PolkaPool launches: Welcome to the auto-swap era!

Polkadex has developed a simpler way to order a new Orderbook by adding PolkaPool and Auto-Swap functionality. This is a great advancement for their trading platform, as it creates a smoother process for new traders who are all interested in decentralized exchange trading. They are now subject to the usual hindrances that beginners face in this type of trading.

The Polkadex trading platform has gained recognition because it has successfully combined the advantages of centralized exchange and decentralized networks, such as efficiency and security. Until recently, users had to acquire a small amount of the exchange’s cryptocurrency, PDEX, before being able to trade on the platform. This was necessary as it covered the compulsory down payment for obtaining a place on this Substrate-oriented network and made the transactions involving on-chain accounts and money very easy.

Automated switches will have a huge impact on the current situation. This way, those who don’t have a PDEX possession can enter the Polkadex environment by depositing DOT or other supported assets with the THEA, a decentralized bridging tool. 

The mechanism above enables Auto-Swap to borrow some liquid funds from PolkaPool to convert a certain percentage of the transferred assets into the needed amount of PDEX in token sets. At the same time, this gives me a minimum of 1 PDEX onboarding and enough balance to cover the transaction fees, which are usually about 0.01 PDEX.

An important piece of this novel system is PolkaPool, which has been a part of the blockchain since earlier this year. Its primary role consists of Auto-Swap deposit management in the background, but it also extends to token swaps and offering liquidity. The PDEX-DOT liquidity pool is the main active pool that directly connects DOT holders with the Polkadex exchange platform. 

The projects involve adding other stablecoin options, such as USDT, ASTR, GLMR, and PHA, as well as Bitcoin and other tokens that participants might be interested in, to the available liquid pools. This will happen over time to broaden Auto-Swap’s scope of service even more.

The ease of the Auto-Swap feature is a tremendous plus for customers. First, connect your selected wallet to the Polkadex Orderbook platform, choose the decentralized transfer token, and hit the transfer button. Once you have noted the transaction details and Auto-Swap rates on the THEA interface, you can send the transfer using your wallet. The last step is linking your wallet to the order book and completing your account configuration.

PolkaPool’s infrastructure development makes a user-friendly onboarding process possible, while Auto-Swap enhances the platform’s accessibility and effectiveness. Polkadex becomes a de-facto player in decentralized trading by expanding liquidity pools and allowing more tokens. This is due to the platform being very welcoming and efficient for traders, who can trade from anywhere around the globe.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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