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June 10, 2024

Hydration Receives $14.4M Worth Of DOT From Polkadot Treasury To Enhance Liquidity And Trading Efficiency Of Omnipool

In Brief

DeFi project Hydration received 2 million DOT from Polkadot to enhance liquidity and trading efficiency of Omnipool.

Hydration Receives $14.4M Worth Of DOT From Polkadot Treasury To Enhance Liquidity And Trading Efficiency Of Omnipool

Decentralized finance (DeFi) project Hydration, built on Polkadot, announced that it has received an allocation of 2 million DOT, equivalent to $14.4 million, from the Polkadot treasury. These funds are designated to enhance the liquidity and trading efficiency of Hydration’s single-sided liquidity provisioning platform, Omnipool.

“This generous allocation from the Polkadot treasury marks a pivotal moment for Hydration. With this welcome injection of liquidity, we are able to significantly deepen our liquidity, which is vital not just for our growth but also for the continued health of the entire Polkadot ecosystem,” said Jakub Gregus, co-founder of Hydration. “The Hydration Omnipool is designed to provide unparalleled efficiency and accessibility in trading crypto-assets, and this support from the Polkadot treasury is a testament to the potential impact of our forward-looking approach.”

The allocation of the DOT tokens serves two purposes. One million DOT will be utilized over the course of one year to attract new liquidity to the Polkadot ecosystem, with initial rewards for Liquidity Providers (LPs) expected to exceed 200% annual percentage yield (APY).

Due to the single-sided LP design of the Hydration Omnipool, users can begin receiving rewards after providing a single asset and joining an incentives farm. Various assets, including native stablecoins, DOT, BTC, and several ecosystem coins, will be incentivized.

The remaining one million DOT will be directly injected into the Hydration Omnipool with the aim of establishing a strong and accessible layer of native liquidity to benefit the broader Polkadot 2.0 ecosystem over time. This capital will supplement the existing funds, which include over 690,000 DOT and more than 560,000 vDOT already provided to the Hydration Omnipool.

The funding for the Hydration Omnipool, provided in a decentralized and non-custodial manner, will remain under the governance of the Polkadot Protocol and OpenGov.

Hydration And Astar Network Achieve Milestone With Over 5.5M ASTR Tokens Locked In Omnipool

Hydration is the primary liquidity protocol on Polkadot, aiming to make DeFi efficient, simple, and resilient. In order to accomplish this, it integrates swaps, lending, and a stablecoin within a single, scalable appchain. With features like single-sided LPing, automated trades (DCA), and limit orders, Hydration offers the most efficient liquidity platform on Polkadot.

Recently, the Hydration and Astar Network communities have collaboratively achieved a milestone of over 5.5 million ASTR tokens locked in Hydration’s Omnipool. Locking liquidity in the Hydration Omnipool facilitates more efficient DeFi swaps for the ASTR token globally.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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