Welcome to 2024 and the year’s first monthly recap!
Core DEX
A big milestone has been accomplished for the Hydranet Core DEX. The first version of the LSSD (Lightning Simple Swap Daemon) has been released to closed testers in the community. The LSSD encapsulates the complete off-chain atomic swap logic in a lightweight and headless way to interact with our orderbook and execute swaps. Using the GRPC / Protobuf API, users can rent inbound channel liquidity, list and subscribe to orders and place market and limit orders on the DEX, effectively being able to launch their own bots to trade and to provide liquidity on the Hydranet DEX. Stay tuned for more updates to the LSSD, as more tests are being done by the closed test group before releasing it publicly.
Progress is also taking place in developing automated monitoring of the Core DEX status. By receiving automated status reports about channels, liquidity and other areas of interest, the team will faster be able to detect and fix any anomalous behavior during operation.
Web Wallet
The web wallet development is continuing in rapid succession behind the scenes and has seen the following updates.
- Alpha testnet version released internally to team
- Found bugs are continuously being patched
- Started optimization for mobile usage with UI revamps
- Work started and making good progress on the external LN signer application, a crucial part to enable BTC payments and a unique innovation by Hydranet
- Onboarding of a new developer (Adinael) has been completed
- Pricing API is developed and ready to get implemented in the wallet
- Work on the rental manager has been started
- Lithium (in-house EVM state channel protocol) is now ready to be implemented into the Web Wallet as gas optimizations and related simulations have been completed
Litepaper release
Despite the “light” denotation, a hugely valuable asset for the Hydranet project has been released: The Hydranet Litepaper! In case you have not read it, you can find it here. The litepaper is in fact a compact description of the entire project vision, essentially our “whys” and “hows”. The litepaper covers an introduction to Hydranet, a description of our technical implementation, and the positive aspects of using our exchange — all written in a lightweight way that everyone can grasp. Whether you’re a community member, venture capitalist, external project or centralized exchange, this is an invaluable asset for engaging with our diverse stakeholders and reaching out. What a great start to 2024!
Tokenomics Simulator
The new tokenomics simulator is a visual tool that will allow users to simulate a broad spectrum of HDN Tokenomics scenarios, both general and personalized. The simulator is designed to enhance understanding of the dynamics and interactions among various components as outlined in the latest HDN Tokenomics 1.5.
The simulator is divided into two distinct parts, network and personal simulation. The network simulation allows users to conduct small-scale experiments to test how specific conditions affect the Hydranet ecosystem. You can create hypothetical scenarios and analyze the potential impacts on different stakeholders within the network.
The personal simulator enables you to estimate and calculate your potential future rewards from operating a Hydranet Titan (Hub) or Guardian (Watchtower) within the network.
You can try the simulator out yourself over at https://simulator.hydranet.ai/ or you can watch a simulator preview video here!
This is still a feature in development and we highly value any feedback that you provide as a community member!
Important Note: The simulator page is for experimental purposes only, predictions cannot be guaranteed.
Other Tokenomic related updates this month include:
- Research of DEX revenue distribution for Titans, Guardians, Treasury, and Strategic Liquidity has been started
- The different role descriptions of the relevant actors in the DEX network (Guardians, Titans etc) have been outlined and specified. These descriptions will help the team determine feasible HDN security collateral for running these services.
- Collaterals and fee distribution are being drafted for upcoming team reviews
Team Updates
This month we welcome a new full-time developer to the team, Adinael, who is a well needed expansion to our backend development for the upcoming Web DEX. Adinael has already proven to be a valuable companion with his work, and we are confident this addition will get us closer to the revolutionary Web DEX product. Welcome Adinael!
DAO updates
This month, two more DAO votes passed successfully:
As always, thank you for your ongoing support of the project, and thank you for tuning into this monthly update. If you haven’t read it already, be sure to check out the Hydranet Yearly Recap 2023!
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