Ethereum rivaling blockchain Polkadot is jumping aboard the DeFi bandwagon with the launch of its own decentralized exchange and governance token.
The recently announced Polkastarter will be listed on Uniswap today, 13.00 UTC September 29, as an ERC-20 token called POLS. The concept is to create an interoperable decentralized exchange to the Polkadot ecosystem, however it is entering an already crowded DeFi space.
To ensure our growing global community can all participate we selected the following time:
9am NYC / 1 pm UTC / 3pm Berlin / 9pm HK / 11pm Australia
— Polkastarter (@polkastarter) September 28, 2020
Another Ethereum Killer?
Polkastarter was announced earlier this month when it was touted as a DEX built for cross-chain token pools and auctions, enabling projects to raise capital on the high-throughput Polkadot ecosystem.
On the surface, it appears to be another attempt, and there have been many recently, to usurp Ethereum which has been weighed down under excessive demand over the past couple of months. Binance has its own Smart Chain and has shilled a number of DeFi clones running on it recently. Meanwhile, NEO has just launched Flamingo Finance on its own chain, all in an attempt to suck liquidity away from Ethereum and the ERC-20 standard.
Polkadot is aiming at interoperability between them all, but using its own blockchain naturally;
“The killer feature of Polkastarter is the possibility of making cross-chain swaps, powered by the Polkadot ecosystem, which can provide higher throughput for faster and cheaper transactions while staying connected to the Ethereum Network and other blockchains for liquidity.”
The project has significant VC backing with investments totaling $875,000 from a private sales round including Moonrock Capital, NGC Ventures, Signum Capital, and Astronaut Capital.
POLS on Uniswap 300% Higher Than Seed Price
When it goes live, the POLS token will be available on Uniswap in exchange for ETH. However, there has already been a seed sale where tokens were sold for $0.0125 so there is a chance that they may be dumped as soon as the token goes live at a higher price.
Following this, there was a private sale where tokens went for $0.025, and the Uniswap listing price is expected to be $0.05. There is the additional danger of fake tokens, and there were three dodgy versions of POLS already on Uniswap at the time of writing.
Polkadot’s native DOT token has reacted to the listing with a 5.5% climb on the day taking it to $4.54 according to Coingecko. Following its launch in August, prices surged to peak at $6.30 before falling back 28% to current levels.