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Home»TRADING NEWS»Polkadot Allocates $14.4 Million to Power DeFi with Hydration
TRADING NEWS

Polkadot Allocates $14.4 Million to Power DeFi with Hydration

By Crypto FlexsJune 11, 20242 Mins Read
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Polkadot Allocates .4 Million to Power DeFi with Hydration
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Gibraltar, Gibraltar, 10 June 2024, Chainwire

Hydration, Polkadot’s leading DeFi project, is pleased to announce that it has received 2 million DOT tokens (equivalent to $14.4 million) from the Polkadot Treasury. The funds have been earmarked to strengthen the liquidity and trading efficiency of Omnipool, Hydration’s one-way liquidity provision platform.

There are two allocations of DOT tokens: 1 million DOT will be spent over a year to attract new liquidity to the Polkadot ecosystem, with initial rewards to liquidity providers (LPs) exceeding 200% APY. Thanks to Hydration Omnopool’s single-sided LP design, users begin receiving rewards after contributing a single asset and joining an incentive farm, and a variety of assets are offered as incentives, including native stablecoins, DOT, BTC, and several ecosystem coins.

The remaining 1 million DOTs will be injected directly into the Hydration Omnipool itself, with the goal of supporting the creation of a robust and accessible base liquidity layer to benefit the broader Polkadot 2.0 ecosystem over time (Treasury Proposal #730). The capital adds to the existing 690,000+ DOTs (and 560,000+ vDOTs) already registered as LPs with Hydration Omnipool.

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

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

Offered in a decentralized and uncensored manner, funds provided to the Hydration Omnipool remain under the control of Polkadot Protocol and OpenGov.

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

About hydration

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

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