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Polkadex Migrates Native Token PDEX From ERC-20 to Substrate

CryptocurrencyDec 01, 2021 04:00AM ET
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Polkadex Migrates Native Token PDEX From ERC-20 to Substrate

Polkadex, the order-book exchange for DeFi built on Substrate, is announcing the listing of its native token PDEX on Gate.io, which signals the start of the migration from the ERC-20-based PDEX.

Launched on mainnet at the end of September, Polkadex has now officially launched its native PDEX token, which was previously built as an Ethereum-based ERC-20, a temporary solution while the platform was in testnet.

Polkadex users will be able to migrate from ERC-20 to the native chain until Q1 2022, after which the ERC-20 will be disabled. The earlier the migration, the larger the advantages.

“Migrating PDEX native tokens has been on our roadmap since the beginning,” says Vivek Prasannan, Executive Director and co-founder at Polkadex. “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 is a peer-to-peer and order-book based exchange for DeFi built on Substrate that aims to combine the safe and non-custodial format typical of DEXs, with the accessible and user-friendly structure proper of CEXs.

In order to accomplish this objective, Polkadex combines AMM pools with order-books, governed by on-chain bots that work to avoid price slippage issues.

Moreover, to create a performant and slim exchange, only the functions that require verification are built on-chain on Polkadex, while features like market data aggregation and storage happen off-chain.

Polkadex offers many tools to guarantee a safe and seamless experience to crypto investors, traders, stakers and even developers, providing low to zero gas-fees, a secure KYC system, self-sovereignty of funds and even a PolkaIDO Launchpad.

PDEX tokens are a fundamental tool in the Polkadex ecosystem, as they allow users to access the full spectrum of Polkadex features. PDEX tokens can be spent to pay and get discounts on transaction and trading fees, to participate in Polkadex IDOs and to take part in on-chain governance of the network, whilst PDEX stakers are able to become validators of the proof-of-stake network.

While during the testnet PDEX have been supported on Ethereum ERC-20, migration to PDEX native tokens is a key step to make the Polkadex ecosystem even safer. To sweeten the deal for users who need to migrate in time, Polkadex is offering an average APY of 65% to stake PDEX on the native chain. The listing on Gate.io supports native tokens, which makes it easy to bridge assets from Ethereum to the Polkadex chain.

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Polkadex Migrates Native Token PDEX From ERC-20 to Substrate
 

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