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Polkadex Wins Parachain Auction 16

Polkadex Wins Parachain Auction 16

07 Could 2022 11:35, UTC

Studying time: ~2 m

Polkadex has the aim of being one of the best p2p DeFi trade throughout chains. They constructed their trade on Substrate and like Polkadot’s pledge of interoperability. And now they’ll fulfill the mission since they received public sale 16 for a parachain slot.


Polkadex has secured a @polkadot parachain slot with a convincing win in public sale 16! 🍾

Polkadexers got here collectively to mortgage 973k DOT (>97% of public sale cap) to the Polkadex Crowdloan, making it batch 3’s largest 🤯

Thanks Polkadexers 🙌

Simply gettin began 👀

— Polkadex (@polkadex) Could 6, 2022

What Are Parachain Slots?

A Parachain slot ensures interoperability inside Polkadot’s ecosystem. There are already many apps constructing on Polkadot with Substrate. DOT calls itself a Layer 0 enabling firms to construct their very own chains. However they can not join to one another except they hook up with DOT’s predominant relay chain.

And these parachain slot auctions are to win an opportunity to lease a spot on the Relay Chain. It’s a really massive deal. As soon as on the relay chain, you’ll be able to simply join with different apps and chains inside DOT. The leases are 96 weeks lengthy.

The following auctions for slots 17 and 18 begin quickly and finish on Could 23 and Could 30 respectively. Polkadot has numerous nice information on how these auctions work on their web site.

Extra on Polkadex’s Victory

Polkadex raised 973,000 DOT to get the victory. However the firm doesn’t use these funds to pay the lease. As Polkadot explains, the fee is de facto ‘the chance value of not having the ability to use your bonded DOT elsewhere’.

From Parachains.information

Their over 2300 contributors will get their DOT again over a vesting schedule over those self same 96 weeks. Polkadex can add assist instantly for the DOT chain and ETH chains from this victory. They’re additionally engaged on a cellular app and IDO launchpad platform for ERC-20 tokens.

Whereas Polkadex anticipated to finally earn a parachain slot, the actual fact they did it now so early means extra time to plan on different enhancements and work on their formidable roadmap. However with this victory, they’re one step nearer to DeFi buying and selling interoperability.

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