Gibraltar, Gibraltar, June 10th, 2024,
Chainwire
Polkadot’s leading DeFi project - Hydration, is thrilled to announce that it has been
awarded 2 million DOT (equivalent to $14.4 million) tokens from the
Polkadot treasury. The funds have been earmarked to bolster the
liquidity and trading efficiency of Hydration’s single-sided
liquidity provisioning platform Omnipool.
The allocation of the DOT tokens is twofold. One million DOT
will be spent over the course of one year to attract fresh
liquidity to the Polkadot ecosystem, with initial rewards for
Liquidity Providers (LPs) ranging above the 200% APY mark. Thanks
to the single-sided LP design of the Hydration Omnopool, users will
start receiving rewards after providing a single asset and joining
an incentives farm, with various assets being incentivized
including native stablecoins, DOT, BTC and several ecosystem
coins.
The remaining one million DOT will be injected directly into the
Hydration Omnipool itself, with the goal of supporting the creation
of a robust, accessible layer of native liquidity to benefit the
broader Polkadot 2.0 ecosystem over time (Treasury Proposal #730).
The capital adds to an existing 690k+ dot (AND 560k+ vDOT) already
LPed into the Hydration Omnipool.
Hydration co-founder Jakub Gregus said, “This generous
allocation from the Polkadot treasury marks a pivotal moment for
Hydration. With this welcome injection of liquidity, we are able to
significantly deepen our liquidity, which is vital not just for our
growth but also for the continued health of the entire Polkadot
ecosystem.
“The Hydration Omnipool is designed to provide unparalleled
efficiency and accessibility in trading crypto-assets, and this
support from the Polkadot treasury is a testament to the potential
impact of our forward-looking approach.”
The funding provided for the Hydration Omnipool, provided in a
decentralized and non-custodial manner, will remain under the
control of the Polkadot Protocol and OpenGov.
This strategic initiative is expected to drive significant
advancements in how liquidity is provided and managed within the
Polkadot ecosystem, setting a new standard for liquidity solutions
in the shared blockchain network.
About Hydration
Hydration is the main liquidity protocol on Polkadot. Its
mission is to make DeFi efficient, simple, and unstoppable. To
achieve this, Hydration unites swaps, lending and a stablecoin
currency under the roof of a single, scalable appchain. Offering
single-sided LPing, automated trades (DCA) and limit orders,
Hydration provides the most efficient liquidity venue on
Polkadot.
Contact
Ecosystem Lead
Ben
M
Intergalactic
Limited
saas@hydradx.io
