Introduction
Polkadex is a fully non-custodial peer-to-peer orderbook-based cryptocurrency exchange for the DeFi ecosystem built on Substrate.
Goal
We plan to submit a governance proposal to Interlay this coming Friday (October 6th, 2023), aiming to open an XCM channel between Polkadex and Interlay parachains. The XCM channel will facilitate token transfers and further cross-chain developments and DeFi initiatives between the two parachains.
Opportunities
The main use case is that users will be able to transfer their iBTC and other Interlay parachain assets to Polkadex for trading on the Polkadex Exchange. With more parachain listings on the way to the Polkadex Exchange, iBTC and other Interlay assets can be exchanged for other Polkadot parachain tokens and vice-versa, then transferred to subsequent parachain destinations.
This will also create opportunities for traders to borrow and lend via the Interlay platform to trade on Polkadex. Additionally, it can pave the way for the creation of a derivatives platform.
Discussion Point
Any arguments against opening this XCM channel?
We want to understand if the community has any strong arguments against this action. We are open to answering any questions before submitting the proposal to ensure a favourable outcome.
Getting iBTC on an Orderbook with USDT and DOT with 0 trading fees will be great. And Polkadex just passed a treasury proposal to pay a Market Maker to help bootstrap the liquidity on the iBTC/USDT pair. This seems like a great proposal for all parties.
Personally, I (Mr. RR) see no reason to decline such an offer. Our task as the Interlay community is to accept absolutely all proposals that allow us to scale both vertically and horizontally.
I support this proposal. Thank you to the polkadex team.
As long as INTR holders don´t have to pay any incentives in INTR for liquidity, I support the proposal.
We support this, it creates actual utility for iBTC which will help increase demand. Polkadex has the potential to open up the entire Polkadot ecosystem & iBTC has the chance to be the bitcoin standard base for trading pairs on the platform.
We support this. Great use-case for iBTC.
Edited