Polkadex, an orderbook decentralized exchange based on Substrate, enters crucial phase in its progress
Since its launch in September 2021, Polkadex has worked with the testnet version of its PDEX token which was live on the Ethereum (ETH) blockchain as an ERC-20 token.
PDEX token migration starts
According to a press release shared with U.Today, Polkadex, one of the pioneering decentralized exchange mechanisms for Substrate-based DeFis, lists its native asset PDEX on Tier-1 centralized exchange Gate.io.
Signing up on a central exchange is the first step in migrating tokens from PDEX. PDEX comes out of its sandbox; it replaces Ethereum’s ERC-20 standard with Substrate.
PDEX’s migration to its native chain will take a number of weeks: ERC-20 will be abandoned in early Q2, 2022. As per the estimations of the product team, the earlier the migration, the greater the advantages for Polkadex and its community.
Vivek Prasannan, Executive Director and Co-Founder of Polkadex, emphasizes that this step is crucial for the overall technical progress of its product:
Migrating PDEX native tokens has been on our roadmap since the beginning. 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.
PDEX staking on the substrate is capable of 65% in APY
To stimulate the migration of assets to the Polkadot Ecosystem (DOT), Polkadex offers lucrative pricing on staking programs. Namely, PDEX holders will be able to wager it with up to 65% APY.
Listing on Gate.io supports “native” tokens, which makes it easier to bridge assets between Polkadot and Ethereum seamlessly even for traders with basic knowledge of crypto.
PDEX is the core element of Polkadex tokenomics: it allows users to participate in Polkadex IDOs, participate in on-chain governance of the network, and participate in Proof of Stake (PoS) consensus.
