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…
— Polkastarter (@polkastarter) December 15, 2020”
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:
“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.”
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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