The WhiteBIT listing is now finished, all XSN got swapped 1:1, and the very last amount of 1.9 Million HDX got burnt in the past few days. So everything regarding the XSN swap is now completely done!
We would like to use this major milestone to reflect on some topics:
The next steps will be updating the DEX with some improvements and continuing to work on the technical analysis of HDX tokenomics.
Given the current bear market, we are very glad that we have GLP as our main treasury asset and HDX / USDT as our main trading pair.
We have had some new versions in the past few days, fixing mostly minor things. The teased updates in #DEX updates will be added once reviewed and approved. Thanks to the bonds sale, we were able to get the work on the necessary orderbook features going.
pHDX (placeholder HDX)
You may have already seen this token (it’s in the treasury contract) and wondering what it’s doing: It limits the maximum supply, including staking rewards and tokens issued via bonds.
As the pHDX supply is 1 Billion, the possible maximum supply is 1 Billion HDX. We are currently aiming for a maximum supply of ~250 Million HDX for example. Once we have confirmed such a number, we will try to burn most of the pHDX, to make sure the exemplary 250 Million HDX as the maximum supply can’t be exceeded.
Contract address: https://arbiscan.io/token/0xd1858d3ad0410ea96db5a5661d776a696eb63f5e
The Tokenomics are “ready” but we need to be sure we can deliver it, that’s why are checking the necessary smart contracts, how to distribute dex rewards most effectively, running the possible numbers, etc. We have the goal to deliver results, not sell dreams. To ensure this, some things might take longer as we don’t publish it without being sure we can achieve it in some way.
Audit of HDX contracts
We have reached out to several companies and asked for quotes. We will continue to do this until we find a suitable company. Given the fact that we inherited a lot of the multiple times audited OHM fork, we decided that this isn’t a top priority right now.
Team Password Manager
To increase resilience and our security, we have set up a password manager. If now one person goes missing for whatever reason, other team members can still access the necessary tools and pages.
Roadmap Part II
As you can see on our homepage, most items of Roadmap part 2 are already DONE or IN PROGRESS. We expect to achieve a > 90% delivery rate of our set roadmap goals.
After this, we will continue with Roadmap part 3, which will include ATLAS.
ATLAS is the next big major DEX update.
It will include several important orderbook fixes and features and also enable trading HDX on testnet in our DEX. This strengthens the DEX to become mainnet-ready. Therefore, we will also be preparing the mainnet release once ATLAS is live.
If you want to support the current development 👉 https://app.hydranet.ai/#/bonds