The Polkadex development team has announced the upcoming public launch of its long-awaited mainnet, upon which Polkadex products will be built and gradually released. Additional features will be added on the Mainnet by February next year.
According to the announcement, Polkadex, a decentralized exchange built on Polkadex, is planning to launch its mainnet on September 29 giving developers a new platform to build decentralized applications (DApps) atop it. Since its launch in 2018, Polkadex developers have been eagerly awaiting the mainnet, which once launched, will mark a key milestone in the future of the chain and the community behind it.
Once the Polkadex mainnet is launched, any user of the platform will be able to start earning PDEX - the platform’s native token - and run a validator node to secure the network. The blockchain uses the delegated proof of stake (DPoS) consensus mechanism allowing users to stake their PDEX tokens and nominate validators - earning them more tokens.
Once the threshold of validators and nominators is reached to secure the chain, the blockchain will be stable enough for developers to start building DApps and other projects on the blockchain.
The Polkadex mainnet launch follows weeks of intensive development and successful Testnet launches and updates. Since its release, the testnet has recorded successful adoption and built up the security of the chain with over 2,000 participants, 200 validator nodes, and nearly 700 nodes in line waiting to become validators. The Testnet will run concurrently with the Mainnet in perpetuity and will be a helpful testing tool for anybody developing on Polkadex.
Once the launch is successful, the next step will be migrating the PDEX tokens from Ethereum to Polkadex mainnet network. Users will be able to bridge their PDEX ERC20 tokens via a one-way bridge into the native Polkadex blockchain. Users only need to bridge their ERC20 tokens onto the mainnet to launch their validating nodes and participate in securing the chain or nominate a delegate.
At that time, you will be able to run a validator node to secure the network and earn PDEX in return. You will also be able to stake your PDEX, nominate a validator and start earning yield on your PDEX
Once the migration is complete, other Polkadex projects will be rolled out onto the Polkadex blockchain. These components of the Polkadex ecosystem including PolkaIDO, Polkapool, Polkadex Orderbook, etc. will be launched in their own mainnet by February next year, Vivek Prasannan, Executive Director of Polkadex stated in an Ask Me Anything forum on Youtube.
“Other features like Polkapool, PolkaIDO palette, Polkadex Orderbook, etc. everything is expected to go live in February next year because we are having an audit going on for that in December,” Prasannan said. “Once the audit is complete in February next year, we will be updating the features one-by-one.”
The features will be available in the Testnet launch, planned for October this year to give users a feel of the platform before the features are rolled out on the mainnet in February.
The decentralized exchange also plans on creating interoperable features with other blockchains in the future, Gautham J, CEO of Polkadex responded during the AMA session.
“We are definitely working on native bridges with other blockchains and we are also planning to have an open grants program which will allow the community to build these bridges in the technology stack that we provide,” Gautham responded.
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.