Decentralization is the inherent nature of cryptocurrencies and makes them unique from fiat. The biggest example of decentralization is displayed by Decentralized Finance, which is free of any single entity control or manipulation. Another interesting use case that has been born out of decentralization is decentralized exchanges.
A decentralized exchange is an online platform where users can trade cryptocurrencies directly. A decentralized exchange uses smart contracts instead of an intermediary to facilitate trading and offer a more rewarding experience than centralized exchanges. Every day, new DEXs try to take over the market but fail miserably because of poor backing and unoptimized features.
But an interesting new challenger has risen called PolyDEX, which is a product of Cryption Network, a popular DeFi service provider in the industry. PolyDEX, while a newborn, has established a strong fanbase because of its unparalleled promised services.
PolyDEX
PolyDEX is a cross-chain AMM DEX on L2 which incentivizes liquidity with CNT tokens. However, what catches the attention at first glance is PolyDEX’s impressive list of features that sets it aside from the competition.
From Initial Farm Offerings as a way to boost partner projects’ liquidity using dual farming tokens to weekly burns utilizing trading fees, PolyDEX has a lot to offer. PolyDEX is a completely gasless platform that allows investors to add one-sided liquidity using only one side of the pair. It is a unique feature where investors do not have to hold both sides of a trading pair to add liquidity.
However, the most exciting feature about PolyDEX is its elastic yield farming feature that includes dynamically calculating block rate every week as a function of CNT’s TWAP. Elastic farming can retain the output of a mining farm while reducing the circulation supply. PolyDEX is an interoperable platform that facilitates cross-chain swaps between Ethereum and Matic networks seamlessly
Important Details
- PolyDEX will start with a block rate of 1.5 from 29th July 2:30 PM UTC to 1st August 2:30 PM UTC.
- Following that the block rate will be reduced to 0.75 CNT for Core Farms.
Farms
- ETH-AAVE
- ETH-DAI
- ETH-USDT
- USDC-DAI
- USDC-ETH
- USDC-USDT
- WBTC-ETH
- WBTC-USDC
- WMATIC-ETH
- WMATIC-USDC
- CNT-ETH
- CNT-USDC
- CNT-MATIC
With the launch of PolyDEX, Cryption Network will become one of the key players in the entire crypto ecosystem and further its goal of promoting crypto adoption by simplifying the process for retail investors and offering a rewarding experience.
