Polkadex Announces Parachain Bid and Aims to Join Second Round of Parachains

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Polkadex Inc., a non-custodial, peer-to-peer trading platform that combines the benefits of CEXs and DEXs into one, has just announced its parachain bid and that it aims to join the second round of parachains scheduled in March.

Polkadex has launched its own Crowdloan to win a slot in the auctions. This way, the project allows users to borrow DOT from the community to bid in the automated parachain auctions.

In order to offer a reward for contributions, Polkadex is distributing 10% of the total PDEX supply (2 million tokens). In addition, participants will also have access to other bonuses, including an early bird reward of 15% of the contributed amount, a 10% reward from referrals as well as a set of exclusive NFTs reserved for the top 1,000 contributors.

25% of the PDEX obtained in the Crowdloan is already following the unlocking of the post-parachain launch, whereas the rest is expected to be distributed in a 96 week (about 22 months) in a linear vesting schedule.

The PDEX token features multiple utility functions in the Polkadex network, and is mainly used as the network fee token for the exchange. Besides, the holders of PDEX tokens will have governance control over the parachain as well as exclusive access to Polkadex IDOs, fee-less Polkapool swaps and other initiatives.

Contributors have several options in order to participate in the Crowdloan. Firstly, they can use the Polkadot.js wallet to make an on-chain contribution through the Polkadot.js interface. Alternatively, Polkadex has teamed up with Parallel Finance, Bifrost and Equilibrium to offer liquid Crowdloans. This method allows users to maintain access to their locked DOTs through a staking derivative at the same time they earn additional rewards paid out in the respective platforms’ tokens.