Peer-to-peer decentralized trading ecosystem Polkadex recently announced the shift of its native token from ERC-20 to Substrate.
This move is part of a series of processes that start the final emigration of the whole Polkadex ecosystem to its substrate blockchain. It has been in the works and is set to coincide with plans to finally exit the Ethereum ecosystem and work within the ambit of its native blockchain. The Polkadex team has listed the PDEX token on Gate.io.
It allows for the seamless transfer from ERC-20 to substrate.
Prompt Migration is Necessary
Early birds shift stand to gain the most as after the first quarter of 2022, PDEX will shut down on the ERC-20 framework. As a fully decentralized peer-to-peer decentralized finance (DeFi) ecosystem, Polkadex brought innovations to the decentralized exchange (Dex) ecosystem.
These innovations serve as a new hallmark of excellence for those who want to push the bar and maintain standards.
The Polkadex ecosystem has deployed trustless transfers on Ethereum (using Snowfork) and Polkadot via a Parachain. Polkadex has isolated itself from the process of asset transfer without the need for access to the keys and wallet credentials of its users.
Polkadex is Becoming a Major Force in the DeFi Space
This non-custodial form of asset transfer provides security and privacy of users’ wallet credentials. Polkadex offers everything a user would want within a DeFi ecosystem. With solutions such as Know-Your-Customer (KYC) component and an Initial Dex Offering (IDO) platform, Polkadex is a one-stop-shop for the DeFi community.
With minimal to no gas fee transactions, Polkadex has become one of the leading platforms within the DeFi space. Already, the bot-controlled no-slippage feature provides adequate trade protection for DeFi traders.
It has been a busy year for Polkadex. Activities have ranged from the launch of its testnet, its public sale, security audit, parachain development, auction, and its successful mainnet launch in September. This latest development serves as a watershed moment for a year that has been hectic but seamless.
It also comes in a year when the DeFi space had more than its fair share of troubles. August this year was the month for more DeFi hacks than others. From the PolyNetwork $613 Million heist to the Popsicle Finance $25 million hack, it seemed that this year was the year when the bad guys had it in for DeFi.
Solutions like Polkadex increase security through trustlessness, a standing operational principle within the cryptocurrency space.
It also takes the DeFi space to another paradigm where security and innovation go hand-in-hand. As we enter the coming year, Polkadex is poised to show the world that there is more to DeFi than meets the eye.
It has been a year of concern for many within the DeFi community. It has also been a year when new DeFi products solve the problems that have hit the space hard. These concerns also show that the DeFi space has come of age and is going mainstream, regardless.
Commenting on the development, Vivek Prasannan, Executive Director and co-founder at Polkadex, said
“Migrating PDEX native tokens has been on our roadmap since the beginning,”
He continued,
“We have worked hard to keep up with our deadlines, and we are satisfied with our mainnet launch. The next step to maintain the Polkadex ecosystem is the migration of PDEX from ERC-20, which has been a good temporary solution that now served its purpose.”
Polkadex offers its users the advantage of one of the highest staking return rates, with an Annual Percentage Yield (APY) of 65% on its native Substrate. That is another plus for those migrating.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
