Weekly News from Kusama & Polkadot #68
1. Hashed Network has won the 40th parachain auction on Polkadot
Hashed Network has won the 40th auction on the Polkadot network by raising 55k DOT worth ~$370k from 536 contributors.
Hashed Network offers a comprehensive business lifecycle solution for decentralized digital economies and web3-curious businesses. The platform leverages native Bitcoin Core standards like PSBTs, Schnorr signatures, and Tapscript for secure address generation, verified addresses, spending policies, and security. It also facilitates proof-of-reserve reporting for each vault with easy-to-use multi-sig accounts and support for air-gapped hardware and hot wallets.
Native Vaults, a product built with Bitcoin in mind, provides self-custody of digital assets natively, eliminating the need for wrapped tokens or bridge hacks.
The platform also offers fund administration, porting the protocols used to manage money at scale and currently securing the process that moves $1B+ in assets for multiple large real estate projects.
2. Moonwell announces integration with Coinbase’s new Ethereum L2, Base, expanding DeFi reach to more users
Coinbase has launched Base, a new Ethereum Layer 2 (L2) chain, incubated by Coinbase and built on the open-source OP Stack. The launch of Base marks a significant acceleration of the on-chain vision that Coinbase has been building over the last five years. Base offers a safe, low-cost, and developer-friendly way to build on-chain. Coinbase’s decision to build on Optimism’s Bedrock is ideal, offering Ethereum equivalence, the lowest fees, and a strong commitment to open governance and open-source principles, setting Optimism apart from other L2s.
Base is incubated inside Coinbase, leveraging its experience building crypto products over the past decade, with plans to progressively decentralize the chain over time, and currently, no plans to issue a new network token.
Moonwell, one of the first Base-native lending protocols, has expanded from Polkadot to Base. Moonwell’s contributors, Luke Youngblood and Octavius, previously worked at Coinbase and helped build Staking Rewards and cold storage systems, respectively. The launch of Base brings an opportunity to connect the entire Dotsama ecosystem with Ethereum, supporting Moonwell’s vision of connecting the best parachains and DApps on Polkadot to DeFi.
Although MoonWell’s launch on Base does not have a direct impact on Moonbeam, it could potentially benefit the project indirectly by raising awareness and driving the adoption of DeFi applications, including those developed on Moonbeam.
3. Mangata Finance introduces Proof-of-Liquidity, completes rollout in March 2023
Mangata Finance has announced the completion of its innovative consensus mechanism called Proof-of-Liquidity, which builds on Proof-of-Stake to make it more capital-efficient. Unlike staking native tokens, Proof-of-Liquidity uses liquidity tokens to secure the network, which ensures that capital keeps working on the DEX, while LP tokens are used as stake in the new consensus mechanism.
By introducing Proof-of-Liquidity, liquidity tokens now gain access to an additional earnings opportunity, in addition to exchange commissions and liquidity mining rewards. The mechanism changes the game for node operators, requiring long-term planning and observation of the ecosystem. The Governance forums on Discord will discuss which pairs should be eligible for Proof-of-Liquidity.
Mangata introduces Proof-of-Liquidity, and completes rollout in March 2023 based on those milestones:
- Monday, February 27th — MM Call to answer questions
- Friday, March 17th — Council Motion to Whitelist pairs
- Monday, March 20th — Proof-of-Liquidity goes live — Nodes with pairs come online
- After all nodes transitioned (or 4 weeks) — Disable & burn sudo liquidity
4. Mangata X DEX and OAK Network team up to introduce revolutionary XCM liquidity pool auto-compounding
OAK Network and Mangata have joined forces to introduce XCM liquidity pool auto-compounding on Mangata X decentralized exchange. This partnership pioneers parachain cross-chain functionality for Kusama and Polkadot ecosystems.
Turing Network, a canary network of OAK, has developed technical functionality to automatically compound liquidity rewards for liquidity pools, including the TUR/MGX pair. By utilizing the XCM compoundRewards call, the auto-compounding function schedules a future event on the Turing Network parachain, which triggers an action on the MangataX parachain.
This collaboration offers a diverse range of use cases and showcases the advantages of parachains on Polkadot and Kusama. Developers can automatically claim liquidity pool rewards on MangataX and add them into a liquidity pool.
Mangata X is a decentralized trading platform that introduces gasless swaps, eliminating high fees and providing traders with one predictable fee. This feature also eliminates Miner Extractable Value (MEV) as a cost component, allowing for access to more capital-efficient trading strategies. OAK Network automates single or recurring transactions using ‘if this’ and ‘then that’ instructions, unlocking rich DeFi experiences.
5. Mangata X lists the Zenlink native token ZLK
Mangata X has integrated Zenlink’s native token ZLK and is now offering liquidity mining rewards for the ZLK/MGX pair.
Through the partnership between Mangata X and Bifrost Finance, ZLK can be deposited to the exchange and bridged to the Moonriver Parachain, creating a new route for liquidity on Mangata X to the EVM world.
Here is the list of promoted pools on the Mangata X decentralized exchange.
6. Phala Network’s PHA token is now listed on Arthswap: earn dual rewards through the dual farming campaign
Arthswap has listed Phala, and liquidity pools are now available for PHA/ASTR.
