DeFi
Polkadot allocates $14.4 million to boost DeFi with hydration
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Gibraltar, Gibraltar, June 10, 2024, Chainwire
Polkadot’s main DeFi project – Hydration, is excited to announce that it has received 2 million DOT tokens (equivalent to $14.4 million) from the Polkadot treasury. The funds were intended to strengthen the liquidity and commercial efficiency of Hydration’s unilateral liquidity provisioning platform, Omnipool.
The allocation of DOT tokens is twofold. One million DOT will be spent over a one-year period to attract new liquidity into the Polkadot ecosystem, with initial rewards for liquidity providers (LPs) surpassing the 200% APY mark. With Hydration Omnipool’s one-sided LP design, users will start receiving rewards after contributing a single asset and joining an incentive farm, with various assets being incentivized including native stablecoins, DOT, BTC, and multiple coins of the ecosystem.
The remaining 1 million DOT will be injected directly into the Hydration Omnipool itself, with the aim of supporting the creation of a robust and accessible layer of native liquidity to benefit the broader Polkadot 2.0 ecosystem over time (Proposal of the Treasury No. 730). The capital adds to a total of more than 690,000 points (AND more than 560,000 vDOT) already integrated into Omnipool Hydration.
Hydration co-founder Jakub Gregus said: “This generous allocation from Polkadot’s treasury marks a pivotal moment for Hydration. With this welcome injection of liquidity, we are able to significantly increase our liquidity, which is vital not only for our growth but also for the continued health of the entire Polkadot ecosystem.
“Hydration Omnipool is designed to deliver unparalleled efficiency and accessibility in crypto-asset trading, and this support from Polkadot Treasury is a testament to the potential impact of our forward-looking approach.”
Funding planned for Omnipool Hydration, 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 result in significant advancements 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 main liquidity protocol on Polkadot. Its mission is to make DeFi efficient, simple and unstoppable. To achieve this, Hydration brings together swaps, loans, and stablecoin under the roof of a single, scalable application chain. Offering one-sided LPing, automated trading (DCA), and limit orders, Hydration is the most efficient liquidity venue on Polkadot.
Contact
Ecosystem manager
Ben M.
Intergalactic Limited
[email protected]
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