With almost one public announcement per day throughout the month of October, it’s hard to deny that this month has indeed been exciting! We have witnessed the Web DEX being announced, a new roadmap being proposed, a new exchange listing, and a flurry of other updates leaving us desperate for more. Let’s take a closer look at what this month had to offer in this monthly recap!
Day X — Web DEX announcement!
A new chapter of Hydranet was unveiled mid October during an event called Day X. The day started with a teaser, and a few Hydranet front figures realized quickly that what was said to be impossible in the past was about to become reality in the near future — the Hydranet DEX will get a web version!
The day concluded with a Discord livestream during which the Hydranet team presented, not only the Web DEX, but also a brand new off-chain protocol called Lithium as well as the individual items in the proposed roadmap. About 80 people tuned in during the livestream, but if you for some reason missed it, don’t worry, you will find a recording of it here.
The Web DEX is an important part of the future of Hydranet, as it is a modern platform agnostic interface that will ensure the relevancy of our products for years to come, as well as exposing Layer 3 trading to a much bigger audience than the Core DEX ever could. The Web DEX will have the potential to be the go-to trading interface for secure and cheap non-custodial trading across different chains — and it will be accessible on mobile! The Web DEX will feature exciting technology like our brand new state-channel protocol Lithium, as well as providing every user with a Lightning Network browser node. The user interface of the Web DEX will have all the features of the Core DEX, with a modern and minimalistic touch. Tabs such as the wallet and asset manager, trading interface, simple-swap, channel management and more will be readily available. You can read more about the Web DEX here.
Live on MEXC!
We are live on our fourth (including the Hydranet DEX of course) exchange, MEXC! HDN trading on MEXC opened on October 28th and demonstrated an impressive 24-hour trading volume of 340,000 USDT. When combined with the trading volume on other exchanges, HDN surpassed the half a million USDT mark, which is a new record for our token by far!
We have been really excited about this achievement for some time, but a non-disclosure agreement prevented us from sharing the news earlier. Now here we stand, successfully listed on a major exchange, and we could not be happier! This listing marks a giant step forward for Hydranet. Not only does it reflect our growth but also opens doors to potential listings on even more prominent exchanges in the future. You can already see MEXC added to our page on CoinGecko and CoinMarketCap. Let’s make sure to expand this page, not only with already well-established exchanges, but also with the Hydranet DEX!
If you want to use MEXC and simultaneously support our development, please use Hydranet’s official MEXC referral code or follow the link provided below:
Referral code: 1jfE4
Referral link: https://www.mexc.com/login?inviteCode=1jfE4
Core DEX development and bug bounty
With the Hydranet Core DEX publicly available to everyone, a bug bounty contest was initiated by the end of September with the first payout taking place in mid October. At the time of writing, about 80 bugs have been reported which have mainly been related to UI irregularities. However, one critical bug led to a short maintenance stop of the Hydranet DEX but was patched and resolved during the second week of October. We are truly thankful for your continuous feedback leading us on our path to an even better version of the Hydranet Core DEX!
The DAO of the future
As the DEX development is progressing nicely on two fronts, Core DEX and Web DEX, the Hydranet Foundation is also taking form. The Hydranet Foundation will be a legally incorporated entity that will serve as a legal wrapper for our DAO. It will ensure that the DAO operate within the legal framework of its jurisdiction, provide a protective layer for its members, and establish a structured governance model for our DAO. This move will furthermore enhance our credibility and trustworthiness in the eyes of partners, regulators, and the broader community by showing that Hydranet is here for the long-run.
In late September, the community was asked to vote on the proposal to establish the Hydranet Foundation in The Cayman Islands, and the vote concluded in early October with a favorable outcome. Expect to hear more about this topic in the coming weeks.
Tokenomics and the Hydranet Network
Another structure advancing during the month of October is the Hydranet Network. Three actors are currently being researched: Titans (Hubs), Guardians (Watchtowers) and Lithium Rental Liquidity Providers (LRP). It is proposed that:
- Titans will be limited in quantity and require a significant amount of HDN collateral to be operated. They will be responsible for providing rental liquidity and running order-matching engines. They will furthermore run full blockchain nodes and provide blockchain data to the trading clients in the network. In other words, they will be important for a continues operation of the Hydranet DEX.
- Guardians will, unlike Titans, be larger in quantity, depending on how many Titans are operating. They will also necessitate a smaller amount of HDN collateral to be operated. Guardians will run watchtowers for both the Lithium and Lightning networks and monitor Titan and DEX user operations and punish them in case of misbehavior. In essence, Guardians will be responsible for monitoring and safeguarding Hydranet DEX users and Titans to ensure a safe operation of the Hydranet DEX.
- Lithium LRP will, complementary to Titans, be responsible for providing rental liquidity to Hydranet DEX users. This will, in a trustless manner, further enhance the overall DEX liquidity. It is being researched whether or not HDN collateral will be required to enforce uptime of the Lithium LRP.
For the services provided by the different actors, they will be rewarded with DEX and rental liquidity fees in proportion to their responsibility in the Hydranet Network. It has also been estimated that the following costs will apply to running the different actors:
- Guardians: 0–5 USD
- Lithium Rental Liquidity Providers: 5–20 USD
- Titans: 500–1000 USD
Keep your HDN safe!
Our concluding words for this monthly recap will be yet another reminder to keep your HDN safe! At the beginning of this month we put together an informative article that delved into the main exploitation method we have observed affecting some of our followers. The article also covers the differences between cold and hot wallets, so make sure to give it a read! We can also happily remind you that HDN is now live on Ledger (a cold wallet), which makes it even easier to keep your funds safe.