PolkaBridge is a cross-chain protocol that serves as the primary link between Polkadot and other blockchains.
It is a decentralized all-in-one financial applications platform built on the Polkadot blockchain protocol.
This platform aims to address the limitations of the current decentralized finance (DeFi) ecosystem, which is primarily centered around Ethereum. It intends to offer a comprehensive suite of DeFi applications, including features like multi-chain and cross-chain automated market makers (AMM), farming, lending, launchpad non-fungible tokens (NFTs), and more. PolkaBridge leverages the capabilities of Polkadot for enhanced processing speed, scalability, and interoperability across different blockchains.
Decentralized Finance (DeFi) is a fast-growing area of the blockchain ecosystem that provides numerous benefits to market users by vastly improving upon the existing financial system.
Decentralized applications (DApps) are currently largely used on Ethereum.
The Automated Market Maker (AMM) is a liquidity aggregator and decentralized exchange (DEX) that facilitates order matching without the use of a traditional order book. Instead of offers (asks) and counter-offers (bids), it employs algorithms with smart contracts to automatically compute the asset price at any given time and executes swaps through liquidity pools. A liquidity pool is a smart contract in and of itself, including assets from various users seeking to put their cash to work.
PBR is the native token in the PolkaBridge ecosystem, and it performs a variety of critical activities. These include awarding PBR proportionate to the amount of liquidity given in farming pools as a reward for liquidity suppliers.
PBR holders have governance rights that allow them to affect the ecosystem’s evolution, parameter changes, and feature upgrades. When using PBR for borrowing costs on PolkaBridge Lending, consumers receive a 50% discount while the remaining 50% is burned, hence encouraging deflationary tendencies. Users must commit to PBR to secure farming lottery tickets to participate in future projects via PolkaBridge Launchpad.
The platform sets aside 20% of the 0.2% swap costs for PBR buy-back and burn, assuring value appreciation.
PBR is important because it fuels the ecosystem’s growth by participating in marketing campaigns, bounty programs, exchange listings, and more.
Who are the founders of PolkaBridge (PBR)?
Cyclese is the founder and CEO of PolkaBridge.
What is PolkaBridge (PBR) used for?
PolkaBridge is designed to provide a comprehensive platform for a variety of decentralized financial applications (DeFi) and services. PolkaBridge can be used for:
Cross-Chain Functionality: The platform’s cross-chain features allow users to communicate with and use DeFi applications built on different blockchains within the Polkadot ecosystem, which improves interoperability.
Access to Multi-DeFi Services: PolkaBridge seeks to give customers a one-stop solution for accessing a wide range of DeFi services, including automated market makers, farming, lending, prediction markets, NFTs, and more.
And some of the use cases of the PBR token include:
- Transactions on the network
- As collateral for staking
- Stake rewards
- For Launchpad IDOs Base asset for cross-chain swaps.
How is PolkaBridge (PBR) unique?
PolkaBridge distinguishes itself in the decentralized finance (DeFi) industry with its integration with the Polkadot blockchain, which enables smooth access to a varied range of DeFi services across other blockchains.
PolkaBridge develops an all-in-one platform that facilitates user involvement by providing a comprehensive array of services such as cross-chain automated market makers (AMMs), lending, farming, prediction markets, and NFTs.
The PolkaBridge launchpad also adds to its distinctiveness by facilitating project funding within its ecosystem. PolkaBridge is positioned as a hub of innovation within Polkadot’s unique environment, allowing users to experience an interoperable DeFi ecosystem with greater speed, versatility, and the possibility for new advancements.
The main PolkaBridge initiative is an automated market maker (AMM) tool —Multichain AMM that aims to allow users to undertake swaps or exchange assets across several blockchains. Following full deployment, the tool will support Polygon, Ethereum, Polkadot, Solana, and Binance Smart Chain (BSC).
On the Ethereum blockchain, for example, anyone can exchange Ether (ETH) for PolkaBridge (PBR) token. They can also trade Binance Coin (BNB) for PolkaWar (PWAR) on the same platform.
Following the launch of multichain AMM-type decentralized exchange, the next step is the expansion of Cross-chain capability. Essentially, it is the ability to exchange one digital asset on one blockchain for another without the use of a third party. Participants, for example, can swap ETH on the Ethereum blockchain with
PolkaBridge provides a Multi-Chain Launchpad for Initial Decentralised Offerings (IDOs), allowing PBR token holders to get access to early-stage, high-yield crypto-projects that were previously reserved for high-capital investors. PolkaBridge’s approved projects create trust, allowing consumers to invest without worrying about project validity. This democratized potential provides a broader group of investors with profitable opportunities.
Another feature in the pipeline is the Multi-Chain Staking platform, introducing tailored DeFi experiences by allowing users to stake PBR tokens across different blockchains. This flexibility enables users to leverage diverse blockchain ecosystems while earning variable Annual Percentage Yields (APYs) on their staked PBR tokens. This approach offers users more control and personalized strategies within the DeFi landscape.
PolkaBridge also envisions a lending and prediction platform. Users can lend assets to generate income, while borrowers can obtain capital at competitive interest rates, supporting a decentralized economic environment. Furthermore, the platform’s prediction function adds the option to wager on real-world occurrences. Integration with Oracle ensures reliable data for smart contracts to calculate event outcomes, enabling an exciting and potentially profitable experience for users looking to precisely forecast events.
How many PolkaBridge (PBR) coins are in circulation?
The total supply of PBR tokens is 100,000,000 million. The token allocation details are as follows:
10% Initial Liquidity
- Every month, 1,000,000 PBR are added to the ecosystem. Therefore, it will take 30 months for the Ecosystem unlock to be completed.
- Every month, 1,000,000 PBR is marketed.
- 5,000,000 PBR per 6 months for the team
The PolkaBridge smart contract on the Ethereum platform handles all token locks and unlocks automatically, and no one will be able to intervene and change it at any point.
How is the PolkaBridge (PBR) network secured?
PolkaBridge implements the following security solutions:
- Smart contract audit: Before being released to the public, all Polka Bridge smart contracts will be properly audited by a respected third party such as Quantstamp, CertiK, or ConsenSys.
- A reserve fund will also be established for insurance and compensation.
- The monitoring system will examine DApp transactions to detect odd transaction-volume transactions, high-frequency transactions in a short time frame, and other suspicious behaviors.
- PolkaBridge will keep the functionality to rapidly suspend the contract system in the event of an emergency until the platform has been tested and considered mature.
How do I buy PolkaBridge (PBR)?
The PBR token can be used for a wide range of purposes, like staking and payments.
PolkaBridge (PBR) tokens can be easily purchased by following the steps below.
* Open an account with the crypto trading platform of your choice.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy CNS through your trading account by swapping with BTC, ETH, or USDT pairs.
Which Cryptocurrency Wallet Supports PolkaBridge (PBR)?
The PTPWallet platform supports many cryptocurrencies, with PBR soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most popular platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform has a simple user interface, is compatible with both Android and iOS devices, and includes a mobile wallet app.
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