DeFi News: PolkaStarter [POLS] Token Price Surges In The Wake of Second IDO Announcement

Polkastarter [POLS], one of the upcoming DEX launching its platform on December 17 recorded a massive price rally, seeing the price of POLS token move from a daily low of $0.390 to a daily high of $0.566. The current price rally comes just hours after MahaDAO announced that they would be launching their own IDO on Polkastarter’s upcoming platform launch.

This is the second IDO announcement for the Polastarter 1.0 which would launch next week with three projects. Prior to the MahaDAO announcement, another defi project SpiderDAO, a hardware DAO built on top of Polkadot blockchain, and interestingly both the IDO announcements came within the last 24 hours.

The official Twitter account of Polkastarter noted that its upcoming DEX would list three projects in the first week out of which two are already announced but didn’t offer many hints about the possible third project.

However, it did talk about the recent Airbnb IPO and the possibility of one of the three listed projects being as successful as the recently concluded and much talked about “Airbnb IPO.

The $POLS platform will have 3 projects listing on it in its 1st week.

We've announced @SpiderDAO
& @TheMahaDAO

What's next? ????

Any 1 of the 3 has the potential to do an @Airbnb or @DoorDash in a decade.

Except now with #DeFi, YOU can be @ycombinator.https://t.co/f75KjnBs3x

— Polkastarter (@polkastarter) December 12, 2020

Decentralized Platforms and Defi Tokens Among Biggest Winners This Year

Bitcoin might be the talk of the town at moment but Ethereum-based Defi and DEXs have been the real success story of 2020. The Defi market which is over $17 billion at present starting at around $1.7 billion at the beginning of the year. Most of the Defi tokens have faired well in the market including Yearn Finance which registered its all-time-high of $43,873.

The popularity of Defi is evident from the fact that during the peak Defi dominance, Uniswasp one of the popular DEXs was generating more trading volume than top cryptocurrency exchanges combined. Despite a few cases of exploitation and hacks, the Defi ecosystem has managed to overcome those scares to offer better use cases, one of the potential big ones being Forex trading. The Defi ecosystem is expected to grow further once ETH 2.0 becomes fully functional.