As we wrap up with the previous year & move forward to 2023, we are very delighted & motivated about PolkaBridge’s 2nd Anniversary since we incorporated in the month of January 2021 and have completed 2 years of being the first of its kind all-in-one DeFi platform in the blockchain & web 3 ecosystem. We have been in a bear market for almost a year now and the PolkaBridge team has never been more busy shipping products, making improvements to the existing ones and reaching out to the community.
Whilst it’s certainly true that the trading volume and general public interest has plummeted, in turn exacerbated by the numerous crypto custodians/lenders failing. We have never been more optimistic since we feel that this time is ripe for improving and building products for the next cycle. Here’s a recap of the most important PolkaBridge developments in 2022 — a second anniversary report, if you will!
PolkaBridge Automated Market Maker (AMM) Upgrade
PolkaBridge like all DeFi ecosystems is centered around the liquidity complex — it’s for this reason that we upgraded our automated market maker (AMM) decentralized exchange to its second iteration v2 on Mar 08. The upgrades included a new clean user-friendly interface, more user pools apart from the base pools and improved ways of adding liquidity.
The farming APY was also enhanced to provide more incentive for users to add liquidity. We also integrated with Graph API to provide meaningful analytics for the users to verify and check AMM data in real-time. Since Binance Smart Chain (BSC) was getting traction, we added the blockchain to our AMM on Apr 09.
PolkaBridge Initial NFT Offering (INO) Platform Launch
At PolkaBridge, we always strive to introduce new unconventional products based on unique concepts, which is why we launched an initial NFT offering (INO) platform for our community on Mar 14. It allows community members and developers a launchpad for their NFT projects. We designed the platform to allow for fair and wide distribution of NFTs, having low minting fees, provision of liquidity for artists and teams, interactive user interface, development of future financial utility around NFTS and transparency around the entire project.
PolkaBridge PBR Token Exchange Listings
For the native PBR token, 2022 was a significant year as it got listed on significant, widely known high volume and liquidity exchanges. It was listed on the Huobi exchange on Aug 18. We have always strived to expand the list of exchanges where our token can be traded to present our community with more options and increased liquidity. In the future, we will focus on more Tier 1 exchange listings such as Binance, Coinbase etc.
PolkaBridge Ventures Launch
IThe team launched a new venture capitalism arm of the PolkaBridge ecosystem this year on Aug 15 to invest in early stage/conceptual projects. It’s called PolkaBridge Ventures and we aim to provide support and assistance to help founders and dev teams from the concept stage to eventual launch with our infrastructure, expertise and experience in the crypto arena.
Our focus is on GameFi, DeFi, NFTs, Web3 and Metaverse. The initiative has already invested in over 20+ promising projects, for instance Aptin Finance, Astra Protocol, Mov3er.xyz, Exorde Network, Bluemove and ZkCross are some of the prominent ones in our portfolio.
PolkaBridge Decentralized P2P Platform
PolkaBridge’s next ambitious plan is to test and develop a decentralized P2P platform to allow users to exchange FIAT currency to crypto or vice versa. This will be done without middlemen and through a process facilitated by code. It will reduce dependency on centralized platforms to conduct these exchanges in a trustless and secure manner. We started working at the beginning of the year and an outline was presented to the community by June. The first testnet was launched on Sep 26, we placed special emphasis on community feedback to iron out and prepare the platform for an eventual complete launch.
A second testnet version was launched Nov 01 with support for Goerli network (replacing Rinkeby), user chat function, enhanced support for user wallet, orders system and trading activity rating system. The third version of the testnet was deployed on Dec 10 with the following features: testnet v2 bug fixes, improved and more user friendly UI, mobile version redesign, deposits & withdrawals fixes, ability to place limit orders, verification available via OTP on mobile or email address, user status and avatar plus notifications enabled via SMS, email, chat etc.
We might have a few more testnet launches as we gradually polish the product in the lead up to a final version mainnet launch somewhere in 2023. The community reception so far has been positive with the members providing valuable suggestions and advice on how to approach this unique and highly functional product in the crypto ecosystem.
PolkaBridge Buyback And Burn
As you are aware that PolkaBridge burns a specified amount of PBR tokens monthly to reduce the circulating tokens and have a positive impact on the value of the remaining tokens in circulation by curtailing selling pressure caused by limited supply. In the year 2022, PolkaBridge burned around 10M PBR tokens (or 10,000,000 tokens). The burn amount was 1M tokens monthly, which was later changed to 500K owing to market conditions. Currently, the circulating supply is 65M PBR tokens with 25M PBR tokens burned since the token launch.
PolkaBridge Launchpad Continues Its Stellar Performance
PolkaBridge Launchpad has always been one of the core components of the ecosystem and things have never looked better for the fund generation and liquidity arrangement platform than in 2022. We white listed and helped organize the initial coin offering (ICO) for many promising early stage projects which went up 2X to a staggering 500X from their ICO prices. In 2023, we aspire to do even better by offering our community new avenues for investment and capital growth!
PolkaBridge Insights Platform — Update
In this year, we presented the plans for a content creation and management platform PolkaBridge Insights. It’s slated to be a community curated resource to present accurate and latest news about PolkaBridge product, crypto and blockchain in general, Metaverse, Web3, DeFI, blockchain enabled gaming etc. We are in advanced stages of its launch and hope to present it soon in the near future.
Closing the year 2022 with many common difficulties of the whole market, hopefully 2023 will have many good changes and users can make more profits.
Thank you for being with PolkaBridge over the past 2 years. In 2023, the orientation will be the year of strong development of PolkaBridge
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.