Hydra Welcomes USDC, USDT and BUSD Stablecoins to the Ecosystem!
We are happy to announce that the three most popular stablecoins are now available on the Hydra ecosystem!
Over the past few years, stablecoins have become an integral part of the crypto space and are now dominating not only trading volumes, but also make up 3 out of the top 10 cryptocurrencies by market cap.
This is a clear indicator for their utility value and the central role they play in building diverse and healthy ecosystems. Introducing more stablecoins is therefore a strategic step that we are undertaking to better capture the many opportunities in the space of DeFi.
Introducing USDC, USDT and BUSD!
The three stablecoins were added to the Hydra/Ethereum cross-chain bridge and as of today you can freely swap them between the networks.
When combined with the previously available DAI token, we now cover more than 95% of the total stablecoin market cap!
Why do we need more than one Stablecoin?
In the whitepaper of Hydra, we shared the philosophy of why we chose that specific name for the blockchain we were launching:
“Legend has it that for every head chopped off, Hydra would re-grow two new ones. It is also delivered that Hydra is immortal.”
Resilience is built into the very fundamentals of the Hydra protocol. We apply the same way of thinking to the building blocks of the ecosystem. A single stablecoin can fail (for various reasons), but having a diverse set of four independent stablecoins offers protection against unpredictable events.
It also reduces friction for the users who want to interact with applications built on Hydra. If users prefer certain stablecoins over others, then it is in the interest of the network to enable a smooth path and make it possible to continue using that asset even after entering the Hydra ecosystem.
USDC, USDT and BUSD are listed on the Hydra DEX!
We are excited to announce that all newly added assets have been listed on the Hydra DEX as well! You can now trade Hydra-based assets against your preferred stablecoin.
The following new pools were introduced:
- USDC/USDT
- USDC/BUSD
- USDC/DAI
We have seeded the pools with a starting liquidity of $80,000. As you will notice from the pool setup, USDC is positioned as the central connection asset. This will be important for multi-hop swaps and therefore boosting USDC liquidity will be a strategic future objective.
Liquidity Mining Campaigns
Get ready for more liquidity mining campaigns!
In the near future we will be announcing liquidity mining campaigns for the newly launched pools. The strengthened liquidity will significantly reduce the price impact of swaps and improve the trading experience overall.
As part of the strategic restructuring, we will be discontinuing the HYDRA/DAI pool and replace it with a HYDRA/USDC pool; this migration is scheduled for December 31
Don’t see the new assets?
If you are having trouble seeing the newly launched assets, simply follow the below three steps to update the asset list.
👉 Join the Hydra Community
HYDRA is a proof-of-stake blockchain optimized for real-world businesses. It tackles some of the most profound and challenging issues with existing blockchain economies and introduces a truly shared economy with fair treatment to all network participants. Some of the more notable features:
🔥 100% Burn of all Transaction Fees
💎 50% Royalty on Gas for Smart Contract Creators → More Info
📌 Fixed Coin Transaction Fees of $0.20 → More Info
📌 Fixed Token Transaction Fees of $0.50 → More Info
💰 20% Minimum APR Staking Income → Staking Calculator
📈 Up to 540 TPS Elastic Capacity
🔏 EVM Compatible Smart Contract Platform
⚙️ Wallet-Level Scalability → More Info
🗳 Unique Decentralized Governance Protocol
