Gibraltar, Gibraltar, June 10th, 2024, Chainwire
Hydration, the top DeFi project on Polkadot, is excited to announce that it has received a grant of 2 million DOT tokens (equivalent to $14.4 million) from the Polkadot treasury. These funds are dedicated to enhancing the liquidity and trading efficiency of Hydration’s 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, offering initial rewards for Liquidity Providers (LPs) exceeding the 200% APY threshold. Hydration’s Omnipool, with its unique single-sided LP structure, allows users to start earning rewards after 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 directly injected into the Hydration Omnipool itself, aiming to establish a strong, accessible layer of native liquidity to benefit the broader Polkadot 2.0 ecosystem in the long run (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, stated, “The generous grant from the Polkadot treasury signifies a significant milestone for Hydration. With this infusion of liquidity, we can deepen our liquidity substantially, which is crucial not only for our growth but also for the overall well-being of the entire 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 innovative 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 shared 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 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]
