There is no doubt that crypto users are going crazy over DeFi, the recent Polkastarter rush shows exactly that. Yesterday, all the liquidity pools of Polkastarter were bought. This happened in just 30 seconds. Polkastater made this known in a blog post after the sale.
340 ETH in About 30 Seconds
Polkastarter is a decentralized exchange that runs on the Polkadot Network. Coincidentally, yesterday was also the first time the exchange would be launching. The exchange launched with 3 liquidity pools, two of which became were sold out almost immediately.
The two swap pools were both based on the POLS token. 84 people benefitted from the private pool while 113 benefitted from the public one. Both pools gathered about $199,073 in ETH at the time of writing.
The swap token pools had serious deposit restrictions as users could only put in little amounts. This could have been put in place by the exchange to prevent a few users from gaining most of the pools. However, some users bypassed these restrictions by using another method to access the pools. Instead of making a deposit, they went ahead to use the smart contract itself.
10,000 Users Tried to Access the Pools
The Polkastarter team expressed excitement in the success of the exchange, saying they could not be happier. They also highlighted the challenges they faced during the sellout. “Our website survived having 10,000+ users simultaneously accessing our Ethereum dapp. Our servers managed to hold all throughout the usage peak period” they revealed.
Polkastarter was first announced in September this year, as a means of gathering capital for the network’s projects. The DEX was made to do this through cross-chain pools and auctions. As the biggest rival to Ethereum, Polkadot is constantly looking for ways to expand its ecosystem.
The network is quite impressive. Polkadot can process more transactions than Ethereum, giving it an edge over the more popular network. The network also has more functionality, as it uses what is known as “parachains.” Whether Polkadot would overtake or replace Ethereum is something only time would tell.