Earn dual rewards of ARSW and PHA through the 13-week dual farming campaign. The PHA token is utilized to cover computing resources usage on Phala Network, including storage and computing power. The new pools enable greater distribution of Phala Network tokens in the community.
7. Cross-Chain DEX aggregator PrivaDEX officially launches for Astar and Moonbeam networks
PrivaDEX, the cross-chain DEX aggregator for Polkadot, has integrated with Moonbeam, enabling users to perform more efficient swaps between StellaSwap, Beamswap (both on Moonbeam), and Arthswap (on the Astar Network).
PrivaDEX aggregates standard automated market makers (AMMs) across these platforms to provide better rates than those offered on individual DEXs. This cross-chain DEX aggregator aims to support other parachains besides Astar and Moonbeam in the future, as well as stable and concentrated liquidity AMMs.
PrivaDEX makes cost-efficient swaps available with just one click and has officially launched as the cross-chain DEX aggregator for Polkadot.
8. HydraDX unveils a proposal for sustainable DeFi yields including staking, dynamic fees, DCA or money market
In the latest post of the HydraDX’s newsletter, HydraDX has proposed several upgrades to enhance its protocol’s sustainability and profitability. The proposal includes reallocating $5 million of the LBP funds to extend the protocol’s runway for the next two years. The funds will be distributed in installments of no more than six months' runway.
Other proposed upgrades include:
- Dynamic fees based on price and volume oracle data to make the protocol and LPs more profitable in volatile times
- Dollar-cost averaging (DCA) to minimize slippage and volatility and diversify the treasury into stablecoins and other assets
- Bonds to accumulate large amounts of POL, attracting sustainable liquidity, and yielding profits for the protocol, LPs, and bond purchasers
- A money market built on top of the Omnipool and a HydraDX liquidation engine to be profitable and liquid for the protocol, LPs, and bond purchasers
- A liquidation engine to reduce over-collateralization ratios and penalties and yield profits for the protocol and LPs
- Order batching and payment for order flow (PFOF) to internalize non-extractive MEV type — backrunning and create a new revenue stream for the protocol
- HDX staking to incentivize long-term staking and sustainably redistribute rewards from protocol operations
These upgrades aim to make the HydraDX Omnipool the preferred location for DeFi market participants by offering sustainable and reliable yields, lower fees, lower slippage, and higher capital efficiency.
Besides that, HydraDX reveals a bug bounty program on Immunefi, Web3's leading bug bounty platform protecting $60 billion in user funds. Everyone is welcome to earn up to $1.000.000 for responsible disclosure.
9. Parallel Heiko now supports EVM for new application possibilities
The Ethereum Virtual Machine (EVM) has now been integrated into Parallel Heiko, which is a significant update for the platform.
As the most popular development platform in the world, EVM’s inclusion will allow for third-party builders to contribute and create new applications on Parallel’s sister network. This development is expected to open up new possibilities for the network and attract more users.
Additionally, the Parallel Finance team is planning to integrate EVM into their platform in the future.
10. Subsquid’s squid SDK is now available on Unique Network & Quartz Network for NFT builders
Subsquid and Unique Network have announced their partnership to create a better experience for builders of next-generation NFTs.
Unique Network is an industry leader in NFT infrastructure, providing scalable and developer-friendly infrastructure for advanced use cases and mass adoption.
Subsquid’s indexing toolkit, squid SDK, will now be freely available for Unique, Quartz, and Opal networks, allowing developers and analysts to access and aggregate on-chain data.
The companies plan to continue bringing developers into the ecosystem through ongoing tooling improvements and developer relations efforts. The collaboration will help innovators solve pertinent problems across industries by leveraging the power of NFT technology.
11. Equilibrium launches EQ Blast: liquidity mining program with up to 90% APR
Equilibrium Blast Liquidity Mining Program has launched, offering users a chance to earn additional yields on their funds locked in Equilibrium’s pools and external incentivized pools on Polkadot DEXs.
Liquidity providers can expect to earn incentivized rewards of over 90% APR on their funds deposited in Equilibrium pools. The program, which will be live later this month, has allocated 1% of the total EQ supply for the first wave of the program. Users will receive EQ token rewards every eight hours, with the assets locked for six months.
Additionally, users can maximize their returns by composing a custom strategy or locking EQ tokens on Equilibrium for a specific period to multiply their rewards.
12. KILT launches AssetDIDs and public credentials for the authenticity of digital assets
KILT Spiritnet has launched AssetDIDs and public credentials, which serve as unique digital fingerprints and permanent identifiers for any digital asset.
AssetDIDs allow the linking of public credentials to any asset on any smart contract and blockchain, describing attributes or properties of the asset, including NFTs. This feature helps ensure authenticity across multiple chains and prevent counterfeits.
Unlike traditional DIDs, AssetDIDs do not have private keys since objects such as NFTs cannot sign messages or transactions. As a result, the AssetDID is publicly available and can be constructed by anyone with access to the necessary information, eliminating the need to store it on a blockchain.
- Strengthen Polkadot by nominating your DOT tokens to POLKADOTTERS, community builders for the Polkadot ecosystem
- Support Polkadotters Shrimp and Polkadotters Octopus on Polkadot and be a part of a more secure Web3 future
- Discover our presence on the DVA (DOT Validator Alliance) pool and join our efforts to secure the network by using Nomination pools
