Welcome to the first HydraDX Monthly edition of 2024, in which we look back at the hydrated month of January.
The absolute highlight of January is the launch of the HydraDX Referrals Program which was introduced to help drive engagement and strengthen the liquidity strategy of the Protocol. Spurring on community development, the referral system ropes in new folks ready to dive into the Omnipool, while redistributing Protocol revenue as referral incentives.
Furthermore, the capital-efficient HydraDX Stablepools became more liquid thanks to the launch of two new Stablepools: USDT/USDC (native) with $4M TVL, and WBTC/iBTC with $2.5M TVL. This additional liquidity helps reduce slippage and improve the trading experience for both native stablecoins, and Bitcoin in the Omnipool.
January also hosted the second HDX Bonds Event, helping raise 23,6K DOT towards the HydraDX Protocol-owned liquidity (POL) using the HydraDX Liquidity Bootstrapping Pools (LBP) mechanism.
Full update below 👇
HydraDX Introduces Referral Rewards
HydraDX has launched an enticing referral program that rewards you for bringing in new users. Users can now generate their referral codes and receive rewards from Omnipool trades of referred users.
The amount of rewards allocated to a referrer depends on their tier. The referral system currently has 5 tiers, and referrals can rise up the tiers as they accumulate more referral rewards.
These rewards are dynamic and completely sustainable - financed from the asset fees on ongoing Omnipool trades.
The system is structured such that both referrers and referred traders benefit. While referrers benefit from referral rewards, referred traders are entitled to receiving some fee rewards from their Omnipool trades as cashback.
Dive into HydraDX Referrals:
https://app.hydradx.io/referrals
https://docs.hydradx.io/referrals/
New Stablepools with Deep Liquidity
HydraDX has launched two new Stablepools which will significantly improve the execution of swaps involving native stablecoins and BTC on Polkadot.
With a starting TVL of $4M Protocol-owned Liquidity, the launch of the USDT/USDC Stablepool completes HydraDX's unique setup of Omnipool + 2pool + 4pool, enabling deep native stablecoin liquidity for any trade.
Just like the 4pool, liquidity from the USDT/USDC 2pool is available in the Omnipool, facilitating efficient trading between Omnipool assets and USDT/USDC.
In parallel, HydraDX also launched another new Stablepool: WBTC/iBTC. With $2.5M+ of initial TVL, it will also enable more efficient swaps for BTC.
Experience the power of low-slippage swaps in the HydraDX Omnipool:
https://app.hydradx.io/trade/swap
https://twitter.com/hydra_dx/status/1753060553650499814
Second HDX Bonds Event
The second HDX Bonds Event started on the 4th of January 2024. 22 million HDX bonds were created at a 22% starting premium to spot HDX, out of which 11.4 million were distributed at an average acquisition price of 0.00213 DOT. This helped raise 23,669 DOT towards the HydraDX POL.
The bond used a DOT/HDXb Liquidity Bootstrapping Pool (LBP) allowing users to swap from DOT to HDX bonds (HDXb). The event ended on the 6th of January and will mature 1 year after the start date.
HydraDX uses bonds to diversify its POL by allowing users to obtain HDXb in exchange for the assets which are being accumulated. HDXb is tradable before maturity and can be exchanged for HDX at a 1:1 ratio after maturity.
Learn more about HydraDX Bonds here:
https://docs.hydradx.io/bonds/
Put your DOT to work
Sequel to the DOT unlock from the HydraDX crowdloan, HydraDX is offering you 2 ways to put your DOT to work.
The first is Yield DCA, which allows you to diversify your rewards from DOT staking by setting up a Dollar-Cost Averaging schedule to periodically swap your DOT staking yield into any asset traded on HydraDX. It utilizes vDOT, a liquid staking token from Bifrost Finance, representing a staked DOT with an underlying reserve and the ability to accumulate staking rewards through price appreciation.
https://app.hydradx.io/trade/yield-dca
The second option is liquidity mining, which allows you to supply vDOT to the Omnipool in order to start earning both HDX and BNC rewards. You can provide liquidity with your vDOT here:
https://app.hydradx.io/liquidity/all-pools
Knowledge Centre
Core HydraDX Contributors made several media appearances:
GregusJakub at Circle of Competence #3 (Twitter space)
GregusJakub at Polkadot Community January Call (Twitter space)
cl0w at Code4rena x PAL: Securing Polkadot (Twitter space)
lolmcshizz at BlockTalk Ep. 11 | Polkadot Edition (Twitter space)
Dev Updates
Referral Fees
SHIPPED ✅
EVM Support
SHIPPED ✅
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.
Others
Next-gen XCM UI V2 & V3
V2 Implementation SHIPPED ✅
V3 (inclusion of direct Ethereum <> HydraDX bridge) ongoing.
Upgrade to Polkadot v1.1.0 https://github.com/galacticcouncil/HydraDX-node/pull/691 SHIPPED ✅
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
Ref #120 - Increase multiplier for HDX vDOT farm to 2x
Passed
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
Ref #115 - Accept & Send HRMP channel open requests and add CRU
Ref #114 - Authorize upgrade to runtime release v23.0.0
Ref #112 - Launch WBTC<>iBTC 2-Pool
Ref #111 - HRMP channel open request to Manta Network
Ref #110 - Withdraw LBP Liquidity & transfer DOT for staking
Ref #109 - Schedule daily claims for HDX staker referral fees
Ref #108 - Incentivizing vDOT Liquidity Farming with BNC and HDX During The 2nd Batch of Crowdloan DOT Expired
Ref #107 - Authorize runtime upgrade & on-chain remark
Ref #106 - DCA 350,000 DAI for DOT
Ref #105 - Launch second bond event
Not Passed
HydraDX Omnipool Basics
About HydraDX
HydraDX is a decentralized, community-governed liquidity protocol. Our mission is to empower users and DAOs by making finance simple, efficient and unstoppable.