In the Defi hype, new projects are built every day. One of them is a new decentralized trading Dex Polkastarter built on Polkadot. The Ethereum competitor is making fabulous achievements and is now providing the first decentralized exchange on Polkadot.
Today was the official start of the Polkastarter DEX. The platform was designed to enable cross-blockchain token pools and auctions to raise capital on the Polkadot network.
Polkastarter was officially announced in September when the project listed its native POLS token on Uniswap. It has now gone live with the first liquidity pool offering rewards for swapping ETH for POLS.
There are two other pools still in the testing phase to offer swaps with SpiderDAO, an online privacy-based project. Although Polkastarter is entering an already crowded DEX ecosystem, it will add new features like cross-chain pools, support for any asset, fixed swap pools, and a secure pool listing.
It also allows projects to list tokens at a fixed price. This should help ensure less volatility at launch as prices will remain stable as long as the actual inventory of tokens is balanced.
Polkastarte DEX already has a growing list of partners, including the secure data transmission platform Shyft Network, the Moonbeam Network, which deals with the Solidity programming language, the Orion Protocol automated liquidity provider, the API service provider Covalent and the open-source Oracle -Platform include Decentralized Information Asset (DIA).
Institutional investor Digital Finance Group has also pledged financial support for the platform.
Polkadot, which operates the new DEX, has openly stated that its target is Ethereum, and they want to go well beyond the current ERC-20 standards.
Polkastarter’s native POLS token reached a price of USD 0.85 shortly after its launch in September. But like most of the new Defi tokens, there was a strong sell-off afterward.
Now that DEX is finally going live, the POLS price has also risen. Overall, the token has achieved almost 100% since the beginning of December. Polkadot’s native DOT token has remained relatively unchanged since peaking above $ 6.30 in early September 2020.
We are curious to see how the coming weeks and months will affect Polkadot its various decentralized applications.
Originally published at https://thecryptobasic.com on December 16, 2020.
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