New Year, New Opportunities. Launching Stablecoin Liquidity Mining!
🥂 We hope that you made it well into 2023 and enjoyed the holiday season going into a fresh new year.
Hydra starts the year with an exciting new milestone: Launching Stablecoin LM Campaigns!
With this step, we are ushering in a new era for the Hydra ecosystem. Through the strengthened position of stablecoins, it will become possible to develop and launch a series of new products and DeFi applications that weren’t possible before.
Functioning as the liquidity backbone of the ecosystem, stablecoins will play a critical role in paving the way for wider adoption.
▶️ Reward Budget Overview
As previously communicated, three stable-coin pools are eligible for the new liquidity mining campaigns. These are:
- USDC/USDT Pool — 24,000 HYDRA per year
- USDC/BUSD Pool — 24,000 HYDRA per year
- USDC/DAI Pool — 24,000 HYDRA per year
All of the above campaigns go into effect immediately. You can access them as shown below:
Simply add liquidity to your preferred pool on the Hydra DEX and stake your liquidity provider tokens through the staking tab:
▶️ Pool Migration
In addition to the above new campaigns, the following migration has taken place:
- HYDRA/DAI Pool — Discontinued campaign of 60,000 HYDRA per year
- HYDRA/USDC Pool — Launched campaign with 60,000 HYDRA per year
This step reflects the strategic positioning of USDC within the Hydra ecosystem as a connecting asset between stables, HYDRA and various other tokens.
USDC is dominating in terms of market cap and traded volumes and the migration from DAI to USDC should provide a higher utilization factor on the spent LM rewards.
Combined with the previously launched HYDRA/ETH and HYDRA/WBTC pairs, the total number of active campaigns now stands at 6!
Note: Due to the LM campaigns restructuring and the scheduled hard-fork on January 2nd, the HYDRA/ETH and HYDRA/WBTC campaigns were paused for the past 3 days. The updated reward budgets are making up for the short gap, starting today.
▶️ Swapping your Position from DAI to USDC
If you were a DAI/HYDRA liquidity provider and want to continue on the USDC/HYDRA pool, please take note of the following tips:
- At start, the stablecoin pools will have a high slippage and therefore it is not recommended to swap DAI for USDC immediately (watch the “price impact” ratio in the DEX user interface)
The lower the percentage, the better.
- The LM campaigns for the stablecoin pools will attract liquidity into the pools and thus improve the depth. You should therefore expect the slippage to significantly drop over time.
- Hence, we recommend waiting for the liquidity to deepen before making your swaps
- If you have a large position, we recommend to use the bridge in order to eliminate slippage or if you want to use the Hydra DEX, to break down your position into smaller chunks (allowing arbitrageurs to counter your trades inbetween)
▶️ Don’t see the new LM Campaigns?
If you are having trouble seeing the newly launched campaigns in the “staking” tab, simply follow the below three steps on the “swap” tab to update the asset list.
Coming next-> WBTC:ETH pool with Liquidity Mining
The goal is to onboard the two flagman assets in order to facilitate high-volume trades without the need to leave the Hydra ecosystem. The WBTC:ETH pool with LM will be announced in a separate post.
We hope that you will enjoy the new campaigns and are looking forward to your participation!
👉 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 of all network participants.
