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Polkadex Launches Own Crowdloan for March Parachain Auctions

Polkadex_Joins_Second_Round_of_Parachain_Auctions_with_Community DeFi News
  • Polkadex announces parachain bid in March.
  • Crowdloan allows users to borrow DOT in order to win slots in auctions.
  • Participants will receive additional rewards.

Polkadex Inc. announces its parachain bid with the goal to join the second round of parachains set to launch in March.

Alongside that, Polkadex also launched its own Crowdloan, allowing users to borrow DOT from the community and win a slot in the auctions. Polkadex is distributing 10% of the total PDEX supply (equal to 2 million tokens) in order to reward contributions.

The company is also providing additional bonuses to participants such as:

  • an early bird reward of 15% of the contributed amount,
  • a 10% reward from referrals,
  • and a set of exclusive NFTs reserved for the top 1,000 contributors.

25% of the PDEX has already been obtained in the Crowdloan, while the rest will be distributed in a 96-week / 22-month linear schedule.

The PDEX token has plenty of uses in the Polkadex network. Primarily, it is used as the network fee for the token exchange. Secondly, PDEX holders have governance control over the parachain, as well as exclusive access to Polkadex IDOs, fee-less Polkapool swaps, and more initiatives.

The PDEX mainnet and the PDEX token are already live and tradable. This is an added benefit over other parachains who require a launch phase. More importantly, this means that PDEX Crowdloan participants will be able to use their PDEX rewards as soon as they obtain them.

Contributors have a few options in order to participate in the Crowdloan.

Firstly, use the Polkadot.js wallet to make an on-chain contribution. This offers an easy-to use dashboard for placing funds in the Crowdloan.

Alternatively, Polkadex has partnered with Parallel Finance, Bifrost and Equilibrium in order to offer Crowdloans. This means users can maintain access to their locked DOTs through a staking derivative. At the same time, they will earn additional rewards paid out in the respective platform’s tokens.

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Vanmarc is a writer for trade and hobby, as well as a business management graduate. He's currently on a journey to explore the intricacies of the crypto industry; and what better reason to do research than to write about it?