What better way is there to start a monthly recap than by quoting a message written by Joe Park in the team chat?

I am really proud of us. We have evolved from a small project to a currently #700 mature DeFi project with a great 2023/24 roadmap ahead

I’m certain that Joe speaks for all of us, the team and the community alike, expressing this pride. We are all contributing to make our dreams and goals come true! With that being said, let’s dive into what’s been going on for the past 31 days.

Token swap to HDN

The 7th of July was the day we left our old token behind to make room for a new token, HDN. On this day, at 16:00 CEST, a snapshot was taken and all HDX, gHDX, and sHDX holders were airdropped an equivalent amount of HDN the very next day. The token swap was a major milestone in the Hydranet project! It will make us, the Hydranet DAO, unique, it will ensure that the Hydranet DAO has complete control over all critical wallets, and it will eliminate the risk of us suffering damage from untested code written by unknown entities. If you are still curious on why we moved to the HDN token, give this article a read.

For those of you who followed the airdrop event closely noticed that the airdrop got delayed with one modest day. A script to have the HDN distributed directly from the Treasury wallet was prepared by our developers. All it would take was a signature from the multi-sig team. The script was rigorously tested on the Goerli testnet and showed no signs of discrepancies. Unfortunately, as the team moved to the Arbitrum network, unexpected bugs were encountered, which consequently forced a small delay while a solution was being worked on. Despite the initial setback, and after a few hours of testing of the new solution, the HDN airdrop was executed smoothly on the following day.

Don’t forget to import the new token to your wallet if you haven’t done so already! Need a helping hand on how to do it? Give this article a glance! Beware of scammers if you are asking for help in the community!

Our new token should now be hosted on the most common tracking pages and tools, such as Coingecko, Coinmarketcap, Debank, and Blockfolio. If the token is still not supported on your favorite website, please contact the team and we will try to sort this out for you!

HDN contract audit — successful

Just a few days prior to the token swap, SourceHat (previously SolidityFinance) concluded its audit of the HDN token contract. The audit results can be found here and confirms, among other things:

  • Maximum supply of the HDN token is 300,000,000 HDN
  • The HDN contract has no mint or burn function
  • The HDN contract is upgradable only by the multi-sig team using the Hydranet DAO vault address

This is an important process to have passed, in order to ensure any newcomers and long-time backers alike that we prioritize the security of user funds and our token. We are currently pushing the final changes on the Bond contract before this one will be audited as well! Stay tuned!

DEX progression

The developers have had a productive month with several new DEX builds shipped. A big shout out to the closed mainnet testgroup! This would not have been possible without your continued input!

The DEX have seen the following improvements this month:

  • Improved orderbook to fix DEX fee refunds
  • Improved UI and bug fixes related to transaction history
  • Fixes to connection timeout issues
  • Added HDN and removed HDX
  • Arbitrum USDC and Arbitrum USDT added to the wallet (spoiler alert)
  • ETH activated in preparation for ETH/BTC testing

As the tests so far have been most satisfactory, the closed testgroup expanded towards the end of the month. The testgroup now consists of around 15 dedicated participants! Our aim is to cover the widest possible range of cases and increase the confidence of the Phoenix Release, all to ensure a good mainnet launch.

DemoDay — check!

When DemoDay was presented last month it was all but certain that Hydranet would receive a spot at this event. But we did! The team had a few intensive days putting together a presentation and summarizing questions for the follow-up AMA before presenting our project to 500 live participants. Joe did a fantastic job presenting the incredible product we are building, despite suffering some minor technical issues! Being mentioned after actors such as WhiteBit and Cardano is just great for our reputation and hopefully we will one day join these big actors on the top stage! Watch Joe’s presentation about Hydranet here.

What was DemoDay? DemoDay, hosted by WhiteBit on PitchTalk, was an event to which various crypto projects were invited to present their project. Every participating project was given 10 minutes to demo their project, 10 minutes of AMA, and 5 minutes of discussion about future plans.

Project recognition

What has already been one of the most productive months in the project’s history just got better as we were recognized by Cihan0x.eth, a Turkish influencer. Our marketing lead, Argon, was quick to engage in conversation with Cihan to outline how future cooperation would look like, and we can expect to see more from Cihan! Kudos to the marketing team and the work they put in as Cihan found the Hydranet project on his own!

This month’s progress is also displayed by the fact that we are closing in on 1700 unique addresses holding HDN, which is an increase of more than 10% since the airdrop. This is the best indicator that we’re doing the right thing as a team and community, and we love to see it!

Survey regarding marketing

The Hydranet team is always trying to live up to the community’s expectations. Therefore, the team prepared a small survey to get to know the community’s insights and preferences regarding marketing. As you are likely aware, the Hydranet project operates on a very limited budget, which must not only cover marketing expenses, but also cover crucial DEX-related expenses. These two aspects are interdependent, one will not survive without the other, and knowing your preferences, thoughts, and ideas is highly valuable to the team in ensuring the success of the Hydranet project!

New DAO website

The website saw a really neat update during the month of July! A dedicated page for DAO information was created, providing enhanced information on the Hydranet DAO votes and Hydranet DAO funds. You can enter the page via the Hydranet website, or using this shortcut.

We are expanding!

In order to strengthen the project, the team will now be supported by two new brilliant individuals: Nicklas and Thierry. Welcome!

Nicklas joined the multi-sig team and will help manage transactions and provide general support in the multi-sig responsibilities, thus improving the responsiveness and robustness of our DAO.

Thierry has been a long time tester of the Hydranet DEX and will now act as a beta test manager in the current and future testing of the DEX.

In order to stay updated or ask any questions: Join us on Discord and follow us on Twitter to stay up-to-date with our latest news and developments.