Poolz, the decentralized token swap protocol, has joined forces with Polkadot-based smart contract platform Moonbeam. Although native to the Ethereum blockchain, the tech supplied by Moonbeam effectively translates Ethereum’s Solidity code into Polkadot’s Substrate and Web3 programming language.
Poolz Expands into Polkadot via Moonbeam
Poolz hosts cross-chain auctions for both fungible tokens and NFTs (non-fungible tokens) and allows projects to create high-liquidity token pools designed to give users immediate access to tokens when investing in a new project launch. The partnership with Moonbeam stands to open up Poolz’ cross-chain capabilities, allowing tokens from disparate chains built on either Ethereum or Polkadot to be freely exchanged.
Polkadot recently climbed into 7th spot in the crypto market cap rankings, and is one of the projects some pundits consider to be an “Ethereum Killer”. Despite the hype, the language in Polkadot’s documentation suggests its aims aren’t quite so bold.
Rather, Polkadot banks on the notion that future crypto users will expect cross-chain capabilities as a given. Given the wealth of Bitcoin currently wrapped up on the Ethereum blockchain, the notion that coin holders may wish to engage with other blockchains - not least those which offer a route into decentralized finance (defi) - is not too far-fetched.
Poolz CEO Guy Oren said it was important that the project expand its range of operations beyond the Ethereum blockchain, noting that Moonbeam’s tech stack made the integration pain-free. Oren said:
“Moonbeam’s technology allows us to serve our community better without having to reinvent the wheel. It's an important step in increasing Poolz’ activities via the Polkadot ecosystem and making decentralized cross-chain token sales and liquidity auctions a reality.”
The addition of Moonbeam expands Poolz multi-chain ecosystem to incorporate Moonbeam’s GLMR token, in addition to the already integrated Tomochain (TOMO), and Ethereum’s wealth of ERC20 tokens.
Moonbeam Shines in 2020
Created by Infrastructure-as-a-service (IaaS) providers PureStake, Moonbeam began development in early 2020. Its Ethereum-to-Polkadot capabilities have since been put to use by numerous projects, including IDEX, SushiSwap, and Chainlink (LINK).
An integration with Polkastarter soon followed. The decentralized fund-raising platform and DEX is used to raise capital for newly launched crypto and blockchain projects. Polkastarter hosted three IDOs (Initial DEX Offerings) within the first week of launch. In a blog post, the Polkastarter team referenced the same benefits to using Moonbeam as Poolz’ CEO Guy Oren - namely, its ease of use, and its cross-chain smart contract functions with Ethereum. The post stated:
“By utilising Moonbeam, Polkastarter’s Ethereum facing logic and smart contracts can be easily ported over to the Polkadot Network. This will allow us to save a lot of time and developer resources. Our applications for token swaps, sales and DEXs will be able to perform cross-chain transactions and functions more efficiently and in a more user friendly way.”
Poolz also creates token pools for OTC trade deals, and its code is optimized for DAO ecosystems, allowing project leaders to bootstrap liquidity for their tokens prior to listing on exchanges.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.