Polkadot Invests $14.4 Million to Strengthen DeFi via Hydration
Gibraltar, Gibraltar, June 10, 2024, Chainwire
Polkadot’s leading DeFi project – Hydration , is excited to share that it has received 2 million DOT (totaling $14.4 million) tokens from the Polkadot treasury. This capital is specifically set aside to enhance the liquidity and trading efficiency of Hydration’s innovative single-sided liquidity provisioning platform, the Omnipool.
The distribution of these DOT tokens has a dual purpose. Over the next year, one million DOT will be allocated to attract new liquidity into the Polkadot environment, with initial incentives for Liquidity Providers (LPs) exceeding a remarkable 200% APY. Thanks to the unique design of Hydration\'s Omnipool, users can start earning rewards after simply depositing a single asset and joining an incentive farm, with a variety of assets including stablecoins, DOT, BTC, and several other ecosystem tokens being supported.
The second million DOT will be directly funneled into the Hydration Omnipool. This investment aims to cultivate a strong and accessible layer of liquidity that will benefit the entire Polkadot 2.0 ecosystem gradually (Treasury Proposal #730). This injection of capital adds to the already substantial pool of over 690k DOT (and more than 560k vDOT) currently deployed in the Hydration Omnipool.
Jakub Gregus, co-founder of Hydration, expressed, “This substantial allocation from the Polkadot treasury represents an essential milestone for Hydration. This liquidity boost allows us to significantly enhance our liquidity, which is crucial for not just our expansion, but also the ongoing vibrancy of the overall Polkadot ecosystem.
“Our Hydration Omnipool is crafted to offer unmatched efficiency and ease of access for trading crypto-assets, and this backing from the Polkadot treasury highlights the significant impact our forward-thinking strategy can achieve.”
The investment for the Hydration Omnipool is implemented in a decentralized, non-custodial manner and remains under the oversight of the Polkadot Protocol and OpenGov.
This strategic maneuver is poised to bring considerable progress in how liquidity is generated and managed within the Polkadot framework, potentially establishing a new benchmark for liquidity solutions in this collaborative blockchain network.
About Hydration
Hydration stands out as the premier liquidity protocol on Polkadot. The vision is to make DeFi not only effective but also straightforward and unstoppable. To realize this goal, Hydration integrates swaps, lending, and a stablecoin currency into a consolidated, scalable appchain. By offering single-sided liquidity provisioning, automated trades (DCA), and limit orders, Hydration presents the most efficient venue for liquidity within the Polkadot space.
Contact
Ecosystem Lead
Ben M
Intergalactic Limited
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