With the new release, Poladex's testnet will be connected to Ethereum (ETH); more blockchains of various kinds will be added soon to a general-purpose interoperability layer of the DEX.
Polkadex exchange activates Thea interoperability testnet
According to the official annoucement shared by the Polkadex team, its mechanisms are now undergoing the Thea testnet phase. This is the first release when Sunstrate-centric Polkadex is seamlessly interoperable with Ethereum, the largest smart contracts platform.
Meet Thea: a better decentralized token bridge— Polkadex (@polkadex) March 30, 2022
If Polkadex is designed to be a DEX that feels like a CEX, Thea is the underlying decentralized technology that makes 'deposits' & 'withdrawals' to & from Polkadex feel like they do in a CEX.
In the Thea release, the user interface looks like that of centralized exchanges as the Polkadex team is focused on making its UX/UI straighforward as it is on major centralized exchanges.
Thea testnet mechanism is run by existing Polkadex validators who act as a decentralized group of relayers interconnected by multi-party ECDSA (Elliptic Curve Digital Signature Algorithm) technology.
Polkadex CEO Gautham J. emphasized that this construction allows seamless and resource-efficient bridging between Polkadex and Ethereum (ETH) with more blockchains to be integrated:
Bringing liquidity in the way users do in CEXes without compromising security of those assets is critical to the user experience of a DEX. It shouldn’t be complex or expensive. Thea is a leap in cross-chain interoperability which represents our commitment to user experience while bridging from Ethereum.
As covered by U.Today previously, Polkadex's native token, PDEX, was initially launched on the Ethereum (ETH) network. On Sept. 29, 2021, the team initiated PDEX migration to Polkadot (DOT).
PDEX token is set to be a backbone tokenomic element of PolkaIDO dashboard for decentralized token sales, Polkadex Orderbook noncustodial trading module and Polkapool liquidity platform.
Mainnet release of Polkadex to follow this year, team says
Polkadex engineers outline that Thea bridge module is more powerful and cost-efficient compared to the existing alternative. As such, Thea operations push the barriers of interoperability for Ethereum (ETH) as well.
Once the stress tests are over, both Ether and ERC-20 assets will be seamlessly available on Polkadex.
Its orderbook will be able to process at least 500,000 transactions per second. Mainnet release is expected to go live as soon as 2022.