads.

The team claimed that their uniqueness lies in the combination of DEX-tier freedom and the accessibility to centralized exchanges that large numbers of investors flock to.

Polkadex has already partnered with big-league names like Equilibrium, Kraken, and KuCoin on the way – but securing its slot on the parachain should give it a big boost.

It’s worth noting that the victory did come with a hefty price tag – 973,324 DOT, worth $13.8 million at the time. The bid was placed using Polkadot’s crowdloan feature, garnering funds from over 6,000 contributors.

Dagmara Handzlik – the Head of Marketing at Polkadex – took to social media to thank the Polkadex community for their support.

“Thank you to all partners and foremost to our vibrant community for believing in Polkadex and supporting us all the way. We couldn’t have done it without you. After all this hard work and a few all-nighters, my friends ask me if I’ll finally get some well-deserved rest. My answer is: No, we’re actually just getting started!”

Trust is Rewarded

As a token of gratitude for their participation in the crowdloan vital to Polkadex’s vision, contributors will receive at least 2 PDEX – Polkadex’s proprietary token – for every DOT they contributed. Once the Polkadex Orderbook launches, the top 1000 participants will receive exclusive utility-based NFTs which will guarantee holders discounted trading fees.

According to the statement PDEX offers several incentives to its holders including discounted transaction and trading fees, participation on-chain governance and taking part on PolkaIDO investment rounds.

The 12th of May will see the next parachain auction. Polkadot enthusiasts will be there to cheer on the winner on the 18th.

 

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