Polkadex Migrates Native Token PDEX From ERC-20 to Substrate

Source : coinquora.com

  • Polkadex migrates its native token PDEX from ERC-20 to Substrate.
  • Its PDEX token also listed on Gate.io.
  • Users can migrate from ERC-20 to Substrate until Q1 2022, after which the ERC-20 will be disabled.

Just months after launching its mainnet, Polkadex announces its native token PDEX has been listed on one of the world’s leading exchanges, Gate.oi. Indeed, this is a big step for the non-cordial, and peer-to-peer trading platform.

Basically, the listing signals the beginning of the migration of PDEX from the Ethereum-based ERC-20 ecosystem, a temporary decision that was made at the inception of the project. The good news is that from this moment up to Q1 2022, Polkadex users will be able to migrate from ERC-20 to the native chain, Substrate, after which the ERC-20 will be deactivated. Vivek Prasannan, Executive Director and co-founder at Polkadex speaking on PDEX token migration, says,

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.

Polkadex is a peer-to-peer and order-book-based exchange for DeFi built on Substrate that blends DEXs’ secure and non-custodial format with the open and user-friendly form of CEXs. Polkadex combines AMM pools with order-books, governed by on-chain bots that work to avoid price slippage issues in order to achieve this goal.

Polkadex offers many tools to guarantee a safe and seamless experience to crypto investors, traders, stakers, and also developers. Similarly, it provides low to zero gas fees, a safe KYC system, self-sovereignty of funds, and equally a PolkaIDO Launchpad.

PDEX tokens are a basic tool in the Polkadex ecosystem because they enable users to access the full spectrum of Polkadex features. In addition, PDEX tokens can be spent to pay and get discounts on transaction and trading fees, to participate in Polkadex IDOs. Likewise, take part in on-chain governance of the network, while PDEX stakers can become validators of the proof-of-stake network.

The Polkadex team says the migration was a firm step by the team to make the Polkadex ecosystem safer. To motivate users to quickly move from ERC-20 to their Substrate, Polkadex is offering an average APY of 65% to stake PDEX on the native chain. It is important to note that the listing on Gate.io supports native tokens, which makes it easy to bridge assets from Ethereum to the Polkadex chain.