NEWS RELEASE
Gibraltar, Gibraltar, June 10th, 2024, Chainwire - The top DeFi project on Polkadot, Hydration, is excited to announce that it has received 2 million DOT tokens (equivalent to $14.4 million) from the Polkadot treasury. These funds will be used to enhance the liquidity and trading efficiency of Hydration's Omnipool platform.
The allocation of the DOT tokens will serve two purposes. 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 200% APY. With Hydration's innovative single-sided liquidity provision model, users can earn rewards by providing a single asset and participating in incentives programs that include various assets such as native stablecoins, DOT, BTC, and other ecosystem coins.
The remaining one million DOT will be injected directly into the Hydration Omnipool to support the establishment of a strong, accessible layer of native liquidity for the broader Polkadot 2.0 ecosystem (Treasury Proposal #730). This funding adds to the existing 690k+ dot and 560k+ vDOT already LPed into the Hydration Omnipool.
Co-founder of Hydration, Jakub Gregus, expressed his excitement about the Polkadot treasury's generous allocation, stating that it marks a significant milestone for Hydration. He emphasized that the increased liquidity will not only benefit the project's growth but also contribute to the overall health of the Polkadot ecosystem.
The funding provided for the Hydration Omnipool, managed in a decentralized and non-custodial manner, will be overseen by the Polkadot Protocol and OpenGov.
This strategic initiative is expected to revolutionize liquidity provision and management within the Polkadot ecosystem, setting a new standard for liquidity solutions in the blockchain network.
About Hydration
Hydration is the leading liquidity protocol on Polkadot, striving to make DeFi efficient, simple, and unstoppable. By integrating 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]
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