Hydration
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Parachain
A Stable Proposition
Polkadot OpenGov Referendum 1501 proposes to renew treasury acquisitions of USDT and USDC. If passed, 5M of treasury DOT will be DCA’d into stables over a period of 12 months. Idle DOT will be converted into aDOT and supplied to the lending market on Hydration, offering the benefits of additional yield while also contributing substantially to DeFi liquidity, metrics, and use-cases.
Thank You, Nex
On March 19th and 20th, the Nexblock conference in Poland featured presentations by Radhakrishna Dasari (Web3 Foundation), Christopher Kampitsch (Scytale), Ben McMahon (Hydration), and Thomas Riviere (Bifrost). Meanwhile, the Polkadot featured Gavun Wud, and our very own Emil Kietzman.
Moar Tokens for the Omnipool
Hydration Referendum 35, if passed, will begin OTC swaps of 4.125 WBTC and 3.698 iBTC of protocol owned liquidity into stablecoins. A subsequent referendum will propose OTC swaps into LINK, LDO, and SKY, which will be transferred over Snowbridge to create new Omnipool markets.
Doing the Lord’s Work
Lolmcschizz has initiated a discussion on Kusama OpenGov proposing that 33,333 KSM from the treasury be added to the Hydration Omnipool. This move aims to address the longstanding issue of KSM liquidity throughout the Polkadot ecosystem, which has forced many to resort to centralized solutions.
Hydration’s Getting a Little SUIter and SOLtier
Hydration Referendum 204 has passed, meaning Hydration Council multi-sig signers will now make an OTC purchase of USDC 150k of SOL and USDC 100k of SUI. After these assets have been launched on the Omnipool they will be topped up with additional OTC purchases.
It is idle? Put it to work
The over 5.2mill DOT earmarked by Ref1104 to be DCA'd into USDC and USDT still remains 3.7 million DOT on a schedule over 260 days before the completion of the swap on Hydration. There is a discussion to supply the 3.7 million DOT remaining to be DCA's into Hydrations money market as collateral to boost generate yield for the treasury and boost liquidity for borrowers. The DCA will continue even with the DOT still supplied on Hydration's money market.
Hydrate the BTC
Lolmcschizz has initiated a discussion on Hydration governance about the diversification of BTC holdings which currently focus on iBTC and WBTC. He proposes removing a portion of WBTC and iBTC from the lending market and Omnipool to introduce an alternative BTC product such as tBTC or cbBTC.
Don’t Liquidate, Hydrate!
The Hydration money market is live, offering lending and borrowing of WBTC, DOT, USDC, and USDT. The lending pools have been seeded with almost $3 million of Protocol-Owned Liquidity (POL). Hydration’s money market is a fork of AAVE v3, with additional layers of MEV exploit protection through controlled block ordering.
Money Market, Hydrated, Loyalty Factors Dehydrated
Referendum 190 aims to upgrade Hydration to runtime v32.0.0. Notably, it will allow the Hydration Money Market to be launched instantly. In addition, it will enact an overhaul that resets the liquidity mining loyalty factor after every reward claim.
Shine Bright Like a Diamond
The Gavun Wud OG WUD BURN NFT Collection has dropped in collaboration with Kodadot. Issued to the top LP burners from the WUD/Hydration LP Burn NFT Campaign, they come in four tiers - Diamond, Gold, Silver, and Bronze - each with a unique in-game utility for the Flappy Wud game. Each NFT is numbered according to the burner's rank on the leaderboard, and contains embedded information about the number of LP shares burned.
The Great Omnipool Migration
Lolmcshizz has initiated a discussion on Hydration governance regarding the diversification of Protocol Owned Liquidity (POL) using ~1.258M USDS that is currently unallocated. He proposes diversifying $400K into SOL, $400K into AAVE, and $200K into SUI, all onboarded by Moonbeam Routed Liquidity. The remainder would be put into HDX.
All Hydration is Equal, But Some is More Equal than Others
Round 2 of the Polkadot Hydration Campaign is live. In accordance with Hydration Referendum 214, pools have been adjusted to divert funds towards the most successful pools of the first wave. Most notably, rewards for the PHA pool were increased by 100%, resulting in initial APRs of 65%. In the coming days a second referendum will be initiated to start two new farms - vASTR and MYTH/DOT.
Hydrated and Updated
Check out the latest updates to the Hydration app. The Staking page has been redesigned show a visualization of your rewards percentage over time. You can now join farms with one click at the same time as adding liquidity, and now it is possible to transfer liquidity positions from the Wallets tab.
Bonus Hydrated Fortnight
Round 1 of the Polkadot Hydration campaign has been extended by two weeks to the 29th of September. This will give the community some additional time to discuss potential changes to Round 2 farms, and assess the impact of the Stellaswap incentives which went live on September 11th.
That's Not What They Built It For Basti
Apparently Hydration's recently launched No Fun On Polkadot memepad is not limited to dog tokens. B token seems to have been launched for the specific utility of procuring services from Basti, such as phonecalls, pull request reviews, and debugging issues.
No More Fun for Hydration?
This week, Hydration inadvertently discovered a 64 asset limit for registering assets from Asset Hub. While they have been assured that a fix will be in the next Asset Hub runtime upgrade, Basti has discovered that the limit can be bypassed by placing a deposit with the "assets::touch" function.
What Lies Beyond the Chain?
Monday 5 August 18:00 BST Colours, Hoxton, London Beyond the Chain, a small scale networking event that highlights Polkadot and ecosystem projects, returns in 2024. Featuring Speakers Ben McMahon (Hydration) Tom Humber (Archisinal) And Panel: The Polkadot Treasury: Spending and Transparency Chrissy Hill (Parity), Remy Le Berre (Parity), Leemo (NovaWallet, Polkadot Head Ambassador, and more...
WUD's Brewing Something
Dr. Gavun Wud, fownder & cheef arkitukt of Polkadot, has submitted a proposal to Hydration governance to make the WUD token a sufficient asset. If passed, a live account on Hydration would be possible with 20K WUD, which would allow for something "crazy cool" planned for next week.
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