HydraDX Monthly - February 2024
Upcoming Stablecoin and Money Market, Rebranding, Swaps on Novawallet, and More
Welcome to the new edition of the HydraDX monthly, where we explore the most exciting developments around HydraDX for the month of February.
New Native Stablecoin and Money Market
HydraDX is proud to present HOLLAR, a decentralized stablecoin that offers a trustless, transparent alternative to traditional stablecoins. HOLLAR was designed to be future-proof, devoid of the drawbacks that some stablecoins face today like over-reliance on the human factor and sub-optimal peg maintenance mechanisms. Backed by the Omnipool, and an upcoming Adaptive Liquidity framework, HOLLAR has multiple peg-fortifying factors in place to ensure its stability.
In addition to that, we’ll be launching the Lending and Borrowing platform, introducing a Money Market that enables users to maximize the utility of their assets. By contributing to a lending pool, users allow their funds to be borrowed by others, provided that sufficient collateral is offered. This system is designed to maintain liquidity, thanks to the Omnipool, and ensure repayment through partial liquidations if the collateral value falls below a predefined threshold. We anticipate an early version to be ready soon.
To learn more, read the announcement post here: https://hydradx.substack.com/p/destination-hydration
Rebranding to Hydration
Last month, we proposed a re-brand of the protocol from HydraDX to Hydration. The proposed rebrand spans across the protocol’s naming, logo, and visual vibes, and aligns well with the thematic elements of liquidity that are central to our operations.
The decision to rebrand to Hydration was discussed here and has just been approved by a community referendum.
Swap with HydraDX on Novawallet
You can now swap assets directly on Novawallet with HydraDX as the backend. Essentially, this means that all assets supported by HydraDX's Omnipool are now readily available for swapping directly on Novawallet, offering users a seamless and efficient way to manage their digital assets.
With the Omnipool as the liquidity layer, Novawallet users can benefit from its liquidity and efficiency, enabling fast and cost-effective transactions.
Check out this thread to learn how to swap assets on HydraDX using Nova Wallet.
Partnerships / Business Integrations / Operations
Crust Network’s CRU is now available in the Omnipool
Unique Network’s UNQ has been onboarded into the isolated pool as UNQ/USDT and UNQ/DOT pairs
Product Features / Cross-chain / Infrastructure
Permissionless Asset Registry
Description: Allowing new assets to be added to the Asset Registry without requiring them to be added through governance - a key component to unlocking maximum degeneracy on Polkadot.
PR: https://github.com/galacticcouncil/HydraDX-node/pull/655; https://github.com/galacticcouncil/Basilisk-node/pull/647
Notes:
Runtime implementation complete, live on testnet.
Design complete.
UI implementation ongoing - will be launched in phases, with improving ease of use over time.
Money Market
Description: Allowing users to lend their assets as collateral to earn fees and borrow assets against those positions - alternatively those collateral positions can be used to mint the stablecoin HOLLAR.
Notes
Runtime & UI implementation ongoing.
Design complete.
HOLLAR Stablecoin
Description: Intrinsically linked to the Money Market - HOLLAR stablecoin can be minted by providing collateral.
Notes:
Runtime & UI implementation ongoing.
Design complete.
Other developments
Next-gen XCM UI V2 & V3
V3 (inclusion of direct Ethereum <> HydraDX bridge) ongoing
Fee payment in any asset on EVM https://github.com/galacticcouncil/HydraDX-node/pull/763
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% non-abstaining vote).
Ongoing
Nothing to see here.
Passed
Ref #125 - Ratify Polkadot Hydration Liquidity Incentives Campaign
Ref #126 - Proceed with rebrand to Hydration
Ref #124 - Add CRU to Omnipool
Ref #123 - Accept & send HRMP requests - Pendulum
Ref #122 - System remark: Add CRU to Omnipool
Ref #121 - Authorize upgrade to v23.1.0
Ref #120 - Increase multiplier for HDX vDOT farm to 2x
Ref #118 - DCA 280,000 USDT to DOT
Ref #117 - LAUNCH NATIVE USDC/ USDT 2-POOL
Ref #116 - Transfer DOT from HydraDX Treasury and Stake on Polkadot Relay Chain
HydraDX Omnipool Basics
About HydraDX
HydraDX is a next-gen DeFi protocol that is designed to bring an ocean of liquidity to Polkadot. Our tool for the job is the HydraDX Omnipool - an innovative Automated Market Maker (AMM) which unlocks unparalleled efficiencies by combining all assets in a single trading pool. Besides more efficient trading, the Omnipool design enables single-sided LPing. Visit the HydraDX website to find out more.
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