Ethereum rival, Polkadot have officially launched its Polkastarter decentralized exchange on Dec. 15. A key milestone of the launch includes its first liquidity pools being sold out in less than 30 seconds. Polkastarter was developed for enabling cross-chain token pools and auctions. One of the key purposes behind the project includes raising capital on Polkadot and not on Ethereum.
Polkastarter’s First Liquidity Pools Record-Breaking Sale
The highly anticipated launch went well despite having over 10,000+ users simultaneously accessing their Ethereum Dapps.
At the launch time, there were only three swap pools with limited amounts permitted for deposits. This could be one of the reasons why it got sold out so fast.
Such restrictions were imposed to prevent whales from accessing the early access pool tokens while blocking out the masses. This was even visible during many of the Defi tokens that had launched this year. Although, some users were able to bypass such limits by directly accessing the smart contracts.
As per the company’s official update, only 84 users could participate in the exclusive pool for the POLS tokens. While 113 users could access the public pool. The total capital raised through the combined pools includes 340 ETH.
Polkadot is the Latest to Offer DEX Service
Among the ever-increasing list of DEX platforms, Polkastarter plans to offer new features such as cross-chain pools, support for any asset, fixed swap pools, and a safe listed pool.
It will also allow projects to list tokens at a fixed price. This will help in lowering volatility at launch, as prices will be maintained as long as the original supply of the tokens remains.
Polkastarter was officially announced in September when it listed its native POLS token on Uniswap. At the time of launch, the POLS token spiked above $0.85. However, like most of the new DeFi tokens, it spent the next two months in decline.