April was busy! In addition to the usual development of our platform, we have also managed to do a much needed token swap, and 5 other DAO votes regarding funding. Let’s close out April by summarizing all its major happenings in this monthly recap edition!

HDN token contract upgrade

We kickstarted the month with a DAO vote that paved the way for a token contract upgrade. Our previous token contract had a few deficiencies, one of the major issues being the presence of a warning message and poor ratings on token and DEX screener platforms. This warning was caused by our proxy contract, which allowed the token contract to be upgraded if necessary. However, upgrades were strictly controlled by our DAO representatives, requiring a 3/5 multi-signature approval for any changes to take place.

The DAO vote for Proposal #34 — Transition from Proxy-Based HDN Contract to New Non-Proxy HDN Contract was initiated on April 4th and ran until April 9th. It passed with overwhelming support, enabling the team to move forward with the HDN token contract upgrade, getting rid of the proxy contract for good.

Following the approval of the DAO vote, the team quickly took action. Community members were encouraged to remove their Uniswap liquidity pool positions, and centralized exchanges paused deposits and withdrawals of HDN.

The first transaction of the new HDN was successfully distributed on April 14th at 06:23 UTC, completing two hours later. The distribution of the new HDN was successfully finalized at that point!

Uniswap liquidity pools were reopened shortly after the token distribution. MEXC resumed their services a few days later, while WhiteBit and XT are still pending. The team continues to engage in ongoing dialogue with these exchanges. CoinMarketCap, CoinGecko, Arbiscan, and other tracking platforms were quickly updated too. And, to our joy, the proxy contract warnings are now gone!

DAO governance

The token contract vote was not the only activity for our community this month. April was a packed month on the governance side, with several important DAO proposals being voted on.

Alongside Proposal #34 (the token contract upgrade), the community also voted on Proposal #35, focused on securing funding for OTC sales and network growth initiatives. To comply with our tokenomics, limiting any single funding release to a maximum of 5 million HDN, Proposal #35 was divided into five consecutive proposals, each voted on separately over the course of the month.

All five votes passed successfully, allowing for a release of funds from the Hydranet DAO Vault. This funding will help strengthen Hydranet’s position, open new strategic opportunities, and continue fueling the project’s expansion.

You can review the finalized proposals here:

• Proposal #35–1
• Proposal #35–2
• Proposal #35–3
• Proposal #35–4
• Proposal #35–5

Thank you to everyone who took part in the discussions and votes! DAO governance is a key pillar of Hydranet, and your participation drives the project forward!

Development highlights

Early in the month, a new major WebDEX build was rolled out to our alpha testers, introducing milestone features like the Channel Backup Service and Auto-Reconnect Function. This update significantly improved stability and made channel management much more user-friendly. Users can now import their seed phrase on another device and use their already open state channels.

On the backend, we made improvements across the board, including updates to the Authentication Service, the Backup Service (server, client, and HydraApp), and Rental Manager performance. Sync events were added, and Bitcoin transaction synchronization times were further optimized.

Throughout the month, we expanded the alpha testnet group by inviting over 70 participants from the alpha waitlist to join the WebDEX alpha. Their feedback has been invaluable as we continue to tackle bugs, optimize performance, and enhance stability together. A major speed and stability boost was delivered towards the end of April, laying the foundation for an even smoother user experience.

To make testing even more fun, the team hid a special easter egg inside the WebDEX: HydraSnek, a mini-game inspired by the classic Snake game, but with a Hydranet twist! 🐍 Testers who discover it can enjoy a nostalgic gaming moment while exploring the platform.

Other improvements include:

• WebWallet upgrade to BDK Wallet version 1.2
• CMC Proxy service now delivering token logos
• Improvements to the Faucet and Lithium’s channel expiration behavior

With major backend and frontend improvements completed, and strong feedback from the alpha community, we’re closer than ever to reaching an even more polished Hydranet experience and a rollout of the Alpha testnet to the public community.