PolyDex Joins Celo Ecosystem
PolyDex has joined the Celo ecosystem, allowing the company to enter the blockchain space for mobile. Celo is part of the new wave of blockchains aiming to democratize finance and offer anyone a chance to participate in the ongoing market changes.
The cooperation is not just one of a kind but has the potential to acquire a fair share of global users - with a rapid spread of smartphones and rising inflation, more people strive to get access to dApps of all the different kinds, from decentralized finance to NFT marketplaces. PolyDex is something to keep an eye on.
What Is PolyDex
PolyDex is an all-around AMM DEX, NFT, yield farming platform and IDO launchpad primarily focusing on emerging projects raising capital. Founded in 2021, the company offers a wide range of services, including AMM (Automated Market Maker), NFT marketplace, a fundraising platform, yield optimization, and more. Alongside similar projects built upon existing technology, it forked from battle-tested PancakeSwap at Binance Smart Chain and has been running on Polygon.
Features
PolyDex offers solutions suitable for both retail customers and crypto business founders.
CeloDEX AMM & DEX Aggregator
The Automated Market Maker from PolyDEX / CeloDEX, emerged from the 100% fork of PancakeSwap at Binance Smart Chain. Similar to UniSwap or SushiSwap, it gives liquidity providers and traders an opportunity to exchange tokens and earn trading commissions. However, unlike isolated projects, CeloDex won’t take the trampled route. Instead, it aims to become an aggregator of all the automated decentralized exchanges, thus offering an opportunity for users to choose the best conditions fee-wise. UbeSwap and SushiSwap will become the first decentralized exchanges to be aggregated before the company moves forward to other DEXes.
PolyLAUNCH — CeloLAUNCH launchpad
Raising capital for startups has become a much harder process than it used to be during the early days of Silicon Valley. Investors are cautious and demand results that a recently founded company can’t sometimes achieve. As a result, many founders turned to community fundraising, the tendency prevailing in all industries. Crypto industry is not lagging behind. Projects like PolkaDot provides parachains under the condition of winning an auction, making crypto startups vigorously battle for empty spaces.
PolyDex is building its own multi-chain fundraising ecosystem, PolyLaunch, effectively evolving into CeloLaunch with Celo partnership. The idea behind the ecosystem is to connect teams working on early-stage projects with investors. Cooperation with Celo will allow ideas with the potential to turn into reality on the Celo platform. Users from other chains will also have the chance to chip in.
NFT Marketplace
NFTs have become a buzzword of Q2 2021. NFT, or non-fungible token, is a unique token proving the ownership of an item of assets. With the boom came into existence Rarible, Foundation, OpenSea, and many other NFT platforms. The market is yet to develop, it’s in the early stages and longs for more platforms and solutions due to the rising number of creators.
PolyDEX has ambitions to enter the race and introduce its own NFT marketplace with easy and quick ownership transfer. Many creators operating on Ethereum-built NFT platforms struggle with fees that can go as high as $300 per transaction. The Polygon (MATIC) network on which PolyDex is built offers cheaper fees and faster transfers, making it potentially a better alternative to the Ethereum ecosystem.
PolyDex only recently announced its plans for NFT space, claiming any revenue coming from fees will be used to develop an ecosystem further and benefit its shareholders.
CeloVault
CeloVault is another feature launched by PolyDex in partnership with Celo. It will be only available for Celo users. CeloVault offers investors an automated compound interest on their liquidity. Performance fees received by CeloVault will be reinvested into CLX and PLX tokens.
Wrapping up
The synergy of both Celo and PolyDEX paves the path to something new and mobile in the crypto world. The project itself is promising but remains in the early stages of development. If you are a crypto enthusiast looking for the latest trends or wish to find an idea with potential, it is worth keeping an eye on PolyDex and Celo. The farming pools for CLX tokens are beginning on November 5th.
