Today, we are excited to present a major update to our roadmap — an update that will guide us on our journey ahead, through the unexplored territory of off-chain trading. In this article, you can read about the key activities and milestones that are planned for the months and year to come. These milestones range from the groundbreaking development of Hydranet’s in-house off-chain protocol to a complete new version of the Hydranet DEX. We, the Hydranet team, sincerely hope that you share our excitement!
Q4 — 2023
Hydranet Client DEX (Core DEX):
- Release of an API interface for bot integration
- Implementation of trading fee reduction for HDN holders
- Add new pairs and tokens (based on DAO votes)
- Debugging and fixes of potential bugs
- Incremental UI enhancements
Details: The Client DEX, from now on called “Core DEX”, will continue to operate and be maintained (until the Web DEX is in public mainnet), while the focus is transitioned to developing the Web Wallet and Web DEX.
Hydranet Web Wallet:
- Development of a proof-of-concept Web Wallet
- Demonstration of UI and UX capabilities
- Iterative updates and improvements of the UI/UX, to enhance user experience
- Launch of a closed beta version on testnet for an initial internal group of users
- Integration of additional capabilities based on user feedback and internal testing
Details: Hydranet’s Web Wallet offers on-chain and off-chain activities like sending, receiving, and setting up channels, both for BTC and EVM (ETH, ARB, POLYGON, and more) networks.
Hydranet Web DEX:
- Showcase of a proof-of-concept to exhibit the capabilities and advantages of a Web DEX
- Release of UI/UX designs
Details: Hydranet’s Web DEX aims to offer off-chain exchange technology to everyone — desktops, laptops, mobile phones alike. This will not only increase accessibility and enable a user base on a completely new level but also improve the overall user experience.
Marketing and PR:
- Host Hydranet DEX bug bounty program
- Host Hydranet DEX trading competitions
- Creation and distribution of informational materials regarding the Web Wallet and Web DEX
- Publish Hydranet DEX stats page
- Host engaging social media competitions to create buzz and increase user base
- Update the current team overview
- Publish Hydranet DEX Network Litepaper
- Define and describe possible actors in the Hydranet DEX Network, above all Guardians (Watchtowers) and Titans (Hubs)
- Publish reward visualization (calculation) tool of the Hydranet DEX Network
Details: HDN should have more utilities than being a simple governance token. Therefore, it is planned to be used as security collateral for important actors within the Hydranet DEX Network. HDN token holders will not only have the power to determine which pairs and tokens are added to the Hydranet DAO Hub but can also assume important roles within the network.
- Research and develop a new EVM off-chain protocol
- Add hashlock payment settlement
- Add the option to provide trustless channel liquidity
Details: Different EVM State channel solutions, like Connext’s Vector, the Raiden Network, and Plasma, all have different benefits, but also various shortcomings. For instance, the Connext Vector protocol doesn’t allow multiple routing nodes, which is a necessity for a future multi-hub architecture in the Hydranet DEX Network. Hydranet’s Lithium protocol aims to overcome these issues and enable faster, multi-hop off-chain payments.
Research and Development:
- Research trustless liquidity provisioning for channel liquidity
- Explore and innovate the HDN Tokenomics Version 2.0
- Initiate an overhaul of the existing orderbook for enhanced performance and decentralization
- Research of an external signer for Bitcoin and Lightning transactions, for increased security and flexibility
Details: To provide users with the best possible experience, we are continuously working to integrate the latest technologies into the DEX. This work requires thorough research and experimentation.
Open sourcing (Core DEX):
- Code Review: Ensure no sensitive data is in the code
- Documentation: Create necessary guides and protocols
- Licensing: Choose a suitable open-source license.
Disclaimer: While future plans naturally grow less precise over time, we’re excited to share our initial goals for 2024. Remember, as leaders in the fast-paced crypto industry, it is expected that milestones might shift, expand, or be replaced. This reflects our dedication to innovation and adaptability. Thank you for your understanding and support!
Q1 — 2024
- Public testnet release to expand the testing base and gather comprehensive feedback
- Release external Bitcoin signer for testnet
- Merging of the Web Wallet into Web DEX for seamless functionality
- Commence a comprehensive re-write of the order book to improve performance and enable decentralization
- Add multi-hop routing
- Fee optimization of smart contracts to be even more competitive in comparison to on-chain DEXs
Details: Multi-hop routing of off-chain transactions is a necessity for the Hydranet DEX Network to be able to host a multiple-hub architecture. This feature is essential to improve the decentralization aspect of the Hydranet DEX.
- Announcement and presentation of the HDN tokenomics update
- Begin implementing the tokenomics update to improve system functionality and value
- Research Hybrid swaps, i.e., Layer 1 <> Layer 2 swaps. For instance, Bitcoin Lightning <> Arbitrum On-chain
- Research on-chain governance for HDN token
Open Sourcing (Core DEX):
Onboard More Users
- Marketing: Amplify outreach efforts
- Tutorials: Offer better user guidance
- Feedback: Continuously gather user insights.
Q2/Q3 — 2024
Hydranet’s Web DEX:
- Closed beta Testnet release
- Implementation of potential additional features (user feedback)
- UI/UX updates
- Public Beta Testnet
- Closed Beta Mainnet Release
- Release external Bitcoin signer as Metamask “Snap” (https://metamask.io/snaps/)
Note: In early 2024 we aim to unite the Web Wallet and Web DEX development into one project only, the Hydranet Web DEX.
- Mainnet deployment of Hydranet Network actors
- Implement on-chain governance
- Get a security audit of new Tokenomics smart contracts
- Get security audit
- Open-source Lithium code
Marketing / PR
- Prepare release campaign for the Web DEX
- Update 2024 Roadmap
Open sourcing (Core DEX):
- Evaluate Feedback: Ensure platform readiness for the removal of temporary limitations
- Update Docs: Reflect any significant DEX changes
- Announce Transition: Inform users about the DEX’s increased channel rental and trading limits
Open sourcing (Core DEX):
- Repository: Set up, e.g., GitHub repository
- Publish Code: Make Core DEX code public with essential documentation
- Engage Community: Encourage contributions and issue solutions
The information provided in this roadmap should not form the sole basis for any financial decisions. It is presented to outline the prevailing plans and optimal estimates for Hydranet DAO, strictly for informational objectives. It should not be construed as a definitive commitment or guarantee.
The development, roll-out, and scheduling of any features or functionalities are subject to alterations at the discretion of the participating teams and/or Hydranet DAO. Given our pioneering position in the cryptocurrency industry, unpredictable developments could necessitate changes to our roadmap. As such, milestones could be rescheduled, introduced, or retired as the situation demands.
To ensure alignment with the Hydranet DAO’s objectives, a DAO vote will be organized shortly after the public release of the updated roadmap. Before casting your vote, you will have the opportunity to engage in discussions and ask questions related to the roadmap update.
If you want to support the current and future development of the Hydranet DEX, bonds are available for purchase at: https://bonds.hydranet.ai/