Tortola, British Virgin Islands, 31st March, 2022,
– Thea, Polkadex’s innovative interoperability layer, is now available on the Polkadex testnet. Thea will connect the Polkadex blockchain to Ethereum before adding support for more blockchains.
The token bridge is designed to be a seamless and trustless way to connect Polkadex and Ethereum, with more blockchains to be supported in the future. Following the Polkadex ethos of providing a CEX-like experience but in a noncustodial DEX, Thea’s user interface will resemble the deposit and withdrawal functions on centralized exchanges.
As opposed to current token bridges with centralized relayers, Thea is run by existing Polkadex validators who act as a decentralized group of relayers thanks to multi-party ECDSA (Elliptic Curve Digital Signature Algorithm) technology. Therefore, Thea bridges have no central point of attack as they are as decentralized as the Polkadex network itself.
“Bringing liquidity in the way users do in CEXes without compromising security of those assets is critical to the user experience of a DEX. It shouldn’t be complex or expensive. Thea is a leap in cross-chain interoperability which represents our commitment to user experience while bridging from Ethereum.” said Polkadex CEO Gautham J.
Not only is Thea a leap in interoperability, but it’s also a huge improvement in user experience in the token bridge space. With only one transaction needed, it’s easier, faster and more affordable than current bridges. Soon, Thea will power trustless cross-chain deposits and withdrawals to and from Polkadex, allowing ERC-20 and ETH asset holders to effortlessly access a non-custodial orderbook-exchange with high-frequency trading and support for 500,000 transactions per second.
Thea is now live on the Polkadex testnet and will be released to the Polkadex mainnet later this year.
About Polkadex
Polkadex Is A Fully Decentralized Peer-To-Peer Orderbook-Based Cryptocurrency Exchange For The DeFi Ecosystem Built On Substrate. The Main Idea Behind Polkadex Is To Create A Platform That Combines The Benefits Of Centralized And Decentralized Exchanges Into One Cutting-Edge Solution. Polkadex Caters To All Crypto Traders.
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