Polkaswap Ecosystem Updates #74, January 29, 2024
A closer look at SORA’s recent Polkadot parachain lease achievement and catching you up on what’s new and improving on our platform.
It’s shaping up to be a promising 2024 for Polkaswap, and we’re excited to see how these developments will keep us at the forefront of the DeFi scene in the Polkadot ecosystem and beyond. Let’s dive in!
SORA Secured a Polkadot Parachain
2024 kicked off with a big win for the SORA community. Thanks to everyone’s support, the SORA Polkadot parachain was secured in the 59th auction, edging out an anonymous competitor. It was a close call, with the community pulling together to contribute 46,422 DOT, sealing the deal on January 9th at 22:07hr.
As a thank you, the community will soon start seeing Kensetsu Gold rewards, which will be vested over the parachain lease period.
HASHI Substrate Bridge with Polkadot
Advancing towards our goals, the successful establishment of the SORA Polkadot parachain has naturally propelled us to the next milestone: expanding the capabilities of the HASHI bridge. This upgrade ensures a seamless transfer of assets between the SORA network and the Polkadot network. Representing a pivotal development, it enhances existing functionalities and lays the groundwork for future expansions, notably integrating Polkadot network tokens into Polkaswap.
In other words, Polkaswap became the real POLKAswap!
DOT Trading on Polkaswap
And there’s more good news for Polkaswap. The HASHI substrate bridge expanded to include Polkadot! This means $DOT is now traded on Polkaswap, and we’ll start seeing other Polkadot ecosystem tokens on Polkaswap.io soon. It’s an important step forward for us, linking up with the Polkadot ecosystem and offering more token options that the community wants. Stay tuned for more updates on this front.
Swap DOT for KSM — only on Polkaswap
History in the making! You can now swap DOT for KSM on Polkaswap — a feat not possible on any other DEX! SORA community, we made it happen!
XOR Validator Staking on Polkaswap
We’re thrilled to share that native SORA validator staking is complete and seamlessly incorporated into the Polkaswap interface. This feature empowers users to select and endorse their preferred SORA validator nodes directly on Polkaswap.io, ensuring a smooth and user-friendly experience. Bid farewell to cumbersome tools as we introduce this streamlined staking process!
Ongoing Developments
As we continue to push the boundaries of DeFi, several notable items are currently in progress:
- Implementation of Order Book & limit orders — 90% complete
The development team is pleased to announce the successful completion of the initial version of the Order Book & Limit Orders. This functionality is now accessible on test.polkaswap.io 🎉 Additionally, we have diligently refined the first version based on valuable input from the community. We extend our gratitude to everyone who has supported us in this journey! However, our commitment to improvement persists, and we remain open to further feedback. If you have any insights or suggestions related to this feature, we encourage you to share them here.
- Asset owner page — 80% complete
We’ve enhanced the process of creating assets, making it more user-friendly and intuitive. Now, asset creators can effortlessly issue new tokens with just a few clicks, simplifying the token launch process on Polkaswap. This enhancement is designed to foster innovation and boost liquidity on the platform.
The new Asset Owner page empowers asset owners by allowing them to directly mint and burn assets. This feature provides enhanced control over token supply, enabling dynamic adjustments to be made in response to changing market conditions.
To provide you with a comprehensive understanding of your created assets’ performance, we’ve introduced a range of statistics. These statistics include key metrics such as trading volume, liquidity, price history, and user engagement for each asset. These insights are invaluable for making well-informed decisions about your asset strategy (Note: This information does not constitute financial advice).
Bottom Line
As SORA interoperability powers up the capabilities of Polkaswap, this new year will be chock full of developments that will allow you to participate in DeFi in a stylish and free fashion. Polkaswap will continue to improve and become the one-stop platform for all your crypto needs.
Stay tuned for more updates, more improvements, and make sure to bookmark Polkaswap.io on your browser and use it on the SORA and Fearless mobile wallets!
If you missed the previous ones: 2023 Year in Review / December 15 / November 19 / October 26 / October 4 / September 18 / August 31 / August 18 / July 28 / July 4 / June 16.
Help us Get Better
The Polkaswap Bug Bounty is ongoing! Submit your findings to the Immunefi platform!
Read this article on the SORA / Polkaswap Bug Bounty Programme for more information and participation rules.
About Polkaswap
Polkaswap is a DeFi application on the SORA network, it is a non-custodial liquidity aggregating, cross-chain AMM DEX designed uniquely for the Polkadot ecosystem. It offers boundless liquidity through its one-of-a-kind Aggregate Liquidity Technology (ALT).
Polkaswap utilizes SORA network interoperability with the Polkadot and Kusama networks, as well as the capability to bridge external blockchains (like Ethereum) to the Polkadot ecosystem.
