PolkaBridge August 2022 Update
Despite the market slowing down from the global economic crisis, the PolkaBridge ecosystem is still growing by leaps and bounds. From our humble beginnings in Jan 2021, our products have come a long way from concepts to actual DApps that you can use today. In this month, we added liquidity on Binance Smart Chain (BSC), partnered with DeSpace for aggregator listing and marketplace referrals, AMM TVL crossed half a million, held our 12th buyback and burn, cemented multiple partnerships, got listed on Huobi, ran several promotions for our community, listed several IDOs and much more. Let’s see the August recap.
The PBR token was listed on Huobi — a prominent centralized exchange with excellent traffic and liqudity on Aug 18. This is in line with our vision to list on all major centralized and decentralized exchange to allow for hassle free trading and wide choice of platforms to use. Last month, we got listed on Kucoin and are working towards listings on Coinbase, FTX, Binance etc.
For the launch promotion, we offered 300% APY to all the people depositing PBR on the exchange via locking funds for a specified period of time. We also launched a trading competition where high volume traders had a chance to share prizes from a pool of 450,000 PBR tokens! The Gleam competition also saw giveaways worth $500 honoring the occasion.
Addition Of Liquidity On BSC
We added the liquidity on Binance Smart Chain (BSC) on Aug 01. In total, around $200,000 worth of liquidity was added to the PBR-BNB liquidity pool on the PolkaBridge native AMM (automated market maker) exchange. Our aim is to make our native AMM, the main trading venue for PBR trading amongst all other decentralized and centralized exchanges, where our token is traded. This liquidity will help with reducing slippage and increasing liquidity depth on PBR trades.
PolkaBridge also entered into a partnership with DeSpace on Aug 01 to collaborate together on our vision of a shared, multi-chain future where movement across chains is a simple one-click endeavor. Because of this partnership, DeSpace will add PolkaBridge decentralized finance (DeFi) DApps to its aggregator, so DeSpace can use them or source liquidity from them at ease. This collaboration will also include marketplace referrals to DeSpace from PolkaBridge’s Initial NFT Offering (INO) platform. We will also launch marketing initiatives togethers to heighten community engagement.
PolkaBridge TVL Crosses Half A Million
The PolkaBridge decentralized exchange crossed half a million ($500,000) in total value locked (TVL) on Aug 04 on both Ethereum and Binance Smart Chain (BSC) blockchains. This is a visible sign of the ecosystem development and growth over time and we hope to boost this value 200 fold in the future with new initiatives/strategy.
PolkaBridge 12th Buyback And Burn
We also held our 12th monthly buyback and burn program on Aug 10. Around 500,000 PBR tokens were bought and sent to the burn address worth a total of $50,000. The current circulating supply is 64M and max supply is 76M for PBR tokens. So far, in the last 12 buybacks and burns, we have removed 24M PBR tokens from the circulation. This is guaranteed to have a positive influence on the value by reduction of circulating supply.
PolkaBridge Short Video Infomercials And Guides
PolkaBridge has also started the short video infomercials and guides series on Youtube (other social media accounts), for this purpose we have produced our first video on Aug 08 and it discusses the introduction for PolkaBridge ecosystems and project basics. It’s a very helpful medium for getting the message across in a fun and intuitive manner. These animated videos with subtitles (around 3–5 min) can be shared with anyone for project promotion and community engagement. Apart from this, we will produce other videos on relevant topics in due time.
Gate.io Lockup And Earn Program
After last month’s Kucoin promotion, we launched the 14 days lockup and earn PBR program on Gate.io exchange starting from Aug 10. The principal protected program allowed users to earn upto 150% APR on their tokens and increase their stack in the PolkaBridge ecosystem. From time to time, we introduce such promotions for our community to participate in and benefit from the success of the platform in a safe and secure manner.
PolkaBridge Ventures Launch
We have launched a new venture capital arm of the ecosystem — PolkaBridge Ventures on Aug 15 with the aim of incubating early stage/startup projects by providing zero-to-one support in raising the project from the concept stage to its eventual launch. PolkaBridge has extensive expertise and infrastructure to provide assistance to early stage projects. Our focus is on GameFi, DeFi, NFTs, Web3 and Metaverse.
PolkaBridge Community Airdrop
We launched a community airdrop from Aug 18 — Aug 30 for PolkaBridge users. After placing a 100,000 PBR tokens allocation in the community pool, we encouraged community to participate and refer new members to earn PBR rewards. This is an effort to promote the project amongst the broader crypto community and make them a part of the PolkaBridge ecosystem.
PolkaBridge entered into a second partnership with V2BLabs on Aug 15. V2BLabs is a blockchain research and development focused team with over 10+ years of IT experience. This partnership between the two teams would allow sharing of resources, industry connections, benefitting from each other’s expertise in incubating and launching early stage projects.
We also entered into a partnership with FantomLive on Aug 17. It’s a multichain launchpad which exists on Fantom, Avalanche, Polygon and Binance Smart Chain (BSC). According to their description, they offer “token Mint, launchPad, lock liquidity, airdrop distribution in the simplest and most effective way”. The aim is to get the both launchpads benefit from each other’s projects and specifically liquidity.
We also launched a PolkaBridge meme contest on the event of our listing on Huobi exchange, where users were requested to submit memes for the occasion. The rewards for this promotional event were $500 divided equally amongst the top 10 memes. We noted that the participation was high for the event and have since then distributed rewards to the winners.
MH Audits Partnership
We also entered into a partnership with MH Audits on Aug 25 and have them onboard as the official audit services providing firm. Also, we plan to recommend their services to all the projects partnering with PolkaBridge and/or incubating projects in the ecosystem.
Our first Initial decentralized offering of the month wsa CrypCade on Aug 05 — a functional fullstack entertainment metaverse on blockchain. It’s meant to include high quality visuals, NFT collectibles, social engagement and P2E games.
Second IDO was Spume on Aug 15 — a holder-owned tokenization protocol. The users are required to hold Spume tokens to share in the revenue of the protocol featuring NFTs of all kind (music, arts, good etc.)
There were IDOs for Sirius Finance and Monopolon also, but they were refunded because the project team didn’t act in good faith and we found technical irregularities. So in the interest of protecting our users, we decided to refund the investors of these IDOs.
PolkaBridge is a decentralized all-in-one financial application platform. The PolkaBridge ecosystem includes Multichain & Cross-Chain AMM, Farming, Staking, Lending, Launchpad, P2P Exchange, INO NFT, and more. All products will be developed with Polkadot in the center.