Polkadot Promotes DeFi with Hydration
Polkadot's DeFi project, Hydration, has announced that it has received 2 million DOT (equivalent to $14.4 million) in tokens from the Polkadot vault.
Hydration, Polkadot's DeFi project, has announced that it has received 2 million DOT (equivalent to $14.4 million) in tokens from Polkadot's treasury, which will be used to improve the liquidity and trading efficiency of Hydration's unilateral liquidity provisioning platform, Omnipool The DOT tokens were distributed in two ways.
The allocation of DOT tokens is twofold. 1 million DOT will be used to attract new liquidity to the Polkadot ecosystem over a period of one year, with initial rewards for Liquidity Providers (LPs) exceeding 200 per cent APR. Thanks to Hydration Omnopool's unilateral LP design, users can start earning rewards as soon as they provide a single asset and join the incentive farm, which includes native stablecoins, DOT, BTC, and multiple ecosystem coins.
The remaining 1 million DOT will be injected directly into the Hydration Omnipool itself, with the aim of supporting the creation of a robust, accessible native liquidity layer to benefit the wider Polkadot 2.0 ecosystem over time (Treasury Proposal #730), as a contribution to the 690k USD that has been injected into the Hydration Omnipool's 690k+ dot (and 560k+ vDOT).
Hydration co-founder Jakub Gregus said, "With the generous grant from Polkadot's Treasury Department, our liquidity will be greatly enhanced, which is critical not only for our growth, but also for the continued health of the entire Polkadot ecosystem."
"Hydration Omnipool is designed to provide unrivalled efficiency and convenience for crypto-asset trading, and the support of Polkadot Treasury demonstrates the potential impact of our forward-looking approach."
Funding for the Hydration Omnipool is provided in a decentralised and non-regulated manner and will continue to be controlled by the Polkadot Agreement and OpenGov.
This strategic move is expected to drive significant advances in the way liquidity is provided and managed within the Polkadot ecosystem, setting a new standard for liquidity solutions in shared blockchain networks.
Translated with www.DeepL.com/Translator (free version)
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