Polkadex Crowdloan Now Available

Polkadex announced this Thursday, January 20, through its Twitter account, that the Polkadex Crowdloan is now available.

Image about Polkadex Twitter post

The Polkadex Crowdloan is now active and accepting contributions! That means there are PDEX rewards for all Polkadexers who help Polkadex get a Parachain slot. And even more so for those who are quick, thanks to the 15% early bird bonus! Basically, all you need to get PDEX rewards is some DOT. This short guide will explain how much PDEX you can get and the steps you need to take to get it. However, if you think you have it all under control and want to skip the guide, you can go ahead and contribute now!”, he said through an article published on the Medium platform.

The company indicated that they are giving out 2 million PDEX in rewards for all Polkadexers who want to contribute to Parachain auctions.

What will they get?

• Base reward starting at 0.1875 PDEX per DOT. That’s just the base reward. The final PDEX base reward amount will most likely be higher, as PDEX rewards are paid as a % of your contribution to the total DOT contribution.

• Plus 15% early booking bonus on all contributions made in the first 72 hours.

• Plus 5% on all contributions after the first 72 hours and up to the 9th day.

• A unique NFT for each of the top 1,000 taxpayers

• More referral bonuses of 10% through launch partners, 5% referral and 5% referral.

• And even more with launch partner bonuses on top of all the above!

Similarly, he commented that they have partnered with Parallel Finance, Bifrost, and Equilibrium to offer an enhanced Crowdloan experience for all Polkadexers. If you contribute through our launch partners, you’ll receive even more bonus rewards, including Liquid DOT, referral bonuses, and additional tokens.

Also read: Folks Finance announced closing of financing round

What are DOTs?

Liquid DOT are DOT futures (usually represented by [x] DOT) made by launch partners designed to keep participants liquid. Since locking up DOT for 2 years may be daunting to some, Parallel, Bifrost, and Equilibrium provide a DOT-backed “liquid” DOT token that is used to contribute to Crowdloans.

According to the company, liquid DOT can be redeemed for DOT in a 1:1 ratio once the Parachain lease ends, but they can also be traded and used to participate in the 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 want.

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