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KR1 continues to support HydraDX, a cross-chain liquidity mechanism

HydraDX is a Substrate-based cross-chain liquidity mechanism. It is now a basic layer for financial use cases, such as instantaneous asset exchange…

KR1, a blockchain and cryptoasset investment firm, has announced that it has taken part in the HydraDX (HDX) crowdloan and Polkadot (DOT) parachain auction. KR1 contributed a total of 350,000.00 DOT to the HydraDX crowdloan campaign, which was successful in securing a parachain spot in the Polkadot parachain auctions currently underway.

HydraDX.io is a cross-chain liquidity protocol that enables frictionless crypto asset liquidity across multiple chains. Unlike other decentralised exchanges in use today, which use separate pools for different assets, HydraDX’s solution allows users to deposit ‘all’ assets into one common liquidity pool, the ‘Omnipool,’ unleashing unprecedented efficiency.

The contributed DOT will be time-locked on the Polkadot blockchain for 96 weeks before being returned to KR1 after the HydraDX parachain lease is completed. KR1 will get a to-be-determined number of HydraDX tokens over a 96-week period in exchange for supporting the HydraDX crowdloan campaign following the successful HydraDX parachain auction bid.

The potential costs of this type of token distribution are the inaccessibility of the locked DOT monies as well as the foregoing of any staking rewards on the contributed DOT for the time period.

In addition, KR1 will receive a total of 45,000,000 HDX tokens (along with an undisclosed amount of Basilisk (BSX) tokens) in accordance with the company’s previous support of HydraDX’s seed funding round, which was announced on December 22nd, 2020, and a much smaller, undisclosed amount of HDX tokens in accordance with the company’s contribution to Basilisk’s Kusama crowdloan campaign and parachain auction,

HydraDX’s native token is HDX. It will be utilised for a variety of purposes, including governance, staking, and more.

“Winning a Polkadot parachain slot for HydraDX is the next important step for the project and a huge endorsement of the protocol’s goal of bringing all liquidity together in a ‘ocean of liquidity’ by the community.” We envision HydraDX as the endgame of liquidity in a cross-chain future, and we have a great level of confidence in the team’s ability to do this.”

-Keld van Schreven, KR1’s Managing Director and Co-Founder.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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