Weekly news from Kusama & Polkadot #61
1. HydraDX launched the Omnipool, decentralized swaps are now available
The HydraDX Omnipool is finally launched. After almost two years after the LBP event, users can now swap between various cryptocurrencies.
At this moment, there are just 3 tradable assets, which are:
- HDX — a native token of HydraDX
- DAI — decentralized stablecoin
- DOT — the main token of the Polkadot network
Besides that, on the back is also the hub token LRNA, through which all trades are routed.
Hydra provides these four functionalities at this moment:
- Trade — trading of HDX, DAI & DOT
- Liquidity — providing liquidity for each individual asset
- Wallet — overview of your available and vested assets
- Cross-chain — bridging possibility of DAI via Acala and DOT from the relay chain
HydraDX is a unique application-specific blockchain, a decentralized exchange of the AMM style, which brings the unique Omnipool functionality. Omnipool enables 2–4x more capital-efficient trading thanks to lower slippage and fewer hops. This is all thanks to the deep, diversified, and unfragmented liquidity of just one pool for all the listed assets.
Omnipool enables to provide of single-sided liquidity for the asset user wants. That means even just a single token such as DOT, HDX, or DAI is enough to provide liquidity (for this moment). The Omnipool then mints and burns a corresponding amount of the hub token LRNA.
The starting liquidity of the Omnipool was $125k, right now was reached the initial Omnipool TVL Cap $222k, which means that in less than 70 hours, more than $100k worth of fresh liquidity was provided by the users to the Omnipool. HydraDX plans to increase TVL by 10–15 mil. during the Q1 2023.
2. Nova wallet added HydraDX Omnipool to their DApp catalog
Nova wallet just added HydraDX Omnipool to their Nova Wallet DApp catalog. This means that Nova wallet users can now participate in efficient, sustainable, and trustless DeFi on HydraDX.
HDX from HydraDX is also already listed in the Nova wallet as one of the many assets that can be stored, sent, and received.
Nova wallet also enables staking of many different tokens such as DOT, KSM, GLMR, MOVR, TUR, etc.
Voting in on-chain governance is also one of the main features of Nova wallet.
3. Joystream launched the decentralized video platform for Web3
Joystream recently launched a decentralized video platform for Web3. Joystream is a Substrate-based blockchain focused on content creation, governance, sharing, and ownership. Joystream itself is divided into two applications — Gleev & Pioneer.
Gleev is a video platform with incentives for both users and creators. There are various options for the monetization of content:
- video NFTs — can be sold on the secondary market with royalties
- creator tokens — any creator can create his token to incentivize the community
Pioneer is the governance part that embodies council, working groups, and elections. It’s a state-of-the-art governance system that every Polkadot fan must love.
Features of Pioneer:
- on-chain forum
- in-depth proposal system
- working groups structure
Joystream brings a solution for fair monetization of video content and allows its users to share the revenue while having complete control of the network through a DAO. Joystream is YouTube-like with content ownership for Web3.
Polkadotters are supporting the Joystream network with our validator — so if you like our content, please nominate our node in the staking app. Our address is j4TBhu4RLgAG9n3KnAdznMenPnF3Lb1qWe24eDwSNjFVNFY2G
4. Bittensor has won the 36th parachain auction on Polkadot
Bittensor has won the 36th auction on the Polkadot network by collecting ~76k DOT worth ~$361k from 129 contributors.
Bittensor is a decentralized, open-source protocol that utilizes blockchain technology and tokenization to create a network for machine learning.
Bittensor aims to improve the development of artificial intelligence by implementing a training strategy that rewards models for participating in an iterative ecosystem. Additionally, Bittensor aims to promote fairness and collaboration in terms of ownership and access to AI.
Consider supporting us by nominating your tokens to the Kusama or Polkadot validator by the POLKADOTTERS name.