Polkadot Treasury has allocated 2 million DOT, valued at $14.4 million, to enhance the liquidity of the DeFi project Hydration, according to a June 10 statement shared with CryptoSlate.The project stated that the funds will boost the liquidity and efficiency of its single-sided liquidity provisioning platform, Omnipool.This latest funding aligns with Polkadot’s current efforts to improve and expand the network’s adoption worldwide. Over the past weeks, the blockchain’s Web 3 Foundation has funded several projects, including PolkaPort East and Accelerate Polkadot.This allocation will be executed in two phases. The first phase will disburse 1 million DOT to attract new liquidity to the Polkadot ecosystem. This includes rewards for liquidity providers (LPs) with an annual percentage yield (APY) exceeding 200%.Hydration’s Omnipool’s single-sided LP design will facilitate this reward system. Users can earn rewards by depositing single assets or joining an incentive farm with stablecoins, DOT, and Bitcoin.The remaining 1 million DOT will support the Hydration Omnipool, enhancing the native liquidity layer for the Polkadot 2.0 ecosystem. This is in addition to the 690,000 DOT already deposited into the Hydration Omnipool.This funding aims to advance liquidity management on the Polkadot network, setting a new standard in blockchain technology. The Polkadot Protocol and OpenGov will administer and manage the funds.Jakub Gregus, co-founder of Hydration, described the allocation as a pivotal moment for the project. He emphasized that this liquidity injection is crucial for the health of the Polkadot ecosystem. He stated:“The Hydration Omnipool is designed to provide unparalleled efficiency and accessibility in trading crypto-assets, and this support from the Polkadot treasury is a testament to the potential impact of our forward-looking approach.”Notably, this funding arrived less than a week after the project was renamed from HydraDX. According to its website, the total value of assets locked on the platform is $28 million, and it has a trading volume of $50 million in the last 30 days.Disclaimer: CryptoSlate has received a grant from the Polkadot Foundation to produce content about the Polkadot ecosystem. While the Foundation supports our coverage, we maintain full editorial independence and control over the content we publish.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Your daily dose of must-have crypto news and deep dives. Direct to your inbox.SubQuery said these RPCs are the first on Substrate-based networks and will be operated by over 30 independent Node Operators.Accelerate Polkadot said it wants to provide the de facto answers to Polkadot’s developers questions.The Decentralized Fund inititaive is designed to support Polkadot-focused organizations with funding.The game would be released in 2025 and would further boost Pudgy Penguins popularity within the community.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
