The agreement between Polkadex and the Polakdot parachain team aims to acquire the remaining parachain slot and perform a slot swap. Polakdex Parachain will run after its current April 10th lease expiration date when this agreement comes into effect.
The slot swap is a boon to the Polkadex and Polkadot ecosystem, and it leads to the flow of liquidity from the Polkadex Orderbook. Polkadex is composed of two networks: Polkadex Leading Network and Polkadex Parachain.
Polkadex Orderbook and THEA run on Polkadex Main Network, a solo chain secured by numerous active validators. The Polkadex Parachain is used to connect the Main Network to Polkadot and takes care of bridging Polkadot ecosystem tokens.
Polkadex has recently decided to renew its parachain lease by announcing a bid to secure a slot in the parachain auctions. The announcement of Polkadex comes at a time when the industry is witnessing cutthroat competition from new entrants to the Polkadot segment.
It is great news that Polkadex attracts nearly 54000 DOT in total contributions from more than 385 contributors. Polkadex’s renewal bid will face tough initial competition, and the team at Polkadex is thinking of expanding the Polkadex parachain’s lease without needing an auction win.
Polkadex’s agreement to purchase the final parachain spot by Q4 2024 with a parachain team is great to know. This slot swap will help extend Polkadex’s support for Polkadot tokens and parachain connections until Q4. Although the slot swap has not been executed yet, it is scheduled for 9 April 2024.
The actual swap process is as simple as a straight line, and executing a slot swap on Polkadot demands a very cautious approach. Potential risks are associated with slot swap as the swap might cause issues with the Polkadex parachain. Downtime on the Polkadex parachain will lead to a connection break between the Polkadex main network and the rest of Polkadot.
Polkadex tries its best to maximize transparency, and the company has informed us that trading on the Polkadex Orderbook will be unaffected. The temporary interruption will cause funds to remain on the Polkadex leading network until the connection gets reestablished.
The exciting news is that 50% more registered Orderbook users are now. Polkadex will continue its focus on improving the Orderbook experience with the introduction of a new slot swap solution. It is an exciting era for the crypto industry as a pending Ethereum connection audit, EVM wallet, and ERC 20 token listing support are on the anvil.
The agreement between Polkadex and Polkadot demonstrates the strength of the Polkadex. Polkadex is a cryptocurrency that is non-custodial and peer-to-peer, and it is based on an order book. Polkadex Ordebook has become a meaningful synonym for decentralized cryptocurrency, making cheaper decentralized trading possible in 2024.
Source: https://www.cryptonewsz.com/polkadex-to-extend-its-parachain-lease-through-a-slot-swap/