Gibraltar, Gibraltar, June 10, 2024, Chainwire
Polkadot's flagship DeFi project, Hydration, is pleased to announce that it has received 2 million DOT tokens (equivalent to $14.4 million) from the treasury. The funds have been earmarked to bolster the liquidity and trading efficiency of Omnipool, Hydration's unilateral liquidity provisioning platform.
The allocation of DOT tokens is twofold. One million DOT will be spent over the course of a year to attract new liquidity to the Polkadot ecosystem, with initial rewards for liquidity providers (LPs) surpassing the 200% APY mark. Thanks to Hydration Omnopool's single-sided LP design, users will start receiving rewards after providing a single asset and joining a incentivized farm, with multiple incentivized assets including native stablecoins, DOT, BTC, and various ecosystem coins. .
The remaining 1 million DOT will be injected directly into the Hydration Omnipool itself, with the goal of supporting the creation of a robust and accessible layer of native liquidity to benefit the broader Polkadot 2.0 ecosystem over time (Treasury Proposal #730 ). The capital adds to the more than 690,000 existing points (AND more than 560,000 vDOT) that are already connected to the Hydration Omnipool.
Hydration co-founder Jakub Gregus said: “This generous allocation of Polkadot treasury marks a pivotal moment for Hydration. With this welcome injection of liquidity, we can significantly deepen our liquidity, which is vital not only to our growth but also to the continued health of the entire Polkadot ecosystem.
“Hydration Omnipool is designed to provide unparalleled efficiency and accessibility in cryptoasset trading, and this support from Polkadot Treasury is a testament to the potential impact of our forward-looking approach.”
The funding provided for Hydration Omnipool, provided in a decentralized and non-custodial manner, will remain under the control of the Polkadot Protocol and OpenGov.
This strategic initiative is expected to drive significant advancements in the way liquidity is provided and managed within the Polkadot ecosystem, setting a new standard for liquidity solutions on the shared blockchain network.
About hydration
Hydration is Polkadot's main liquidity protocol. Their mission is to make DeFi efficient, simple and unstoppable. To achieve this, Hydration unites swaps, loans, and a stablecoin under the roof of a single scalable application chain. By offering single-sided LPing, automated trading (DCA), and limit orders, Hydration provides the most efficient liquidity venue on Polkadot.
ContactEcosystem leaderben mIntergalactic Limited[email protected]
This article was originally published on Chainwire.
