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.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Liquidity Network (LQD) на Currencies.ru

$ 0 (-0.71%)
Объем 24H $0
Изменеия 24h: 0.12 %, 7d: 6.78 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 53.335m LQD

million project liquidity hydration polkadot treasury defi

Источник: cryptoslate.com

million project → Результатов: 126


SaTT Breaks the Bank With $1 Million Collected in 48 Hours – The ICO Race Is Back?

After 2 years of development and an initially difficult experience (in the middle of a bear market), the SaTT project, which offers an original advertising solution based on blockchain and is already working with the biggest social networks such as Facebook, Twitter, YouTube, and Instagram, has just achieved exceptional performance, selling more than a million […]

2020-9-6 21:07


Blockchain project Conflux launches massive grant program for development

Conflux Network, a public, permissionless blockchain project in China, today announced the launch of its Conflux Ecosystem Grants Program. The 2. 4 billion CFX (approximately $240 million) rolling grants program will fund entrepreneurs, engineers, and evangelists dedicated to advancing innovations in software development and research for the Conflux Network ecosystem.

2020-7-22 19:28


Фото:

Federated Sidechains: $8M in BTC Stuck in Limbo, Analyst Says Action ‘Violates Liquid’s Security Model’

Liquid, the sidechain network developed by the company Blockstream, saw 870 bitcoins ($8 million) frozen in moderation queue due to a seizure from a number of the network’s functionaries. The founder of the Summa project, James Prestwich, explained on Twitter that the emergency 2-of-3 controlled 870 bitcoin “violates Liquid’s security model.

2020-6-29 18:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Polkadot's short-term outlook - Is $7 too far for DOT's price?

DOT seemed unable to break through the key $7 resistance Ichimoku Cloud and its alignment with the double-top pattern signaled further declines Polkadot (DOT) is grappling with intense pressThe post Polkadot's short-term outlook - Is $7 too far for DOT's price? appeared first on AMBCrypto.

Polkadot: Can Web3 gaming be the catalyst for DOT's recovery?

Polkadot's parachain Moobeam made a significant investment in the Web3 gaming space. Price of DOT had declined over the past week, despite large number of developments. Polkadot [DOT] was thThe post Polkadot: Can Web3 gaming be the catalyst for DOT's recovery? appeared first on AMBCrypto.

Polkadot parachain Moonbeam launches a $13M Web3 gaming fund

Moonbeam Network, a Web3 smart contract platform, has launched a $13 million funding initiative to boost its ecosystem growth in key areas like gaming and real-world asset (RWA) tokenization. The $13 million package consists of a $10 million innovation fund, $1.

Polkadot [DOT] remains at the mercy of bears - But there's a silver lining

DOT continued to trend below the 200-period moving average. Despite the market's ‘Extreme Fear’ sentiment, a dramatic 138.77% surge in trading volume indicated growing trader interest. PThe post Polkadot [DOT] remains at the mercy of bears - But there's a silver lining appeared first on AMBCrypto.