Another productive month for Hydranet has passed and it’s time to reflect on the events that made August one of the best months in the history of the project! Throughout August we have gotten exposure beyond our expectation, submitted applications to institutions, and decided for the date of the next major release milestone for the Hydranet DEX.

Phoenix release announced

Undoubtedly the most exciting news this month has been the announcement of the release of “Phoenix”. Our first mainnet public beta build of the DEX, available to you on September 23rd 2023!

Watch our little reveal teaser here or check out the announcement!

The Hydranet team would like to reiterate that we could never have come this far without the support from you, the community. We are now one step closer to demonstrating our capability to release groundbreaking technology that will contribute to the cryptocurrency industry and revolutionize the way we trade!

DEX development

This month, we have reached 1,5k trades successfully performed in the DEX closed beta, numbers we are really happy about although it’s only the beginning! Moreover, the DEX build have been iterated, tested and the following features and improvements have been added:

  • Channel rental payments have been improved and set up in HDN
  • The Grid Bot has been updated
  • Reporting tool implemented
  • Statistics are being exposed for future analysis and visualization
  • ETH Mainnet bugs fixed.
  • Warning for high on-chain fees implemented
  • Prepared HUB for mainnet release
  • Linux version of the DEX is being prepared

Like previous months, all tests are running smoothly and with positive results so far! A big thanks to all the dedicated testers helping out in making the Hydranet DEX a reality.

Marketing and visibility

This month, Hydranet was featured as a sponsor in one of the high profile Crypto Youtuber “Chico Crypto” videos, watch the segment here! This promotion was also extended with a tweet that you can find here. With new exposure comes new curious visitors to the project and hopefully new future community members. Be sure to greet them kindly and show why we have one of the strongest communities in the crypto space!

The marketing team has been ramping up the work with reaching out to different foundations and applying for grants in order to aid the development further and to ensure that the releases as well as the economic and logical models of our product are up to par with the demands of real world usage.

Down the line there are more exciting marketing related events to come. A “Crypto Birds” AMA will take place on September 13th. Arbitrum AMA will feature Hydranet on a date yet to be announced but most likely shortly after the mainnet release. The team is preparing for community involving Bug Bounty events, as well as other contests and influencer connections, so stay tuned for an exciting future.

Bonds implementation

Bonds remain one of the most important ways of financing the development of the Hydranet project, yet they haven’t been redeployed after the tokenswap to HDN, due to the non-reusable state of the OHM code-base from which we migrated. This has meant that new contracts for bonds sales has needed to be developed, and now we can announce that the bonds are close to being launched again after some exciting progress this month:

  • Tests results look good
  • Bonds contracts have been deployed on mainnet and assigned under multi-sig administration
  • Mainnet implementation is tested OK
  • Security Audit for bonds and treasury smart contracts initiated but not completed

Visualize more!

Numbers can be interesting, but are usually not very appealing to look for long. To combat this the team has started to research a visualization tool solution that will help explain the tokenomic model of HDN and how it will work in conjunction with the DEX. It will also aid the development of new tokenomic models and features. The tool is envisioned to be similar to a calculator where fees and volumes can be adjusted for real time feedback. Useful for the team, interesting for the users!

Team updates

Since Nicklas has joined the multi-sig team as a very helpful addition, it has allowed Argon to step down from the multi-sig responsibilities in order to focus fully on marketing, outreach and design.

An important reminder!

As the project gains traction, it will also attract scammers looking to take advantage of the community. We have noticed an increase in malicious behavior where community members are being contacted by fake identities pretending to represent the project or team members, across several platforms. Never take anything for granted and check the official announcement channels first!

Join us on Discord and follow us on Twitter to stay up-to-date with our latest news and developments.