Place/Date: - March 4th, 2021 at 2:00 pm UTC · 3 min read
Contact: Polkadex, Source: Polkadex
Polkadex, the decentralized exchange (DEX) built for Web3 and decentralized finance (DeFi), has raised $3 million in seed and private investment rounds from LD Capital, Kenetic Capital, NGC Ventures, QCP Capital, AU21 Capital, CMS Holdings, Block Dream Fund, PNYX Ventures, Genesis Block Ventures, JRR Group, Cluster VC, GBIC, Momentum 6, Master Ventures, DAG, YBB Foundation, Blocksync Ventures, BTX Capital, Waterdrip Capital, Genblock Capital, Existential Capital and Outlier Ventures. The proceeds will be used to fuel Polkadex’s growth and become the first orderbook based DEX in the Polkadot blockchain ecosystem.
Polkadex offers the functionality and performance of a centralized exchange, but with better user-experience, fully decentralized security, and technological advancements no other DEX has achieved. Some of these achievements are layer2 scaling solution for orderbook, perpetual liquidity mining, and feeless transactions, which eliminate frontrunning and all “gas fees” associated with existing exchanges.
Trading volume on DEX’s has rapidly grown to over $70 billion, but the industry is still hampered by low liquidity, slow processing, high costs, and a poor user experience. Polkadex addresses all these problems and intends to fully unlock the financial trading markets using the most advanced blockchain infrastructure of Polkadot. Especially noteworthy is Polkadex’s trading time, that will support high frequency transactions. Polkadex aims to become a parachain to bridge liquidity from the ecosystem and also derisk its security and consensus to Polkadot.
Polkadex optimizes the high frequency trading environment through synchronous trading operations powered by Polkadot. Polkadex uses its own layer 2 scaling solution named Offchain State Commits to power it’s orderbook. AMMs aggregate liquidity across DeFi pools and process fee-less transactions in parallel at high speeds. Retail and day traders also have access to advanced trading tools, including bots, customized trading algorithms, API data links, and advanced market orders.
Polkadex will distribute its ERC-20 token, PDEX, through an initial token offering in the first half of 2021. Polkadot projects have been especially popular with investors and developers, with hundreds of new applications being built for the platform, making it the most active nextgen Web3 blockchain infrastructure.
Li Xi, Partner at LD Capital, commented:
“Polkadex is one of the most promising projects among our portfolio. Compared with Ethereum-based DEX such as Uniswap and Sushiswap, Polkadex leverages Substrate’s technical advantages: cross-chain transaction support and high scalability to build the next-generation DEX unlocking the full potential of users‘ digital assets for trading. I was impressed by Polkadex’s team. Polkadex’s team consists of blockchain professionals with wide industry exposure. They are smart, aggressive and hardworking. I firmly believe that Polkadex will be one of the best performing projects in 2021.”
Gautham J. CEO of Polkadex:
“The support and trust we have received from the Polkadot ecosystem is further testimony to the problems we are trying to solve. We are on the cusp of creating a new era in Defi.”
Polkadex is a fully decentralized, peer-to-peer orderbook-based cryptocurrency exchange for the Defi ecosystem in substrate. With Polkadex, you get the same trading functionality and performance of a centralized exchange, but with the added benefits of better user-experience and fully decentralized security.