Voting Completed — All 5 Proposals were Approved by the DAO!

We are thrilled to announce that all five proposals, which were recently presented for voting, have received the green light from the Hydra DAO!

The voting period ended as of 12:00 UTC time today (July 20, 2023). With that, the Hydra DAO successfully completed its first full cycle of operation. What will now follow is the execution of the approved items and for some proposals the subsequent evaluation of the performance and progress (as is the case for the new marketing program).

Below is a summary of the approved proposals, including the breakdown of votes each one of them received and a brief overview of the next steps.

✅ HIP-2: Core Marketing Program launch

HIP-2 was approved by the Hydra DAO. Here are the results:

YEA Votes → 4,576,330 HYDRA (100%)

NAY Votes → 0 HYDRA (0%)

Summary of what was approved:

• Allocating a $34,000 budget per month for stimulating marketing exposure
• Following a multi-agency approach for healthy competition, starting with 3 shortlisted ones
• Regular tracking of performance and results
• Month per month payment, for reduced risk

Next Steps:

Now that the framework for marketing is approved, we will start by officially notifying the three shortlisted agencies about the positive outcome. This will initiate the preparations for the campaigns, which will likely take several weeks. The exact timeline will depend on the work processes of the agencies and will likely also vary based on the different communication channels.

We will update the community once more specific timelines are available regarding the launch of the campaigns.

✅ HIP-3: Project Prometheus

HIP-3 was approved by the Hydra DAO. Here are the results:

YEA Votes → 4,552,660 HYDRA (100%)

NAY Votes → 0 HYDRA (0%)

Summary of what was approved:

• To acknowledge Promotheus as a worthy project to be explored further, refining the design and continuing research on it
• To approve the general philosophy and direction of the concept
• Using Promotheus for marketing purposes and positioning it as part of the vision of Hydra chain

Next Steps:

The approval of project Prometheus sets an important trajectory for the long term vision of Hydra chain. In the short to medium term, it will impact areas such as communication and marketing (including the campaigns mentioned in HIP-2). It will also guide the direction of further research on the matter, so that the project can be polished and fine-tuned.

Building on top of the current concept design, the goal is to arrive at a mature and balanced architecture that would make it possible for the ideas to be implemented in a future development cycle.

✅ HIP-4: Whitelisting Project Sugarverse

HIP-4 was approved by the Hydra DAO. Here are the results:

YEA Votes → 4,474,306 HYDRA (100%)

NAY Votes → 0 HYDRA (0%)

Summary of what was approved:

• Sugarverse to become a whitelisted project within the Hydra community (eligible for official Telegram and Twitter mentions, getting listed in the projects section of the website and being included in the default token list on the Hydra DEX)
• Exclusive seed round allocation to the Hydra community for a limited $150k — at the price of $0.0008 per token
• Lockup period of 6 months, followed by a 12-month linear vesting phase
• 25% of the raised funds will be deployed as liquidity into the Hydra DEX
• Hydra EVM to be integrated into the Sugarverse ecosystem
• The Sugarverse to become accessible directly from the Hydra chain (after the HydraGon launch)

Next Steps:

The whitelisting of the project Sugarverse means that from now on, the project can officially be discussed and mentioned via official channels, including Telegram, Twitter and Medium. It will also be listed on the projects section of the hydrachain.org website.

As per the proposal, an exclusive seed round for the Hydra community will be launched soon, which would be limited to a $150k total allocation. More information is expected to be shared by the Sugarverse team in the coming days and weeks.

✅ HIP-5: Framework for a LockTrip/DAO Synergy

HIP-5 was approved by the Hydra DAO. Here are the results:

YEA Votes → 4,548,191 HYDRA (100%)

NAY Votes → 0 HYDRA (0%)

Summary of what was approved:

• Company’s Voting Rights : To ensure fairness and avoid conflicts of interest, the company will not be eligible to vote on any proposals.
• Company’s Commitment to DAO Proposals : The company commits a fair share of the staking income it generates towards operational proposals that get approved. To achieve this, the company is willing to delegate most of its HYDRA balance to a DAO-owned validator which would collect a 20% commission. The commission would act as a strong form of contribution, without tempering with decisions, and without adding dependency risks.
• The contribution comes on a voluntary basis, in the spirit of growing the DAO and supporting the network. Adjustments to the contribution can be made unilaterally.
• To make the contribution possible, the deployment of a DAO-owned validator is required.

Next Steps:

From now on, the LockTrip company is officially prohibited from participating in Hydra DAO votes. Although this was already practiced in previous votes due to fairness reasons, it now becomes a formal decision.

The implementation of the DAO-owned validator with a 20% fee rate is scheduled for later this quarter.

✅ HIP-6: LYDRA/HYDRA DEX Pool Launch Strategy

HIP-6 was approved by the Hydra DAO. Here are the results:

YEA Votes → 4,420,244 HYDRA (98.10%)

NAY Votes → 85,827 HYDRA (1.90%)

Summary of what was approved:

• Deploying a LYDRA/HYDRA pool with the starting price ratio of 0.3
• Seeding the pool with 1M LYDRA + 173k HYDRA from the DAO Treasury, ensuring no inflationary impact for HYDRA happens and facilitating an attractive launch event for LYDRA
• Using a V3 DEX pool that would allow for the 3 strategic liquidity zones outlined in the proposal
• The pool to be deployed with a 1% fee setting, in order to reduce the circulating supply over time and to further stimulate LPs to deploy both their HYDRA and LYDRA into the pool

Next Steps:

Following the approval, the team will make the necessary preparations for the deployment of the pool according to the communicated strategy. The LYDRA/HYDRA pool is expected to go live sometime next week, following a prior notice via the official channels. Please make sure to join the news channel in order to not miss out on any relevant information.

We are looking forward to the execution phase of all proposals. Thank you to everyone who participated by casting their votes and sharing their feedback/perspectives in the DAO forum.

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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.