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Polkastarter First Liquidity Pool Sold Out In 30 Seconds: Report

Stefan by Stefan
16/12/2020
in Altcoin News
Reading Time: 2 mins read
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Polkastarter First Liquidity, eth, polkadot, pols
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The polkastarter first liquidity pool sold out in about 30 seconds and marked the official launch date of the decentralized exchange so let’s read more about it in the latest crypto news.

Polkastart is a DEX Developed to operate on the ETH rivaling network Polkadot. Its launch was highly anticipated this week and it went exceptionally well despite the heavy loads of the DApp and server. The platform was developed for cross-chain token pools and auctions with the main goal of enabling the projects to raise more money on Polkadot, not on ETH:

“Our $POLS Launch went as we expected. There were some things that went well & others we’d like to improve on!

But that is the nature of #entrepreneurship. You ship your best MVP & then iterate, iterate, iterate…

Read more about the $SPDR pools here👇https://t.co/LggcHhKAEZ

— Polkastarter (@polkastarter) December 15, 2020”

polkastarter

At the time of the launch, there were only three swap pools that have limited amounts permitted for the deposits which could be the reason why they were sold out so fast, as the blog explained:

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 “Both our first two fixed swap token pools on Polkastarter sold out in less than 30 seconds. Our website survived having 10,000+ users simultaneously accessing our Ethereum dapp. Our servers managed to hold all throughout the usage peak period.”

We are excited that so many people are excited to whitelist for the upcoming $MAHA event on https://t.co/CsuSCurP0v tomorrow.

Currently, our platform offers three options for fixed swap pools – Public, $POLS Holders, and Whitelist.

It's up to the project which one to use! https://t.co/IuCycWXFLP

— Polkastarter (@polkastarter) December 16, 2020

It added that some users even found a way to avoid the stringent limits by accessing the smart contracts directly were about 84 people were able to participate in the pool for the POLS token and 113 accessed the public one. It even added that the two pools combined raised 340 ETH in just a few minutes. The limits were set to prevent the whales from getting all of the early access pool tokens and cutting out the masses as previously happened with a lot of Defi tokens this year. it added that the ETH gas wars were still a problem with more plans to alleviate the issue by moving to Polkadot entirely:

 “We believe that our plan to move our smart contracts into the Polkadot ecosystem via Moonbeam is going to solve many of the complications we experienced today.”

The Polkastarter first liquidity pool was sold out in 30 seconds and was officially announced back in September when the project listed the POLS token on Uniswap. At that time, POLS spiked to above $0.85 and spent the next two months dropping. Despite the successful launch, POLS prices dropped by 22% on the day and dropped to $0.43.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: dappdexEthliquidity poolpolkadotpolkastarterpolkastarter first liquidity poolReport
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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