Introducing the Demodyfi DEX with Moonbeam!
Hello Demodyfi family!
Today is an exciting day for the entire Demodyfi community! The dev team has been hard at work round the clock in preparing to roll things out officially! We know that many of you have been waiting patiently, and your patience is about to be rewarded!
Today, we’d like to share with you the following announcements:
- Official launch of Demodyfi *Bridge on Moonbase Alpha! (12/24/2021)
- Demodyfi DEX on Moonbeam — COMING JANUARY 2022
What is the Demodyfi Bridge on Moonbase Alpha?
The Demodyfi Bridge is what allows coins and tokens to be moved from one network to another. For example, if you have $DMOD on BSC, the bridge will allow you to move your $DMOD from the BSC network onto the Ethereum network. In the crypto world, there are many networks. Networks such as: Polkadot, Cardano, Ethereum, BSC, Polygon, and more!
With Moonbase Alpha, we are using the Moonbeam technology to help accomplish this bridging infrastructure! However, as this is Alpha, we are launching this for the public to see how it works! Most importantly, users can test it as well!
When it launches, the Demodyfi Bridge will be a non-chain-bridge. This means that the Alpha is a testing chain. Once the Moonbeam chain officially launches in mid-January, we will launch the bridge for the Moonbeam chain!
In the future, the bridge will be expanded to support many other testnets, such as:
- Acala EVM
- Avalanche network
- Even substrate-based chains
This will allow free movement of tokens between all the networks.
Cross-chain communication protocols like XCMP, CCIP, Polynetwork, etc., will follow. This will make the bridging experience more seamless than ever before!
What is the Demodyfi DEX?
The Decentralized Exchange (aka DEX) is an incredible element within the crypto world. With the innovation of smart contracts, chains that implement smart contracts allow for the development of exchange services and tokens within their own chain.
With Demodyfi entering the scene inside the Polkadot chain, we are incredibly excited about the growth we are about to see! We are excited to announce that we are launching the Demodyfi DEX on Moonbeam!
What to expect with this version of the Demodyfi DEX
Presently, this is V1 of the Demodyfi DEX. We are going to launch the Demodyfi DEX on the Moonbeam chain when it launches in mid-January. We will be launching this along with our bridge.
In the upcoming months, the dev team will be working on integrating both the bridge and the swap functions into the DEX!
This will allow us to take Ethereum tokens to Moonbeam and, in turn, bring the assets to the Polkadot ecosystem and other parachains — such as Acala!