**Proponent:** CoinAlpha

**Date: **05/24/2023

**Requested allocation: ** $52,500 (worth in PDEX)

**Proposal Summary: ** Appoint CoinAlpha as Market Makers for PDEX token on both AscendEx and Polkadex, and have them update the Hummingbot client Polkadex connector

**Short Description:** 
This submission proposes to appoint CoinAlpha as Market Makers for PDEX token on both AscendEx and Polkadex, and to have them modify the Hummingbot client Polkadex connector, so that it meets the Hummingbot Foundation standards, allowing it to be merged into the open source codebase. The requested treasury funds will be used to cover both the monthly market making fee, the one time dev work to update the connector and a monthly fee for CoinAlpha to maintain it.

**Duration:** 
The requested funds will cover 6 months of market making services and connector maintenance fee. As for the development of the connector, it will be ready 1 month after receiving the funds, although the actual release into the open source codebase will depend on the Foundation’s release cycle.

**Program details and logistics: **

A. CoinAlphawill upgrade their internal Polkadex connector to production quality to enable them to provide market making services on Polkadex;
B. Polkadex agrees to enter into a 6 months contract with CoinAlpha for market making services on both AscendEx and Polkadex, for the PDEX token (one trading pair on each exchange);
C. CoinAlpha will modify the Polkadex connector build in item (A) to meet the submission standard of the Hummingbot Foundation, allowing the connector to go into the open source codebase and be available to the 20K+ Hummingbot users worldwide;
D. Once the Polkadex connector becomes available on the Hummingbot open source repository, CoinAlpha will be the official maintainer of the connector for a period of 6 months


- CoinAlpha wants to be appointed as Market Makers for PDEX token on AscendEx and Polkadex.
- They also want to update the Hummingbot client Polkadex connector.
- They need $52,500 to cover the market making fee, connector update, and maintenance.
- The funds will cover 6 months of services and maintenance.
- CoinAlpha will be the official maintainer of the connector for 6 months.

#2362 Appoint CoinAlpha as Market Makers for PDEX token on both AscendEx and Polkadex + update Hummingbot open source connector

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