Polkadot treasury allocates $14.4 million to bolster DeFi project Hydration

Polkadot treasury allocates $14.4 million to bolster DeFi project Hydration
фото показано с : cryptoslate.com

2024-6-10 14:56

Polkadot Treasury has allocated 2 million DOT, valued at $14.4 million, to enhance the liquidity of the DeFi project Hydration, according to a June 10 statement shared with CryptoSlate.

The project stated that the funds will boost the liquidity and efficiency of its single-sided liquidity provisioning platform, Omnipool.

This latest funding aligns with Polkadot’s current efforts to improve and expand the network’s adoption worldwide. Over the past weeks, the blockchain’s Web 3 Foundation has funded several projects, including PolkaPort East and Accelerate Polkadot.

Two-phase execution

This allocation will be executed in two phases. The first phase will disburse 1 million DOT to attract new liquidity to the Polkadot ecosystem. This includes rewards for liquidity providers (LPs) with an annual percentage yield (APY) exceeding 200%.

Hydration’s Omnipool’s single-sided LP design will facilitate this reward system. Users can earn rewards by depositing single assets or joining an incentive farm with stablecoins, DOT, and Bitcoin.

The remaining 1 million DOT will support the Hydration Omnipool, enhancing the native liquidity layer for the Polkadot 2.0 ecosystem. This is in addition to the 690,000 DOT already deposited into the Hydration Omnipool.

This funding aims to advance liquidity management on the Polkadot network, setting a new standard in blockchain technology. The Polkadot Protocol and OpenGov will administer and manage the funds.

Jakub Gregus, co-founder of Hydration, described the allocation as a pivotal moment for the project. He emphasized that this liquidity injection is crucial for the health of the Polkadot ecosystem. He stated:

“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.”

Notably, this funding arrived less than a week after the project was renamed from HydraDX. According to its website, the total value of assets locked on the platform is $28 million, and it has a trading volume of $50 million in the last 30 days.

The post Polkadot treasury allocates $14.4 million to bolster DeFi project Hydration appeared first on CryptoSlate.

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