416 Interactions, 2 today
December 15 marked the official launch date of the Polkastarter decentralized exchange and its first liquidity pool sold out in 30 seconds.
Polkastarter is a DEX developed to operate on the Ethereum rivaling network, Polkadot. Its highly anticipated launch this week went well despite the heavy loads on the dApp and server the blog post stated.
The platform has been developed for cross-chain token pools and auctions, with the primary purpose of enabling projects to raise capital on Polkadot and not Ethereum.
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
Gone in 30 Seconds
At the time of launch, there were only three swap pools with very limited amounts permitted for deposit. This could be why they sold out so fast. The blog post continued;
“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.”
It added that some users found a way to circumnavigate these stringent limits by accessing the smart contract directly. Just 84 people were able to participate in the exclusive pool for POLS tokens and 113 accessed the public one. It added that the two pools combined managed to raise 340 ETH instantly.
The limits were presumably set to prevent whales from gobbling up all the early access pool tokens and cutting out the masses (as has happened with so many DeFi token launches this year). It added that Ethereum ‘gas wars’ were still a problem and it plans to alleviate that by moving fully to Polkadot.
“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,”
POLS Price Dumps 22%
Polkastarter was officially announced in September when the project listed its native POLS token on Uniswap. At the time of launch, the POLS token spiked to above $0.85 but, like most newly minted DeFi tokens, it spent the next two months in decline.
Despite the relatively successful Polkastarter launch, POLS prices have tanked 22% on the day in a fall to $0.43. They have come nowhere near the all-time high but have risen a similar percentage over the past week, and 75% since the same time last month.
Polkadot’s DOT token, conversely, has made 6.3% on the day to reach $5.18, just 21% off its own all-time high.