2021-12-1 15:43 |
Polkadex PDEX/USD is an order-book exchange for decentralized finance (DeFi) which is built on Substrate.
It was developed to combine the safe and non-custodial format typical of decentralized exchanges in combination with the accessibility and user-friendliness of centralized exchanges.
PDEX was initially built as an Ethereum-based ERC-20 token, which was a temporary solution while the platform was in testnet.
The Substrate migration as a catalyst for growthOn September 22, we discussed if it was worth investing in Polkadex before the mainnet launch on September 29.
On December 1, Polkadex announced the listing of its native token PDEX on Gate.io, which in turn signaled the start of the migration from the ERC-20 based PDEX.
That said, Polkadex users are able to migrate from ERC-20 to the native chain until Q1 of 2022, after which the ERC-20 PDEX will be disabled.
Even though during the testnet, PDEX was supported on Ethereum through the ERC-20 standard, migration to PDEX native token is a key part of making the Polkadex ecosystem safer.
Polkadex is offering an average APY of 65% to stake PDEX on the native chain to keep things moving forward with the migration.
Should you buy Polkadex (PDEX)?On December 1, Polkadex (PDEX) had a value of $14.44.
To get a better perspective as to what kind of value point this is for the token, we will go over its all-time high value as well as its performance in November.
The all-time high value of the PDEX token was on May 16, when the PDEX token reached a value of $39.38.
This gives us an indication that at its all-time high-value point, the PDEX token was $24.94 higher in value or by 172%.
That said, the PDEX token did not perform that well throughout November.
This is due to the fact that on November 3, the token saw an increase in value to its highest point of the month at $26.41 from the days prior to it.
However, on November 30, the last day of the month, the token fell to its lowest point at $14.72. This marked a decrease of $11.69 or by 44%.
That said, on December 1, it’s even lower, at $14.44. This marked a decrease of an additional 2% or by $0.28 within the span of 24 hours.
With the promise of an average APY of 65% and this migration process, we could potentially see a lot more movement in PDEX, which could, in turn, increase its value.
At its price point of $14.44, the PDEX token is a worthwhile purchase if you hold on to the token for the next six months or more, as it does have the potential to climb over $25 if the migration goes according to plan.
On the flip side, if the token falls below $10, then it might be worth reconsidering.
The post Is it worth buying PDEX after Polkadex migrated the token from ERC-20 to Substrate? appeared first on Invezz.
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