Polkadex Crowdloan Enters Batch 3 of the Polkadot Parachain Auctions
2M PDEX in rewards and an exclusive NFT collection for Polkadex Crowdloan contributors in batch 3 of the Polkadot parachain auctions.
Let’s get the facts out of the way. The Polkadex Crowdloan is live again. The DOT auction cap has been reduced to 1 million DOT. There are 2 million PDEX in the PDEX rewards pool. That means there is at least 2 PDEX per DOT for every contributor.
2 PDEX per DOT?!
You heard that right! The new 2:1 PDEX per DOT ratio is over ten times higher than the PDEX to DOT reward ratio from Polkadex’s batch 2 Crowdloan. Do not forget: 2 PDEX per DOT is the guaranteed reward all contributors will receive once Polkadex wins.
Top contributor NFTs
We did not stop there! We’re also giving out some utility-based NFTs for the top Crowdloan contributors. Not only do the Polkadex NFTs for the top 1,000 Crowdloan contributors look awesome, but they will also provide their holders with exciting benefits, including a 20%-50% discount on Polkadex Orderbook trading fees (subject to a maximum limit).*
Crowdloan Details
- Lease Period: 8–15
- Ending Block: 10,881,400
- Launch: 05/04/2022
- Vesting: 25% and remaining 75% linearly unlocked (per block).
Full partner list
- Launch partners: Parallel Finance, Equilibrium & BiFrost
- Exchanges: Kucoin, Gate.io, AscendEX, and MXC
- Wallets: Fearless, Nova, Talisman, and Subwallet
Launch Partner rewards
Contributing through launch partners comes with a few advantages. As locking away DOT for 2 years may be daunting for some, Parallel, Bifrost, and Equilibrium provide a ‘liquid’ DOT token (usually represented by [x]DOT) backed by the DOT used to contribute to Crowdloans. Liquid DOT are redeemable for DOT in a 1:1 ratio once the parachain lease ends but they are also tradable and can be used to participate in money markets immediately after the auction. Whether it’s Parallel Finance’s cDOT, Bifrost’s vsDOT, or Equilibrium’s xDOT, the main utility of liquid DOT is that while your actual DOT is locked in the Parachain auction, you can use your liquid DOT to liquidate your DOT position whenever you feel.
Secondly, launch partners give out their own tokens as rewards, which means you can get exposure to various exciting DeFi projects in the Polkadot space while you contribute to your favorite project’s Crowdloan. Here’s the full launch partner rewards breakdown:
Parallel Finance Rewards:
- 4 PARA tokens per DOT
- 1 cDOT per every DOT
Equilibrium Rewards:
- 10 EQ tokens per DOT
- 1 xDOT per every DOT
Bifrost Rewards:
- 0.04 BNC per DOT
- 1 vsDOT per every DOT
Two-chain setup
As you may recall from our last Crowdloan article, we’re changing things up a little in the backend.
We’ve now opted to set up a two-chain system to combine the advantages of having a parachain with the flexibility of the Polkadex network. In this set-up, the Polkadex network will have all Polkadex products on top of it, as well as Thea, which means it will be connected to Ethereum (and other blockchains further down the line).
The Polkadex parachain will connect Polkadex to the Polkadot network and all its parachains and their respective assets. The two networks will be joined by a Substrate to Substrate bridge (Parity technology) in the backend. Meanwhile, frontend users will not see any friction and the two networks will work as one seamless system.
Last but not least, both networks will have the same tokenomics and will share the PDEX token as the native token.
Utility of the PDEX token
Getting PDEX rewards means getting access to a whole bunch of features and products built on Polkadex! In fact, PDEX will be used to pay network, transaction, and trading fees across both networks. PDEX will also be necessary to register your account for PolkaIDO and start participating in truly decentralized IDOs. PDEX is also the required token for all activities on the Polkadex mainnet, including staking, governance, and more. PDEX holders will also be able to stake PDEX to participate in Thea and earn rewards for enabling deposits and withdrawals to and from Polkadex Orderbook.
How to participate in the Crowdloan
Get your DOT ready! That’s all you need to contribute to the Polkadex Crowdloan and get PDEX rewards. The easiest way to contribute is through the Crowdloan page on the Polkadex website, which features a wide selection of contribution methods. In short, contributors can lend their DOT directly on-chain through the Polkadot.js/apps interface, through exchanges like KuCoin, Gate.io, AscendEX, MXC, launch partners like Parallel Finance, Equilibrium, and Bifrost, and wallets like Talisman, Subwallet, Fearless, and Nova.
If you prefer to contribute directly on-chain through Polkadot.js/apps, you’ll need to contribute 5 DOT or more as that is the minimum default contribution set by the Polkadot network. If contributing through a partner, the minimum contribution may vary but will generally also be 5 DOT. The Polkadex team recommends staying above the 5 DOT contribution amount when contributing through launch partners for the smoothest Crowdloan experience.
Want to contribute through Launch Partners?
Here’s a short step by step guide on how to contribute through the Launch Partners:
- Install the Polkadot.js wallet and make a Polkadot.js account
- Get some DOT (if you don’t have some already) and send it to your Polkadot.js account
- Visit the Polkadex Crowdloan page: https://polkadex.trade/crowdloans
- Scroll down to use the calculator and see how much PDEX you’re guaranteed to get. You’ll most likely get more than that!
- Select your contribution method and, if you selected a Launch Partner like Parallel Finance, Bifrost, or Equilibrium, click on the links and follow the instructions on the partner’s page!
Prefer to contribute directly on-chain through Polkadot.js?
Here are the few steps to follow if you prefer to contribute directly through the Polkadot.js apps interface:
- Navigate to Network > Parachains > Crowdloan
- Find Polkadex on the list of Crowdloans and click ‘+ Contribute’
- Select your contribution amount
- Submit and sign the transaction!
Any questions?
If you have any questions about the crowdloan or need help getting your 2:1 PDEX rewards, make sure to check out the ‘FAQ’ section on the Polkadex Crowdloan page. If you can’t find an answer there, you may find it in the original batch 2 Polkadex Parachain & Crowdloan Strategy Medium article below:
Let’s get it done once and for all Polkadexers! Let’s make the Polkadex parachain a reality.
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*The discount structure may be subject to change at the time of the launch. While the NFTs will be distributed soon after Polkadex secures a parachain spot, their utility is subject to changes and will not be applied until 2023.
The NFTs are minted on Kusama. If there are no bridges to move tokens from Kusama to Polkadex at the time of the NFT and the implementation of its utility, the Polkadex team will announce a buy-back in order to reissue them on the Polkadex network.
