Incentivized Testnet Reward Scheme
With Snakenet up and running, there is no better time to be a Hydrahead. Beyond staking rewards (did someone say 50% APY?), we have thought long and hard about how to incentivize as many independent contributions from the community as possible. So we came up with an HDX reward scheme that will cater both to the greater communal ideal, and to individual greed.
We are happy to announce the HydraDX New Deal - our appeal to you to actively participate in building the liquidity infrastructure of the future while receiving generous rewards for your involvement.
With our New Deal, we aim to blur the lines between the team and the community. The resulting synergy will eventually result in the birth of the Omnipool, the most advanced liquidity provider the world is about to see.
The New Deal invites everyone - from crypto enthusiasts through coders to quants and researchers, to propose, create and deliver their own contributions. The only condition is that the outcome of the work should be aligned with the above-mentioned higher purpose.
The New Deal is funded with HDX tokens which are held by the HydraDX Treasury. While the LBP was a success, it is important to note that the funds raised there are not meant for development but to bootstrap liquidity for the HydraDX protocol and its Omnipool.
Unsold HDX was moved to the Treasury which currently holds roughly 378 Million HDX. We would like to stimulate community involvement by aggressively distributing HDX rewards from the Treasury over the next 12 months (the Treasury will begin to refill via tail inflation once mainnet starts).
How it works
To participate in the New Deal incentivization scheme, community members need to submit a proposal which describes their contribution. We welcome all kinds of contributions as long as they are aligned with the goals of the HydraDX protocol. For inspiration, we have summarized some of the main opportunities as well as the expected payouts in this post.
All proposals for contributions that will be financed by the Treasury are handled on-chain using Commonwealth.io. After submitting their proposal, participants must wait until the HydraDX Council has taken a decision. For detailed information on the requirements for the proposal, as well as the review process, please refer to our documentation. (Also for retroactive proposals)
In the initial phase of Snakenet, the HydraDX Council will consist of Galactic Council - the core research and development team behind HydraDX. However, as everybody gets used to the governance process in the upcoming months, we would like to fill the remaining seats of the Council (and the Technical Committee) with new members from the wider community.
Decentralization is both a higher purpose, and a precondition for attaining that purpose. HydraDX is yours to tweak, it’s yours to change and we invite you to express and propose your ideas. This should be a grand communal effort which exceeds the narrow boundaries of a core team.
Also, do not hesitate to reach out to our current community managers and leaders - Sik and Palo - if you are interested to contribute in advancing HydraDX evangelism, onboarding and educating new users or creating marketing materials. The bulk of constructive communication happens on our Discord.
“What the smartest people do on the weekend is what everyone else will do during the week in ten years.”
As Chris Dixon pointed out in the quote above, it is all about the hobbyists and independent tinkerers. The success of HydraDX will mostly be determined by the Hydraheads, the anons, the weekend warriors and the hodlers.
We are just laying the foundations. It is the community that will build the skyscrapers, starting NOW! 🏗
Yesterday I quit my job... Welcome to my life HydraDX
Hey I need some help from the team here! I have been unable to nominate any validators and begin staking which has been very annoying to say the least. I can’t transfer any of my HDX tokens from my claiming account/wallet due to an error I receive when asked for a password to approve it. #1 The only password I recall being required to/or creating was for the Polkadot.js extension for the xhdx to hdx claim. I keep getting a ‘this pass phrase not accepted in this format’ error message when entering the only password as well as the actual pass phrase I created for the polkadot extension and claiming account that was created. I don’t know how to resolve or what to do at this point. Please help!