HydraDX Monthly Update #5
Welcome to theĀ HydraDX Monthly Update, where you can keep track of all things HydraDX. In conjunction with the monthly newsletter, live AMA Office Hours will be held in Discord during the following times on July 6th/7th:
7/10pm PST/EST - July 6th (10am HKT/SGT - July 7th)
3pm UTC - July 7th
For those who are unable to attend Office Hours, there will be two 1-hour text-based AMA sessions occurring:
Chinese - 9pm HKT/SGT - July 6th (WeChat)
English - 2pm UTC - July 6th (Discord)
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Embracing the Summer Vibes
Good day! As we enter the sunny month of June, we hope everyone is enjoying the warmth and positive energy that comes with the summer season. Despite the rising temperatures, the crypto world remains as dynamic as ever, and here at HydraDX, we are fully committed to keeping up the pace.
In the past month, our technical contributors have been hard at work, dedicating their efforts to delivering the go-to DEX experience on Polkadot. Having launched our exciting DCA feature, we will continue to further refine and enhance the protocol soā¦ be on the lookout!
We always appreciate your feedback and suggestions on how we can improve. Feel free to drop us a comment in Discord.
Without further adieu, letās get into this monthās updates and keep the momentum going! šššššš
Key Protocol Updates
DCA Trading [LIVE]
HydraDX is excited to announce the launch of HydraDX DCA, a fantastic tool for users who want to gain exposure to major assets in the Polkadot ecosystem. With Dollar Cost Averaging (DCA), you can spread your trades over time, protecting yourself against price volatility and slippage, while achieving a smooth average pricing. It's the perfect solution for those looking to make larger trades, as no trade is too big for the Omnipool.
But it doesn't stop there! HydraDX is also focused in extending our target user group to other parachains in the Polkadot ecosystem. Through cross-chain messaging (XCM), parachains can now place DCA orders and diversify their treasury holdings. So whether a project needs stablecoins for a bounty or want to acquire DOT for their next parachain slot, HydraDX DCA has got you covered.
Looking ahead, HydraDX has also already begun diversifying ~$4.8M worth of POL into HDX, DOT, and iBTC with the referendas #51 and #52 approved. This is expected to run over the course of the next several months.
Happy DCAing!
Hydrated Farms [LIVE]
On Jun 13, HydraDX officially kicked off its inaugural Hydrated Farm liquidity mining program. The first farm which was added was for: DOT. As communicated previously, Hydrated Farms are expected to only help bootstrap initial liquidity with programs typically running as 1-3 month sprints. ****
HydraDX does not foresee liquidity mining as a long-term staple in bootstrapping liquidity so enjoy it while it lasts!
Start up your tractors šĀ https://app.hydradx.io/liquidity
ASTAR and CFG joins the Omnipool
During the month, HydraDX listed two of the top projects on Polkadot: ASTAR and CFG, providing liquidity to even more Polkadot ecosystem assets in a completely trustless and decentralized manner.
ASTRĀ is the token of theĀ @AstarNetworkĀ protocol - Japan's most popular smart contract platform supporting both EVM and WebAssembly (Wasm) environments, and interoperability between them using a Cross-Virtual Machine.
CFG is the token of the @Centrifuge protocol - the go-to DeFi protocol bringing real-world assets natively on-chain, creating a fully transparent market which allows borrowers and lenders to transact without unnecessary intermediaries.
Development Progress Hub
A selection of development updates on various items in progress. The updates span over a month and is ordered chronologically (as much as possible) for each item.
Partnerships / Business Integrations / Operations
Project Treasury LP (a.k.a. Hydrate Your Treasury)
Partnering with interested parachains to deploy part of their token supply into the Omnipool as a LP to help reduce their liquidity budget.
Onboarded Zeitgeist, ASTAR and Centrifuge
Moonbeam governance proposal in discussion: https://forum.moonbeam.foundation/t/proposal-xx-proposal-to-list-glmr-on-the-hydradx-omnipool/893
Confirmed with Bifrost
Polkadot Assurance Legion (PAL)
HydraDX is leading a new ecosystem initiative which will pool together funds to help parachains undergo rigorous audits.
Initial members of PAL include: HydraDX, Interlay, Astar Network, Manta Network, Bifrost, Acala, Centrifuge, Zeitgeist and Equilibrium.
Besides audits, PAL will drive the adoption of various methods for (formal) verification and the development of tooling.
The Polkadot treasury proposal has been put up for voting on 6/28 here: https://polkadot.polkassembly.io/referenda/47
Product Features / Cross-chain / Infrastructure
Dynamic Fees
Description: This feature allows the Protocol to be able to charge varying fees based on volatility (via. price and volume oracle data); this increases profitability for LPs, including HydraDXās POL position, who are hit harder in volatile trading environments.
Notes:
Merged to master.
Deployed to Rococo for testing.
UI implementation pending.
DCA
SHIPPED ā
Stableswap Pools
Pallet: https://github.com/galacticcouncil/HydraDX-node/tree/master/pallets/stableswap
Description: This feature allows for creation of Stableswap Pools - closely pegged assets traded based on a different invariant curve (similar to Curve Protocol) - within the Omnipool. This is most ideal of stablecoins and liquid staking derivatives (i.e. stDOT).
Notes:
Audit complete - no critical issues found, resolution of findings underway.
UI implementation pending.
Liquidity Mining
SHIPPED ā
XCM Rate Limiter
Description: Security feature to limit the rate of both inbound and outbound transfers. A key use case would be to limit token transfers of an exploited token to HydraDX and prevent the exploiter from draining other assets with this token.
Notes:
Set to be deployed imminently onto Basilisk.
HDX Staking
Description: Non-inflationary staking mechanism for HDX to secure the network from potential malicious governance activity. Yields for HDX stakers will be generated from on-chain activity - other factors such as time locked and governance participation will impact individual reward rates.
Notes:
Runtime implementation ongoing.
Design complete.
UI implementation ongoing.
Other developments
Upgrade to Substrate v0.9.38 - SHIPPED ā
Development of API infrastructure to provide data such as Omnipool pricing to e.g. CoinGecko HydraDX API
Submitted to CoinGecko for review ā³
Next-gen XCM UI
Support for cross-chain swaps (XCM Exchange use-case)
Governance Square
A selection of recent governance proposals. Proposals where vote totals/controversy are not discussed can generally be assumed to have passed overwhelmingly (>90%Ā non-abstaining vote*).*
Proposals/ In Discussion
N/A
Passed
Ref #52 - Initiate the 2nd leg of Treasury DCA orders
Ref #51 - Initiate the 1st leg of Treasury DCA orders
Ref #50 - Upgrade runtime to release v17
Ref #49 - Add ASTR to Omnipool
Ref #48 - Mint 20M HDX (from existing Growth allocation) & launch Hydrated Farms with DOT LM
DOT+Ecosystem Partners News
HydraDX Omnipool Basics
Want to join HydraDX?
We're a group of skilled builders, operators, and meme connoisseurs with a goal to create the most exceptional liquidity hub for Web3. We are laser focused on delivering community-first, user-focused, and impactful products and features. If you are interested in joining us, reach out on Discord.
About HydraDX
HydraDXĀ is the go-to decentralized trading platform native to the Polkadot ecosystem. HydraDXās Omnipool offers the lowest slippage dollar-for-dollar per TVL for traders and the most flexibility in deploying their capital for LPs. Visit HydraDX to learn more and discover how we are bringing an ocean of liquidity to Polkadot and DeFi.
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