What is Polkadex (PDEX)?
Polkadex token (PDEX) is a native token of the Polkadex network. The token powers the project, ensuring that it is sustainable. You can check the PDEX price on the live Polkadex price chart above.
Polkadex is a blockchain-based peer-to-peer (P2P) crypto trading platform. It offers a range of fully decentralized tools, which provide users with unparalleled functionalities. The platform's users include traders, investors, and blockchain teams.
Polkadex is built on Substrate, a framework for creating customized blockchain networks. The platform uses an order book, which enables users to see the list of buy and sell orders on the network. Order books are usually used by centralized exchanges. However, Polkadex also combines this tool with the AMM model, which is common for decentralized exchanges (DEXs). This way, the platform combines the benefits of both – CEXs and DEXs.
Overall, Polkadex features three key products:
- Polkadex Orderbook, which provides the functionality of a centralized exchange (CEX) yet with a security of a decentralized network structure. The product is capable of supporting up to 500,000 transactions per second with sub-millisecond latency. It allows features such as high frequency and algorithmic trading.
- Polkadex Pool, which offers token swap services. Polkadex pool has built-in interoperability and is highly cost-effective, with zero gas fee.
- PolkaIDO, which is the initial DEX offering (IDO) platform on the Polkadex Network. PolkaIDO enables founders and teams to generate tokens and conduct crowdfunding programs to help kick-start their projects. The project gives out whitelist spots randomly, meaning that even users with small sums of tokens can take part in an IDO. PolkaIDO Launchpad works with Substrate-based tokens, other Polkadot ecosystem projects, and ERC-20 tokens.
Other platform features include fiat currency integration, decentralized KYC, and cross-chain support for new tokens.
Use Cases of PDEX Token
Polkadex coin is a key component in the Polkadex platform as it offers both utility and governance functionalities. The following are the main use cases of PDEX tokens:
- PDEX enables holders to participate in Polkadex IDOs.
- PDDEX can be used to cover transaction fees. Besides, by paying trading fees with PDEX crypto assets, users can earn discounts on these fees.
- Polkadex token holders can also stake their tokens to become network validators and earn additional PDEX.
- As a governance token, PDEX enables holders to participate in voting on proposals concerning the network's operations.
- PDEX holders can also take part in nominating validators and collators on the network.
You can check the current PDEX price on the aforementioned Polkadex price chart. It is important to do a good price analysis if you plan to buy PDEX, as crypto can be highly volatile.
Who Founded Polkadex?
Polkadex was founded on September 29, 2021, by a team of many developers led by three co-founders: Vivek Prasannan, Deepansh Singh, and Gautham J.
Vivek has actively followed the cryptocurrency and blockchain community since 2013. He has worked for Bitshare on a proposal aimed at improving the network. He is the executive director of the project.
Moreover, the CEO, Gautham J, has been at the forefront of distributed ledger technology for many years.
Lastly, Deepansh Sigh, the project’s COO, is an experienced business strategist who has worked on various successful start-ups.
Tokenomics of PDEX
PDEX has a maximum token supply of 20 million coins. The fixed token supply that the team put in place helps prevent minting more tokens that can lead to inflation. Preventing inflation through such tactics helps in stabilizing the Polkadex price. The tokens are effectively distributed to ensure the sustainability of the network. The initial token distribution is as follows:
- Founders and Team – 9%
- Seed Round – 7%
- Strategic Round – 8%
- Private round – 10.193%
- Treasury – 41%
- Parachain auction – 10%
- Advisors – 5%
- Marketing Ecosystem and Partnerships – 6.807%
- Community Round – 2%
