By Max - Cryptocurrency Consultant - 01/12/2021
Cryptocurrency trading platform, Polkadex, has recently announced that it will be moving its native crypto-asset, PDEX, to a substrate. Polkadex is a crypto exchange that uses decentralised blockchain technology and a peer-to-peer consensus mechanism. Polkadex aims to merge the non-custodial formatting from Decentralised Exchanges (DEX) with the user-friendly structure of Centralised Exchanges (CEX). The exchange provides zero fee costs, a KYC system with high security, and a native launchpad. The platform’s native launchpad, “PolkaDO”, allows users to have a better experience when buying cryptocurrency, trading, and general investing. The popular orderbook-based exchange platform is reportedly shifting PDEX away from ERC-20 and moving it to Gate.io.
Gate.io is a blockchain framework used to create and customise other blockchains, this is also referred to as a substrate. The migrating PDEX token was initially constructed and built on the Ethereum (ETH) network as an ERC-20 token. However, the build on Ethereum had always been a temporary solution as Polkadex was still under testnet. Users of the cryptocurrency exchange platform have until the end of the first quarter of 2022 to also move to the native chain. When the time limit expires, the ERC-20 version of PDEX will be entirely decommissioned, including the tokens within investors crypto coin storages. Reportedly, the earlier investors move to the native chain, the greater the benefits will be.