Polkastarter, a Polkadot-based DEX built for cross-chain token pools and auctions, has successfully raised $875,000 in a seed and private sale backed by NGC Ventures, Moonrock Capital, Signum Capital, and Astronaut Capital. The oversubscribed round saw more than $20 million in interest, showing the demand for non-Ethereum based DeFi and DEX solutions that are scalable and provide lower fee structures.
- Backers include NGC Ventures, Moonrock Capital, Signum Capital and Astronaut Capital
- Polkastarter with more than $20 million in private sale allocation requests
- Polkastarter is building a DEX for cross-chain token pools
Polkastarter’s permissionless DEX will allow decentralized projects to raise and exchange capital cheap and fast, with other use cases including auctions and protected OTC transactions. Polkastarter will also have full KYC integration and offer cross-chain, fixed, and dynamic swaps that will allow for the use of digital assets beyond commonly used ERC20 assets.
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Polkstarter’s Co-Founder and CEO Daniel Stockhaus explains, “Polkastarter will address a multi-billion dollar industry that is currently experiencing growing pains like scalability issues and high fees. Using Polkadot, Polkastarter will provide greater flexibility for users and projects looking to experience a DEX that is truly interoperable. We are excited to work with Polkadot to make this happen.”
Polkastarter’s native token, $POLS, has a total supply of 100 million tokens, with 42.5 million sold. The team will dedicate a part of these funds to a Uniswap listing with added liquidity to provide a fair chance for the Polkastarter community members around the world to acquire tokens. Upon listing on Uniswap, Polkastarter will have an initial market cap of $893,750 and a fully diluted market capitalization of $5 million. Team and advisor tokens will be locked for at least one year and seed/private round investors will also be subject to a vesting schedule between 3 to 8 months.
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