Polkadex, the first cross-chain DEX with automated market making engine, shares the details of its Thea release
With the new version, the Poladex testnet will be connected to Ethereum (ETH); other blockchains of various types will soon be added to a general purpose interoperability layer of the DEX.
Polkadex exchange activates Thea interoperability testnet
According to the official annoucement shared by the Polkadex team, its mechanisms are now undergoing the Thea testnet phase. This is the first release when Sunstrate-centric Polkadex is seamlessly interoperable with Ethereum, the largest smart contracts platform.
In the Thea version, the UI resembles that of centralized exchanges, as the Polkadex team focuses on keeping its UX/UI simple, as it is on major centralized exchanges.
Thea testnet mechanism is run by existing Polkadex validators who act as a decentralized group of relayers interconnected by multi-party ECDSA (Elliptic Curve Digital Signature Algorithm) technology.
Polkadex CEO Gautham J. pointed out that this build allows for a transparent and resource-efficient bridge between Polkadex and Ethereum (ETH) with more blockchains to integrate:
Bringing liquidity in the way users do in CEXes without compromising security of those assets is critical to the user experience of a DEX. It shouldn’t be complex or expensive. Thea is a leap in cross-chain interoperability which represents our commitment to user experience while bridging from Ethereum.
As previously reported by U.Today, Polkadex’s native token, PDEX, was initially launched on the Ethereum (ETH) network. On September 29, 2021, the team launched the migration from PDEX to Polkadot (DOT).
PDEX token is set to be a backbone tokenomic element of PolkaIDO dashboard for decentralized token sales, Polkadex Orderbook noncustodial trading module and Polkapool liquidity platform.
Polkadex mainnet release to follow this year, team says
Polkadex engineers point out that the Thea bridge module is more powerful and more economical than the existing alternative. As such, Thea operations are also pushing the interoperability barriers for Ethereum (ETH).
Once the stress tests are over, both Ether and ERC-20 assets will be seamlessly available on Polkadex.
Its orderbook will be able to process at least 500,000 transactions per second. Mainnet release is expected to go live as soon as 2022.
