Gibraltar, Gibraltar, June 10th, 2024, Chainwire – Hydration, the leading DeFi project on Polkadot, is excited to announce that it has received 2 million DOT tokens (equivalent to $14.4 million) from the Polkadot treasury. These funds are intended to strengthen the liquidity and trading efficiency of Hydration’s innovative single-sided liquidity provision platform, Omnipool.
The allocation 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, with initial rewards for Liquidity Providers (LPs) exceeding 200% APY. The unique single-sided LP design of Hydration’s Omnipool allows users to earn rewards by providing a single asset and participating in incentives farming, with various assets such as native stablecoins, DOT, BTC, and other ecosystem coins being incentivized.
The remaining one million DOT will be directly injected into the Hydration Omnipool to help establish a strong, accessible layer of native liquidity that will benefit the wider Polkadot 2.0 ecosystem in the long run (Treasury Proposal #730). This capital will supplement the existing 690k+ DOT and 560k+ vDOT already LPed into 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 infusion of liquidity, we can greatly enhance our liquidity depth, which is crucial not only for our growth but also for the overall health of the Polkadot ecosystem. The Hydration Omnipool is designed to offer unmatched efficiency and accessibility in crypto asset trading, and the 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 managed by the Polkadot Protocol and OpenGov.
This strategic initiative is expected to drive substantial progress in how liquidity is provided and managed within the Polkadot ecosystem, establishing a new standard for liquidity solutions in the shared blockchain network.
About Hydration:
Hydration is the primary liquidity protocol on Polkadot, aiming to make DeFi efficient, simple, and unstoppable. By combining swaps, lending, and a stablecoin currency in 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]
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