As we head into the middle of the year, we’re thrilled to announce that the first multihop transaction has been successfully accomplished with the Lithium protocol, marking a significant milestone in our development. We’ve also held our first trading competition, which nearly generated $100,000 in trading volume in less than three weeks! Thank you for your participation and thank you for being part of this journey!
Lithium v2 — Multihop payments and keysend
Our vision for a truly decentralized network has always highlighted the need for off-chain protocols with payment routing capabilities, meaning a user can send payments to anyone in the off-chain network by using intermediate off-chain nodes as routers. The Lightning Network already has this capability, and we can finally say that the Lithium protocol has it as well!
The inner workings of the multihop payment capability is a function involving a Lithium Network Graph, which maintains an updated map of all the state channels in the network, and a path-finding algorithm which finds the best route for your payment. Think of it as Google Maps for payments within the Lithium network — the function identifies the optimal route for your payment and ensures it reaches its destination in an efficient way.
We are happy to say that June saw the first multihop payment conducted on the Lithium Network in June, and July will see plenty of more.
Channel Rental Manager
The Channel Rental Manager, a critical component for our off-chain exchange, was extensively tested during June, and as a result, saw significant improvements. Improvements were also made to the on-chain payment logics for channel rentals, and its API is currently being implemented with our frontend.
With the Channel Rental Manager nearing completion, our development focus is shifting towards the orderbook and matchmaking engine, which saw substantial progress in the last week of June.
Important — Temporary Ticker Hiding on WhiteBit
To manage our financial commitments better, with focus on the Web DEX development, its launch, and marketing activities, we decided to temporarily hide our token ticker from the WhiteBit token list. The token ticker was hidden on the 21st of June at 1100 CET, in consultation with WhiteBit. We want to reiterate that our relationship with WhiteBit remains strong and positive, and that this is a temporary pause to better manage our financial commitments.
HDN is still tradeable on WhiteBit and an email with a link to the trading pair has been sent to the platform’s users. Similarly, it’s still possible to withdraw and deposit tokens at any time. However, as always, we do recommend keeping your HDN in your personal cold storage.
We look forward to having our token ticker visible on WhiteBit in the near future!
Core DEX improvements and trading competition
The Core DEX saw some minor improvements in conjunction with our Core DEX trading competition, which ran for almost three consecutive weeks. It was mainly the Connext Vector database that faced some issues and had to be upgraded for the trading competition to continue. Rest assured that such database issues will not be found in the Web DEX, using the Lithium protocol instead of the Connext Vector protocol. Preventive measures have already been implemented into the protocol.
With nearly $100,000 traded on the Hydranet Core DEX in less than three weeks, we’ve demonstrated that off-chain trading effectively addresses many issues in the cryptoverse. We are on a good path making our technology even more accessible as a Web3 application. Thank you to all participants for making this event a success! The rewards have been distributed and the results can be found in the table below.
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Make sure to check out our website: https://hydranet.ai
