Polkadot invests 144 million to enhance DeFi through Hydration
Gibraltar, Gibraltar, June 10th, 2024, Chainwire
Hydration, the flagship DeFi project on Polkadot, is excited to announce the acquisition of 2 million DOT tokens (equivalent to $14.4 million) from the Polkadot treasury. These funds are intended to enhance the liquidity and trading efficiency of Hydration’s single-sided liquidity provisioning platform, Omnipool.
The distribution of the DOT tokens serves a dual purpose. One million DOT will be utilized over the next year to attract new liquidity to the Polkadot ecosystem, offering initial rewards for Liquidity Providers (LPs) exceeding a 200% APY. Through the innovative single-sided LP structure of the Hydration Omnipool, users can start earning rewards by providing a single asset and participating in an incentives program, with various assets like native stablecoins, DOT, BTC, and other ecosystem coins being incentivized.
The remaining one million DOT will be injected directly into the Hydration Omnipool to support the development of a strong, accessible layer of native liquidity that will benefit the broader Polkadot 2.0 ecosystem over time (Treasury Proposal #730). This allocation adds to the existing 690k+ DOT and 560k+ vDOT already in the Hydration Omnipool.
Co-founder of Hydration, Jakub Gregus, expressed his gratitude, stating, “This generous allocation from the Polkadot treasury is a significant milestone for Hydration. With this boost in liquidity, we can deepen our liquidity significantly, which is crucial not only for our growth but also for the overall health of the Polkadot ecosystem.”
He added, “The Hydration Omnipool is designed to offer unmatched efficiency and accessibility in trading crypto-assets, and this support from the Polkadot treasury underscores the potential impact of our forward-thinking approach.”
The funding provided for the Hydration Omnipool, in a decentralized and non-custodial manner, will be overseen by the Polkadot Protocol and OpenGov.
This strategic initiative is expected to drive significant progress in how liquidity is provided and managed within the Polkadot ecosystem, setting a new standard for liquidity solutions in the interconnected blockchain network.
About Hydration:
Hydration is the primary liquidity protocol on Polkadot, with a mission to make DeFi efficient, simple, and unstoppable. By combining swaps, lending, and a stablecoin currency within a single, scalable appchain, Hydration offers single-sided LPing, automated trades (DCA), and limit orders, making it the most efficient liquidity platform on Polkadot.
Contact:
Ecosystem Lead
Ben M
Intergalactic Limited
[email protected]