Update on Hydro.Finance

It is with a heavy heart and great sadness that we’re writing to you today.

We’ve been active members of the Secret Network community for a long time now. We started as basic community members and Secret Agents. We created the SecretSwap Committee and were elected as community representatives of the DAO.

Although we were not the creators who launched the SecretSwap platform, SEFI asset, or owners of SecretSwap’s assets or keys, we felt obligated to care for the SEFI community and the supporters of the project. As such, our team (as prominent community members) has assisted with facilitating a transition that protects the SEFI community. This involved continually performing maintenance on SecretSwap and improving and updating the SecretSwap protocol by developing a v3 model.

Our goal was to revamp Secret DeFi in an innovative way, bring unique value to the community and to push things forward on a positive note.

As you are aware, Hydro Finance was announced as a joint venture. This meant a split of development responsibilities, revenue share, IP share, etc. with the entities involved. We were promised grant funding, connections to the Ecosystem Fund, and help in development of the project. Regrettably, the development and the funding support provided to us have been different from those we initially understood.

For instance, our contributions and hard work to date (including completing 80% of the development work for Hydro.Finance on Secret Network) have not been compensated. Our developers have consistently gone above and beyond to work through the trials and tribulations we’ve been facing without funding and we would like to extend our appreciation for all their hard work.

Following extensive internal discussions, we have therefore decided that it is time for our team to move on.

What this means for DRO and Hydro.Finance?

Regrettably, without receiving the necessary funding and development efforts for this joint venture, we unfortunately will not be launching Hydro Finance or DRO on the Secret Network at this time.

What this means for SEFI and SecretSwap?

SEFI will continue to be the responsibility and property of its creators, SCRT Labs. Our team will cease development and maintenance works and will no longer provide any resources to SecretSwap moving forward. The proposed migration plan will not be possible as a result of these events.

All relevant SEFI/SecretSwap properties, domains, and intellectual property will be willfully returned to SCRT Labs, the owners and creators of the SecretSwap platform and the SEFI asset.

What this means for the Hydro.Finance node?

The Hydro.Finance node will continue to operate but will shortly be renamed. Any planned airdrops will not be occurring as a result of these events.

In closing

We’re extremely saddened that things have not worked out in the way that we had intended since we were extremely passionate about Secret Network and Secret DeFi. We apologize for our recent silence, we have been in deep discussions regarding the next steps with all relevant parties involved. We sincerely wish the community all the best and will continue to work to better the Web3 space and provide a more sustainable DeFi for all.

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LEGAL DISCLAIMER: This post is for general information purposes only. It does not constitute investment advice, recommendations,
or any form of solicitation. Any information provided is at all times subject to change at the sole discretion of Hydro Finance.