Polyient Games announced yesterday it is building a decentralized exchange (dex) for NFTs on Avalanche Labs. The collaboration aims to enhance the bridge to Ethereum, reported Decrypt on June 30.
Bringing NFTs to DEXs and Ethereum
Just this week, Ava Labs raised $42.5 million in the token sale of its AVAX coin, bringing the total $60 million in investments from public and private funding. Now, the firm is set its sights on building a decentralized exchange (DEX) with Polyient Labs – a venture fund and development lab set up solely to invest in and build non-fungible tokens (NFTs).
The DEX will be a part of the broader Polyient Games Marketplace and allow for peer-to-peer NFT transactions, exclusive NFT offerings such as crypto-collectibles, and other potential NFT trading projects.
In a release, Polyient said the marketplace and the (upcoming) DEX will use a utility token called PGFK Particles (XPGP), with 1,000 XPGP equal to one of the standard PGFK tokens used as rewards and with memberships within the Polyient Games ecosystem.
These will also be trading pairs for fungible tokens on other applications on marketplace, including in-game currency and “NFT-adjacent tokens,” said the release, adding the firms will work together on enhancing the “bridge” between Ethereum and Avalanche as well.
The above means users of Polyient Games’ NFT DEX can jump over to Ethereum for easy transfer of ERC-20 and ERC-721 assets.
Kevin Sekniqi, the co-founder of Ava Labs, said of the development in a release:
“NFTs and blockchain gaming is growing rapidly, and we’re excited to welcome one of the most exciting projects leading the evolution of these segments.”
He added that with Avalanche as its foundation for its new DEX, “Polyient and its marketplace of NFTs will be able to grow without limits.”
The Latest Ethereum “Killer”
In the coming weeks, Polyient Games will launch an AVAX-XPGP swap market to allow for easy tokens trading without an intermediary. That will, in turn, let the Polyient Games Ecosystem members add their tokens to the pool to earn a share of transaction fees.
Avalanche is the latest blockchain in line with a long list of “Ethereum killers.” However, the latter is suffering from slow transactions and network congestion even the DeFi market has just started to heat up: Presenting an opportune time for other projects to gain precedence.
Avalanche is not only compatible with the Ethereum Virtual Machine, but it also enables tools like MetaMask and other DeFi applications in addition to a much higher number of transactions processed per second.
Ava Labs claims the Avalanche blockchain can process 4,500 transactions per second, whereas Ethereum sits around 15 per second. But some other firms, like Matic Network, are now reporting figures of 7,200 in testnets.