PolyDEX–which offers an Automated Market Maker (AMM) DEX, NFTs, and other Defi-focused options–is now part of the rapidly growing Celo ecosystem.
The DeFi platform revealed that their launch on Celo blockchain intends to ride on the ledger’s ambitious goals.
Unlike competing ledgers which are technically “heavy”, the Celo blockchain provides a reliable payment infrastructure for crypto projects primarily targeting mobile users.
Therefore, by being part of the expanding Celo ecosystem, PolyDEX hopes to increase its market share, tapping on the increasing interest among users on open finance, NFTs, and cryptocurrencies.
What is PolyDEX?
PolyDEX has been running on Polygon, an EVM-compatible sidechain for scaling Ethereum, launching early 2021 after forking from PancakeSwap.
The latter is the largest DEX on the Binance Smart Chain (BSC) which also forked from Uniswap before making enhancements and launching on the Binance-sponsored highly scalable and interoperable chain.
However, besides being a pure AMM DEX relying on a community of liquidity providers, PolyDEX offers various services with tentacles extending to the wildly popular NFTs and yield farming while also acting as an IDO launching pad.
These solutions are specifically designed to be well-rounded, meeting the varied needs of retailers and business founders.
An AMM DEX and Aggregator
By launching on the Celo Blockchain as CeloDEX, the platform will offer more beyond being an ordinary DEX.
The project developers have revealed that they are now focused on becoming an aggregator for decentralized exchanges.
As a result of this strategic shift, the portal would cheaply allow traders to access the best swapping prices on supported pairs at the best price any time of the day.
This is a differentiated approach applicable in typical decentralized exchanges like Uniswap, SushiSwap, or even PancakeSwap.
Towards implementing their objectives, UbeSwap and SushiSwap will be the first decentralized exchanges to be linked to the CeloDEX aggregator.
While SushiSwap is multi-chain, existing in Polygon and Ethereum, UbeSwap operates from the Celo platform.
The CeloLaunch: Supporting Promising Crypto Projects
Additionally, CeloDEX will operate a launching pad targeting promising projects with transformative ideas.
Their CeloLaunch, following their partnership with Celo, will directly link vetted early-stage startups with investors. According to CeloDEX, the launching pad will go a long way in fostering the building of an active community on the Celo platform when high-value ideas are actualized, fast-tracked by financial support from the community.
Plans on Building an NFT Marketplace
To further tap on the wildly popular NFTs, CeloDEX plans to launch a marketplace.
This will compete with centralized and community-owned marketplaces like Rarity and OpenSea, which are now moving billions in trading volumes.
However, the CeloDEX NFT marketplace will ride on a scalable, mobile-friendly platform translating to negligibly low trading fees and broader reach.
PolyDEX on Polygon demonstrated the positive impact on trading when fees are low, unlike in Ethereum, where gas fees can spiral to over $100 to mint an NFT.
Recently, PolyDEX said revenue generated from their NFT marketplace would develop its ecosystem and further advance the growing sphere.
The CeloVault: A Yield Optimization Vault on Celo
In partnership with Celo, the DEX has solid plans of releasing a CeloVault which is a yield optimization vault.
The tool will only be accessible to Celo users and allows investors to generate high compounding interest rates from their liquidity.
Meanwhile, performance fees generated from the CeloVault will be reinvested back to support CeloDEX’s CLX and PolyDEX’s PLX tokens.
The Celo and PolyDEX partnership and subsequent launch on the mobile-friendly blockchain could highly likely pave the way for something unique in the innovative crypto world.
Even still, PolyDEX continues to build, looking to actualize its objectives of being a dominant and fluid AMM-DEX.
For yield farmers and traders, there is a chance to participate in the CeloDEX CLX farming pools which launched on November 5, 2021.
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