HydraDX is a cross-chain liquidity protocol built on Substrate. It is a base layer for financial use cases, currently - immediate exchanging assets.
- Low transaction costs
- High transaction speed
- Possibility to work with any Ethereum based asset, Polkadot native assets and Bitcoin with more coming
- Users can put their idle capital to work
- Users don’t have to use asset in pairs, rather one or any number of assets
- Financial infrastructure for developers and their applications (e.g. swap assets directly in wallet, you can plug it to dex aggregators or liquidity aggregator yearn.finance)
Later we will enable more advanced use cases starting with lending and borrowing which open other possibilities like derivatives (options).
In order to achieve the optimal properties, HydraDX is built as a parachain – specialized blockchain in the Polkadot network, benefiting from shared security, speed and flexibility of the Substrate framework while remaining optimized for a single purpose: enabling fluid programmable value exchange.
Separate parachain on Polkadot provides us with the freedom to customize our blockchain for financial use cases (lending, borrowing, asset exchange, etc.). Substrate base allows us to create seamless upgrades without forks or breaking changes.
Substrate is a modular blockchain framework used in many other blockchains (Kusama, Polkadot, Edgeware, etc.) maintained by the vast community of developers. Our high scalability, predictable fees, possibility of implementing front running resistance - and many of our virtues are possible by using Substrate technology.
HDX is a native token of HydraDX. It will be used for governance, staking and more. We will disclose details when our model is validated.
- To minimize the trading fee cost
- For staking (PoS)
- Holders of HDX will have lower over-collateralization ratio
- Provide liquidity and be rewarded by earning HDX.
- Buy on HydraDX mainnet.
- Stake HDX and earn even more HDX
- Support ecosystem by taking part in bounties and getting paid from treasury
The seed round and LBP are over and right now there is no possibility to buy HDX tokens. The token will become tradable in the mainnet. See how to earn HDX above.
The current vesting schedule stands as following:
Investors have a vesting period of 18 months, with gradual unlocking, starting at the mainnet launch.
The team and founders are vested for 18 months, starting 6 months after the mainnet launch with gradual unlocking. (24 months total)
For trading, you don’t need to have HDX. Transactions are paid in the traded token, but it gives you benefits like lower fees.
Immediate asset exchange - swap
Liquidity providing - instead of just holding your assets on a wallet, you can provide asset to liquidity pool to earn fees and HDX
Bootstrapping liq. for new projects Founders/communities can create new HydraDX pools, providing first liquidity for their token and initiate price discovery. dapps to integrate and tap into liquidity for tokens HydraDX can act as a “middleware” for dapps or wallets, enabling seamless token exchange. developers can integrate HydraDX pools for their incentives, rewards for liq. mining or affiliate from trading fees, or other use cases (e.g. lending/borrowing)
Streaming tokens Tokens are often needed to perform specific tasks; every parachain needs to accumulate $DOT for maintaining their parachain slot, or $ETH for smart contract calls/actions. HydraDX integration allows these entities to be able to buy these assets automatically when needed, without them having to hold big reserves upfront, making the financial operations more efficient. Investors can use Hydra to optimize their portfolio with continuous buying, using dollar cost averaging or automatic rebalancing.
- HDX & fees
We are not actively seeking listings. The ultimate goal is to have HDX priced and traded in and around our native liquidity protocol - Omnipool. However, we do not discount the possibility that HDX will be listed on other exchanges.
Nevertheless, it is unlikely that the exchanges will list new Substrate-based tokens before parachain auctions. The early entry through the Balancer LBP was for people who believe in the team, the idea and the tech.
Please keep in mind that tokens will likely not be tradable for some time (probably until mainnet plus couple of weeks). The tokens, however, will be immediately stake-able, generating rewards during the „unlisted” phase and beyond.
The tokenomics is in an advanced stage of being formalized. Given that HDX has some unique properties, the team, along with our partners at Blockscience, are making sure that every detail and edge-case scenario is covered.
Note, that the whole project is very long-term oriented so one can expect that the parameters will be aligned with such ambitions. We expect the details to be fully formalized and revealed in the next couple of weeks.
The basics that we already know:
- 15% Founders, Investors & Advisors
- 5% LBP (proceeds will be used as a bootstrap for native liquidity on HydraDX Omnipool)
- 5% Incentivized Stakenet (bounties, staking rewards, etc. during Stakenet)
- 75% liquidity provision and staking rewards
The circulating supply at mainnet is expected to be ~25% total (out of which 60% are being vested).
xHDX is an ERC20 representation of HDX. xHDX will be redeemable as HDX 1:1 on the HydraDX Stakenet. After the claim, xHDX will be your early adopter badge on Ethereum forever.
- Hack-net https://hack.hydradx.io
- Incentivised testnet - Q1 2021
- Test-net with our pool model - early Q2 2021
- Mainnet 2021
The company tasked with deploying the HydraDX chain has raised $1.5 million. Proceeds are being used for ongoing development of HydraDX.
The final price was $0.08059 per xHDX. A total of ~22.9 million DAI has been raised as the initial liquidity for the HydraDX chain (of which 430k+ in fees). 87% of xHDX from the pool have been sold and the remaining 13% of xHDX (0.65% of total supply) will be moved to the HydraDX treasury.
A more detailed article can be found here.
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