Polyx Platform Is Widening Its Ecosystem and Starting Launchpad for IEOs

UTC by Andy Watson · 4 min read
Polyx Platform Is Widening Its Ecosystem and Starting Launchpad for IEOs
Photo: Polyx

On 17 January 2022, the team will hold the PLX token sale, a native exchange token that will be used on all services in the ecosystem.

In 2018, ICOs were replaced by IEOs (Initial Exchange Offerings). 2019 and 2020 passed with the support of IEOs. This method of launching new cryptocurrencies for sale is of interest since it enables processes for the initial offer and listing on the exchange to be combined.

IEOs, which before now were performed mostly manually by trading platform managers, have now been transformed into launchpads, i.e., automated platforms. Using launchpads, users can familiarise themselves with upcoming and current offerings, analyze a specific project, as well as its tokenomics and its team, and make decisions about participation.

The Polyx platform team has studied existing launchpads carefully over the course of 2021, highlighting the advantages and disadvantages of every approach. We can now confidently say that the combined experience is sufficient to start a launchpad with the majority of disadvantages removed, and also to become the main platform for launching new projects.

Polyx Platform Is Widening Its Ecosystem and Starting Launchpad for IEOs

What Is the Polyx Platform Useful for at the Moment?

Work on the Polyx crypto platform began in January 2018 but it was launched in autumn of that year. The task was to develop a world-class engine by presenting traders with the opportunity to trade cryptocurrencies quickly and safely. For amateurs who need cryptocurrency for personal reasons, the developers created a simplified exchange interface.

Thanks to persistent work, the Polyx platform entered into the Top 100 crypto exchanges on CoinMarketCap in 2019. This has helped widen our user base and learn more about the functions that people need on exchanges.

In summer 2021, the team took users’ wishes into account and presented useful updates:

  • Accelerated operation of the exchange, so that people can trade and exchange cryptocurrencies more conveniently and quickly.
  • Increased safety, to make sure that their cryptocurrencies are well protected.

In autumn, the team released Polyx Crypto Wallet, a secure mobile crypto wallet. From Polyx’s first days, cryptocurrencies could be custodially stored on the platform. However, many crypto experts agree that it is better to store cryptocurrency non-custodially and transfer it to exchange for transactions. Non-custodial storage is when private keys are held by the user, and only they can manage their cryptocurrency. Polyx Crypto Wallet, in fact, stores private keys on the user’s device, thereby guaranteeing that their savings are completely safe.

What Benefits the Further Expansion of the Polyx Ecosystem?

In the 3 years of operation, the Polyx platform has launched dozens of trading pairs, as well as has increased trading volume and performance to hundreds of matches per second. It’s now used by tens of thousands of traders, investors, and amateurs. And if the latter group is less interested in anything other than fast and secure exchange of cryptocurrencies, then the first two groups are looking for more functions.

In order to not simply stop there and to continue to give people more beneficial opportunities, the Polyx team decided to create a trading platform-based ecosystem. The PLX exchange token will be an important link in the Polyx ecosystem. It can be used as a utility token for both existing and planned services:

  1. Polyx Exchange (operational since 2018). PLX allows users to participate in initial token offerings on the launchpad, and also save up to 50% on trading fees.
  2. Polyx Crypto Wallet (launched in 2021). PLX allows users to pay for address or transaction AML verification. This additional service will be available in the wallet in Q1 2022.
  3. Polyx Trading Tools (planned for Q2 2022). PLX will be needed to pay for subscriptions to the service.
  4. Polyx NFT Marketplace (planned for Q4 2022). PLX will be needed to get savings of up to 50% on marketplace commissions, to participate in voting on improvements, and access to private NFT discount sales.

PLX holders will also be able to vote on adding new services and functions throughout the whole Polyx ecosystem.

On 17 January 2022, the team will hold the PLX token sale, a native exchange token that will be used on all services in the ecosystem. Don’t miss out on applying to participate in IEO. From 24 January, the platform planning to start the first IEOs of third-party projects on the launchpad.

Andy Watson
Author Andy Watson

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