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.
? Need a recap on migrating PDEX from Ethereum to Polkadex? ?— Polkadex (@polkadex) November 19, 2021
Here is a guide on the different migration options & ways to get native PDEX!
? Wanna start staking? Or just wanna be ready for when different #Polkadex components launch? Check it out ?https://t.co/pFFLk9WTBS
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.
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.