The introduction of Polkadot to the crypto verse has raised tremendous excitement for new opportunities and developments. Ethereum has always been the main go-to option for developers and users – but this is starting to change with Polkadot. Polkadot is a large enough player and has earned high recognition, attracting the attention of many to begin utilizing its blockchain capabilities and leverage some of its benefits over Ethereum.
DEXes have also been designed to mostly operate on the Ethereum blockchain, however new ones on Polkadot are beginning to pop up. One project called Polkaswitch, leverages this opportunity by enabling new ways for users to fulfil their trading goals on a DEX without breaking the piggy bank.
So what is Polkaswitch? It is a decentralized cross-chain asset exchange and liquidity protocol across the Polkadot, Ethereum, and ERC20 ecosystems. Using smart algorithms, contracts, and bridges, it is able to facilitate the most optimal trades across top DEXes – the intention being to benefit users with visibility to the lowest fees and best prices for tokens.
Ultimately, it is aiming to develop the most user-friendly and appealing interface, while also integrating a large amount of information from the different DEX sources.
Although the project is still in its infancy, there have been some recent investments and groundbreaking developments scheduled in the near future. But what exactly are they, and why are they important? Let’s dive deeper into some of the details.
In January 2021, Polkaswitch announced it will be integrating its protocol with Moonbeam. The major benefit is that this collaboration will give Polkaswitch an edge by moving to the Polkadot ecosystem quickly and efficiently in advance of its competitors.
Moonbeam is a smart contract parachain on Polkadot that is Ethereum-compatible; it is already making headlines with major partnerships, a robust community, and an exciting concept. Its long-term goal is to make it as effortless and simple as possible to allow for multi-chain interaction, encouraging the Ethereum and Polkadot ecosystems to work in harmony.
It’s the perfect storm for Polkaswitch, as this collaboration is exactly what it needs to move quickly and ensure its technological capabilities are maximized. With Moonbeam’s connections and technology, it’s sure to help Polkaswitch make a big splash.
In March 2021, Polkaswitch announced a partnership with Manta Network. The partnership was formed to tackle common DeFi issues, increase liquidity, and work towards private and permissionless cross-chain trading.
Manta Network is building an interoperable privacy protocol for the DeFi stack; built on Substrate, it leverages zk-SNARKs to provide scalable and private trading and transactions. It also uses a bring-your-own-token (BYOT) model, where users can facilitate transactions based on a wide variety of crypto tokens.
This collaboration is big news for Polkaswitch, as both projects have a major focus on maintaining strong decentralization through providing privacy and scalability in regards to trading/transactions.
In March 2021, Polkaswitch received $3 million in seed funding from several venture-capital investment firms, helping greatly accelerate its development and open new doors.
Contributors who provided the funding were Arrington Capital, Ascensive Assets, Signum Capital, LD Capital, Bitscale Capital, DFG, Skynet Trading, Gestalt Capital, Waterdrip Capital, and Vendetta Capital.
The teams behind these investment firms are optimistic about Polkaswitch’s future and ability to deliver on its promises; they are impressed with the Polkaswitch team, partnerships, product proposal, and use case.
This funding demonstrates strong institutional interest behind the project, providing it with the capital needed to fund largely anticipated growth and additional services from industry professionals.
Polkaswitch is moving quickly and hitting its marks so far, and expects to stay on schedule to keep these upgrades moving along their predefined schedule. Some of the major highlights of the 2021 roadmap include a testnet launch, mainnet launch, security audits, and a product launch.
Below is a detailed anticipated roadmap:
- Testnet launch,
- Front End Development and UX testing,
- Token Generation Event
Q2 and Q3 2021:
- Contract and Cross-Chain Security Audits,
- Mainnet Launch,
- Beta Testing,
- Integration with the Ethereum bridge
- Product Launch
There’s no question that the technology Polkaswitch brings to the table is revolutionary and has the potential to attract a broad user base. The use case is there, as it is not necessarily creating a new DEX per se, but instead merging all major DEXes into a one-stop-shop for maximum convenience.
If all of these developments and partnerships weren’t enough to get you excited, the party’s just getting started with Polkaswitch. With all of the big news, launches, and more on the horizon, this project is poised to be a true game-changer in DeFi.
Pre-registration is now open to the public, but spots are limited! To sign up, you can fill out this Google form here.
Make sure to follow Polkaswitch on its platforms and website below so you don’t miss a beat: