Decentralized exchange (DEX) trading volume has been rising with incredible speed. Coindesk reported that DEX volume increased 174% in July when compared to June, reaching over $4 billion in a single month. The jump between July and August was even bigger in terms of volume, and percentage wise was 157%. How high will September be?
Alongside this, you just need to look at the rise in the total value locked in DeFi protocols to realize that interest in decentralized finance (DeFi) is reaching an all-time high. Who knows how far the momentum will take it.
This new interest is great. Many would argue this current wave is perpetuating the true values and possibilities of cryptocurrency and blockchain technology. However, the recent influx of users and transactions has also highlighted some existing problems with the DeFi ecosystem that need to be rectified. Namely interoperability, which in turns opens the doors for much superior scalability.
With most of DeFi sitting on Ethereum at the moment, scalability is a huge problem. Everyone notices the slow, expensive transactions. But as a new DeFi protocol creator, choosing to build outside of Ethereum is almost like choosing to be less successful, because that’s where all the people are. But then again, wouldn’t it be better to choose a more scalable solution and wait for the ‘inevitable’ migration? Tough choice.
Even better still is an interoperability solution which doesn’t restrict DeFi users to one chain. Instead, it allows cross-chain communication so previously isolated DeFi protocols can work together seamlessly.
Polkastarter is a permissionless DEX built for cross-chain token sales and auctions, enabling projects to raise capital on a decentralised and interoperable environment based on Polkadot.
Decentralized projects will be able to use Polkastarter to raise or exchange capital efficiently and cheaply. The users will be able to participate in token sales and similar capital raising events in a secure, compliant environment using a variety of assets, not just the current ERC20 standard.
Polkastarter is aiming to break down the barriers of the existing DeFi ecosystem and bring interoperability to the forefront. Imagine Uniswap but with miniscule fees, fast transaction times and the ability to swap assets between chains.
Polkastarter can bring users cheap, secure transactions and swaps while allowing you to hop between blockchains, something that isn’t currently possible with Ethereum. This is achieved by leveraging the Polkadot ecosystem, which is able to facilitate faster and cheaper transactions while interacting with Ethereum and other blockchains.
Beyond this, Polkastarter will have a suite of other features including permissionless token listings, smart contract token swaps, password-protected private pools and even high slippage price alerts. This could, for example, be used to host password protected private sales or large OTC deals. There’s a lot coming to the Polkastarter ecosystem!
POLS is the native token of the platform and is used for platform governance and fee payments. Token holders will have the ability to vote on upcoming product features, token utility additions or changes, types of auctions on Polkastarter and they will even be able to vote which projects will be featured by Polkastarter.
In addition to this, all transaction fees will be paid in POLS, so any projects or users wanting to use the platform will need to buy POLS in order to do so. Furthermore, for some features users will have to hold POLS, for example when creating pools.
POLS will be first listed on Uniswap and the team says this will be followed by at least one top tier exchange soon after.
Meet the team
Polkastarter is co-founded by two highly experienced individuals. Daniel Stockhaus, CEO, is a serial entrepreneur specifically in the e-commerce and tech markets. He previously built his own e-commerce platform which reached a milestone of $20 million in turnover, as well as launching a development and marketing company with more than 100 clients.
As for Tiago Martins, the other co-founder and CTO, he founded Codeplace, a programming school with more than 100,000 students around the world, so he’s certainly no stranger to scaling startups or technology either.
Poklastarter is a new DeFi-focused project being built by a team with a strong tech and entrepreneurial history.
The purpose of Polkastarter is to facilitate cross-chain token sales and auctions, so projects will be able to raise capital in a decentralized, interoperable ecosystem.
*This article has been sponsored. The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space.