Having a blockchain network is no longer enough in today’s busy crypto industry. An automated market maker or decentralized exchange is a must and the latest to launch will be Polkastarter from Polkadot.
Polkastarter is a DEX built for cross-chain token pools and auctions, with the purpose of enabling projects to raise capital on the Ethereum rivaling Polkadot network.
Polkastarter was announced in September when the project listed its native POLS token on Uniswap. The platform has now officially announced a launch date of December 15, adding that the first projects to conduct their token sales are already in the pipeline but giving away no details.
We are incredibly proud to officially announce the launch date of the @Polkastarter platform 🔥
Thanks to our community and everyone supporting the project from day 1, we are truly humbled 👏🏼
First projects to conduct their token sales already in the pipeline, stay tuned! pic.twitter.com/42jeP89M44
— Polkastarter (@polkastarter) December 9, 2020
Another DeFi DEX
Polkastarter is entering an already crowded DeFi space where decentralized exchanges and automated market makers appear to be popping up on a daily basis. It does claim to offer a few differences, however, such as cross-chain pools, support for any asset, POLS governance model, fixed swap pools, and a safe listed pool.
Polkastarter’s list of partners is growing and currently includes the Moonbeam Network which works with the Solidity programming language, secure data transfer platform Shyft Network, API service provider Covalent, automated liquidity provider Orion Protocol, and open-source oracle platform Decentralized Information Asset (DIA).
It has taken aim squarely at the Ethereum standard stating;
“Users will be able to participate in a secure and compliant environment and to use assets that go way beyond the current ERC20 standard.”
Polkastarter is not the first ‘Ethereum killer’ to be born out of the DeFi furnace this year. Centralized exchange Binance launched its own Smart Chain and has plugged a number of DeFi clone farms running on it in recent months.
The Chinese version of Ethereum, NEO, also launched Flamingo Finance on its own chain, all in an attempt to usurp Ethereum and the ERC-20 standard which is currently the foundation for all things DeFi.
DOT and POLS Price Update
POLS token prices reacted strongly to the DEX launch confirmation with a 40% spike on the day to top out at $0.48 before retreating to current levels around $0.41.
Over the past week, the asset has gained an impressive 27% but it is still 40% down from its all-time high of $0.68 in early October.
Polkadot’s DOT token is falling fast in line with the general crypto market correction. DOT is flat on the day at $4.78 but down 13% on the week. Its ATH came in early September when prices topped $6.30 – they have yet to return to those levels.
To keep track of DeFi updates in real time, check out our DeFi news feed Here.