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Polkadot allocates $14.4 million to investment

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Gibraltar, Gibraltar, June 10, 2024, Chainwire

Polkadot’s leading DeFi project – Hydrationis pleased to announce that it has been awarded 2 million DOT (worth $14.4 million) tokens from the Polkadot fund, which will be dedicated to enhancing liquidity and trading efficiency on Hydration’s one-sided liquidity provisioning platform, Omnipool.

There will be two DOT token allocations: 1 million DOT will be used over the course of a year to attract new liquidity to the Polkadot ecosystem. Initial rewards for liquidity providers (LPs) will exceed 200% APY. Hydration Omnopool’s one-sided LP design allows users to contribute a single asset to join the incentive farm and then start receiving rewards. A variety of assets are eligible for incentives, including native stablecoins, DOT, BTC, and several ecosystem coins.

The remaining 1M DOT will be injected directly into the Hydration Omnipool itself, with the goal of supporting the creation of a powerful and accessible native liquidity layer to benefit the broader Polkadot 2.0 ecosystem in the long term (Financial Proposal #730). This capital will be added to the existing 690K+ dots (and 560K+ vDOT) already pledged in Hydration Omnipool.

Jakub Gregus, co-founder of Hydration, said: “This generous allocation from Polkadot’s treasury marks a pivotal moment for Hydration. This welcome injection of liquidity allows us to significantly deepen our liquidity, which is essential not only for our company’s growth, but also for the continued health of the entire Polkadot ecosystem.”

“Hydration Omnipool is designed to provide unparalleled efficiency and accessibility in trading crypto assets, and this support from Polkadot Treasury is a testament to the potential impact of our forward-thinking approach.”

Funds provided to Hydration Omnipool will be provided in a decentralized and non-custodial manner and will be under the control of the Polkadot protocol and OpenGov.

This strategic initiative is expected to bring significant advancements to how liquidity is provided and managed within the Polkadot ecosystem and set a new standard for liquidity solutions on shared blockchain networks.

Hydration

Hydration is Polkadot’s leading liquidity protocol. Its mission is to make DeFi efficient, simple, and unstoppable. To achieve this, Hydration unifies swaps, lending, and stablecoin currencies under a single, scalable app chain. Offering one-sided LPs, automated trading (DCA), and limit orders, Hydration provides the most efficient liquidity on Polkadot.

contact

Ecosystem Lead
Ben M
Intergalactic Limited
[email protected]

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