We are delighted to announce that we have partnered with Hydro Protocol, a blockchain startup which empowers DeFi developers to create dynamic marketplaces for decentralized assets.
A year back, we embarked on our journey to scale trust for billions of people, a dream which can only be realized if decentralized economies can openly operate on our network. By partnering with Hydro Protocol, our dApp developers will now be able to leverage decentralized exchange infrastructure to build Harmony based DEXs without having to deal with the complexity and expense of designing, deploying, and securing smart contracts.
Bowen Wang, co-founder of Hydro Protocol, said: “We met the Harmony team in Mid 2018. One aspect that impressed us the most about Harmony is its team’s capability to execute. We have examined more than 10 blockchain layer-1 tech stacks. Harmony is one of the few teams that go above and beyond. We look forward to closely working with the Harmony team to build a proof of concept in the near future”.
Additionally, since Hydro is multi chain compatible, it enables Harmony dApp developers to capture opportunities on a wide variety of blockchains or trading pairs e.g. with ONE, BNB, BTC, ETH, etc in the platform for traders, market makers and users to thrive. This provides a more secure and user-friendly option than DEXs or wallets who use proxy tokens to add assets from other networks or blockchain projects.
The use of Hydro Protocol is not just limited to building decentralized exchanges. dApp developers building on Harmony can directly integrate a Hydro widget by simply copy-pasting one line of code in their application.
Think of Betting dApps: Today dApp users can access the platform by using the network token in which dApp was built or its own native token. This affects the wide adoption of dApps as users have to go through the painful process of buying tokens from the exchange.
Most dApp developers try to solve this challenge by deploying a centralized-digital wallet where users can leave their crypto assets like BTC in exchange for a proxy token for example ‘WBTC’. This forces users to hand over custody of their funds to third-party, a single point of failure that is constantly at risk of getting hacked and losing users funds.
By integrating with Hydro, users will be able to buy/sell tokens using their active digital wallet without ever leaving the platform. It provides convenient access to the platform and high security to the user’s wallet.
Nick White, Co-Founder of Harmony commented “Liquidity and exchange are essential to a robust crypto-economy. Hydro Protocol is top of the industry in providing secure decentralized exchange infrastructure and beyond. The technology Hydro Protocol team has built will form a key part of Harmony’s growing decentralized finance ecosystem.”