Kriptoks

Polkadex (PDEX) is a decentralized peer-to-peer (P2P) cryptocurrency exchange that was created for the DeFi ecosystem. The exchange was built on Substrate, a blockchain technology that serves as a framework for creating customized blockchains. Polkadex utilizes an order book, which is a list of trade orders, to operate as a hybrid crypto-exchange supported by Web3, the internet version.

The Automated Market Maker (AMM) model is commonly used in several decentralized exchanges to remove intermediaries while trading cryptocurrencies. However, Polkadex combines the AMM model with an orderbook model that is utilized by centralized exchanges. The goal of Polkadex is to merge the benefits of cryptocurrency exchanges and user experience with the safety and security of decentralized systems.

Polkadex focuses on key areas such as liquidity, custody of assets, execution speed of trades, and customer satisfaction. The exchange aims to develop a decentralized network that utilizes the Substrate framework, which can resolve the interface issue by introducing a centralized trading experience. The Substrate framework supports the development of composable, interoperable, and application-specific blockchains without complexities related to block consensus and production.

Polkadex aims to resolve the issue of low liquidity by linking AMMs to the trading engine directly. On-chain market-making bots operate as automated market makers that are implemented by traders to facilitate trading automatically in the cryptocurrency markets. If any trade is unable to match against the Polkadex orderbook, the engine instructs on-chain trading bots to try matching the order. The trades are executed successfully only when on-chain bots provide a better price.

Polkadex was launched on September 29, 2021, by a team of many developers and the CEO of Polkadex, Gautham J. Soon after its launch, the team started migrating the PDEX tokens based on ERC-20 from Ethereum to Polkadex.

In summary, Polkadex is a decentralized peer-to-peer (P2P) cryptocurrency exchange built on Substrate that utilizes an order book to operate as a hybrid crypto-exchange. The exchange combines the AMM model with an orderbook model to provide users with the benefits of cryptocurrency exchanges and the safety and security of decentralized systems. Polkadex focuses on key areas such as liquidity, custody of assets, execution speed of trades, and customer satisfaction to provide a decentralized network utilizing the Substrate framework.