Main navigation

Polkadex Initiates PDEX Token Migration from Ethereum to Substrate

News
Tue, 11/30/2021 - 15:00
article image
Vladislav Sopov
Polkadex, an orderbook decentralized exchange based on Substrate, enters crucial phase in its progress
Polkadex Initiates PDEX Token Migration from Ethereum to Substrate
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

Since its launch in September 2021, Polkadex worked with the testnet version of its PDEX token that was live on Ethereum (ETH) blockchain as 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.

Listing on a centralized exchange is the first step in PDEX's token migration. PDEX leaves its sandbox; it replaces Ethereum's ERC-20 standard by 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 at Polkadex, emphasizes that the milestone is crucial for the entire technical progress of his 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 Substrate is able with 65% in APY

To stimulate the migration of assets to the Polkadot (DOT) ecosystem, Polkadex offers lucrative rates on staking programs. Namely, PDEX holders will be able to stake it with up to 65% APY.

Related
Polkadot's Polkadex Goes Live, Teases ERC-20 Token Migration

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 backbone element of Polkadex's tokenomics: it allows users to participate in Polkadex IDOs, to take part in on-chain governance of the network and to participate in proof-of-stake (PoS) consensus.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)