Polkadot Invests 144M to Enhance DeFi with Hydration
Gibraltar, Gibraltar, June 10th, 2024, Chainwire
Hydration, the premier DeFi project on Polkadot, is excited to announce the receipt of 2 million DOT (equivalent to $14.4 million) tokens from the Polkadot treasury. These funds will be utilized to enhance the liquidity and trading efficiency of Hydration’s single-sided liquidity provisioning platform, Omnipool.
The allocation of the DOT tokens serves a dual purpose. One million DOT will be utilized over the span of a year to attract new liquidity to the Polkadot ecosystem, offering initial rewards for Liquidity Providers (LPs) exceeding 200% APY. The innovative single-sided LP model of the Hydration Omnipool allows users to start earning rewards by providing just one asset and participating in an incentives farm, with various assets like native stablecoins, DOT, BTC, and ecosystem coins being incentivized.
The remaining one million DOT will be injected directly into the Hydration Omnipool to support the establishment of a strong, accessible layer of native liquidity for the broader Polkadot 2.0 ecosystem over time (Treasury Proposal #730). This capital supplements the existing 690k+ DOT and 560k+ vDOT already LPed into the Hydration Omnipool.
Co-founder of Hydration, Jakub Gregus, expressed, “The generous allocation from the Polkadot treasury marks a significant milestone for Hydration. With this injection of liquidity, we can enhance our liquidity significantly, benefiting not only our growth but also the overall health of the Polkadot ecosystem.
“The Hydration Omnipool is designed to offer unmatched efficiency and accessibility in trading crypto-assets, and the support from the Polkadot treasury highlights 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 set to bring about substantial advancements in how liquidity is provided and managed within the Polkadot ecosystem, establishing a new benchmark for liquidity solutions in the interconnected blockchain network.
About Hydration
Hydration is the primary liquidity protocol on Polkadot, aiming to make DeFi efficient, user-friendly, 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]
