The idea of Polkadex started back in 2018 when project leaders worked on a consensus algorithm to scale transaction throughput on a distributed network. The main idea behind the development of Polkadex was to create a platform that would combine the benefits of centralized and decentralized exchanges into one cutting-edge technology.
Initially, Polkadex was bootstrapped by a Web3 Grant at the first stage, before it was fully accepted as a member of the DeFi Alliance. Polkadex would cater to any crypto trader, and the corresponding users wouldn’t have to compromise on any part of the trading experience.
The goal of Polkadex is to create a fully decentralized platform for exchanging tokens in a peer-to-peer trustless environment while additionally enabling high liquidity, lightning-fast transaction speed, and advanced trading features such as high-frequency trading and trading bots.
Why did Polkadex choose Polkadot?
Polkadex was looking for a scalable use case; they decided to apply the technology to a decentralized exchange and came across the Polkadot network and Substrate framework that allowed the building of the final version of Polkadex. They stuck with Polkadot, among other blockchains, because it offered an opportunity to create a highly scalable and fully decentralized platform for a peer-to-peer and trustless token exchange.
They wanted the Polkadex platform to offer high-frequency trading, high liquidity, and extremely quick transaction speeds to support DeFi applications from the very beginning. Moreover, they also wanted an easy interface to make DeFi usable for people with any level of technological knowledge. This, and many more of their needs, were satisfied by the Polkadot network. In addition, Polkadot’s Substrate also allows the team to add new features and constantly develop the Polkadex platform without going through complicated and lengthy processes, including hard forks.
The Polkadex Orderbook is the core product that will also be enhanced by additional functionality as they want to be the most convenient platform to buy, store, and trade crypto assets.
Who are the founders of Polkadex (PDEX)?
Polkadex has a diverse multicultural team led by 3 co-founders: Vivek Prasannan, Gautham J, and Deepansh Singh.
Vivek Prasannan, Executive Director of Polkadex, has a Btech Computer Engineering degree and is also passionate about decentralized computing. He has been actively following the blockchain and cryptocurrency community since 2013 and has researched and worked on a new BSIP (Bitshares Improvement Proposal) for Bitshares that will enable off-chain activities to be settled transparently on the blockchain.
Gautham J, CEO of Polkadex, is currently in his 3rd-year of a Btech Mechanical Engineering degree at the National Institute of Technology in Calicut, India. He has been at the forefront of distributed ledger technology since an early age. Using Lamport’s vector clocks, Gautham developed his version of a consensus algorithm known as “Pebble.”
Deepansh Singh, COO of Polkadex, is a 4th-year BTech Chemical Engineering student at the National Institute of Technology, Calicut, India. He has experience developing successful business strategies for multiple early-stage start-ups that made those companies profitable.
Polkadex is developed by a team of highly skilled specialists from all over the world, and the core development team consists of 15 engineers actively working on the Polkadex core blockchain.
What is Polkadex (PDEX) used for?
Polkadex can connect to all the favorite trading bots of the community seamlessly, enabling users to implement multiple trading strategies.
Create ERC-20 tokens through its Polkadex IDO pallet
Polkadex IDO pallet allows token projects to create ERC-20-like tokens with built-in support for parachain transfers and one-click listing in the Polkadex Orderbook. It also helps teams raise funds through IDOs in a decentralized manner.
Transact using fiat currency using its unique credit card
Polkadex supports fiat currencies in the Polkadex Orderbook. Traders can easily use a credit card to buy crypto.
Polkadex NFTs will gamify our trading ecosystem and make it more fun for users. We aim to provide this functionality shortly after the Mainnet launch.
How is Polkadex (PDEX) unique?
Polkadex believes in the power of DeFi to set people all over the world free financially, and they intend to make this possible by paying great attention to their platform’s UX. They intend to lower entry barriers and focus on creating interoperable bridges to different liquidity sources, including fiat support.
Polkadex uses the full power of the Polkadot ecosystem to bring more liquidity to the platform through parachains. The technology adds to Polkadex’s security and allows traders to bring liquidity without entrusting their assets to centralized services. They can also lock their assets in Ethereum using Smart Contracts and bring the liquidity to Polkadex, without involving third parties.
Polkadex believes that traders deserve privacy and hence uses a decentralized process for users, offering to store their data on wallets instead of our platform. Also, tokens generated in Polkadex have native support for cross-chain transfers to other parachains and networks connected to our ecosystem. Thus, they have eliminated the need to conduct expensive audits and delays in new token releases for the project teams. With the help of a decentralized KYC system, Polkadex enables institutional liquidity on the platform.
How many Polkadex (PDEX) coins are in circulation?
Polkadex has a total supply of 20,000,000 PDEX and an initial circulating supply of 1,963,860 PDEX, which is 9.8193% of the total supply.
How is the Polkadex Network secured?
Polkadex used the same security mechanism as Polkadot.
How do I buy Polkadex (PDEX)?
The PDEX token can be used for a wide range of uses, like staking and NFT transactions.
PDEX tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy PDEX through your trading account.
Which Cryptocurrency Wallet Supports Polkadex (PDEX)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Polkadex (PDEX). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their PDEX wallet because it offers a simple interactive interface, making it easy for people to navigate its system.