As we bid farewell to July, we would like to recap and reflect on the activities that have shaped Hydranet over the past month. We’ve made technological advancements, strategic decisions, and marked the end of an era with the farewell to the Core DEX.
Core DEX: A Fond Farewell
July was a monumental month for the Core DEX as we transition towards the Web DEX. DAO Proposal #32 passed with unanimous support, mandating the sunsetting of the Core DEX. This decision wasn’t taken lightly; it reflects our commitment to optimizing resources and focusing on the next phase of our project.
The sunsetting of the Core DEX concludes a successful phase, showcasing the effectiveness of our off-chain technology. All open state channels were closed and user funds were sent back to their respective Layer 1 addresses. We sincerely thank everyone who participated in this journey, contributing valuable feedback and helping us refine our tech.
If you haven’t withdrawn your funds from the Core DEX yet, you can easily import your wallet seed phrase into any EVM or BTC wallet. If you encounter any issues, please open a support ticket on Hydranet’s Discord. Remember, team members will never DM you first, ask for your seed phrase, or ask for funds. Stay safe!
Web DEX and Web3 Wallet: The Future Beckons
With the Core DEX retired, our development efforts have shifted entirely towards the Web DEX. July saw significant progress, particularly in the Web3 Wallet and Lithium v2. The channel rental manager, a part of the Web3 Wallet and an important piece for our DEX, was refactored and a few new bugs resolved. An initial version of the channel rental manager interface was furthermore completed, which means testing of the channel rental manager will begin soon.
As for Lithium v2, after finishing a round of internal team testing, a new Web Wallet build was pushed to our closed testnet group for further testing. Lithium v2 supports multi-hop transactions, allowing users to send payments using intermediary nodes, with Titans acting as these nodes in the Hydranet Network.
Meanwhile, orderbook development is progressing as planned. While it’s too early for testing, we hope to revisit and share some exciting updates next month.
Financial and Strategic Update
The end of June marked the end of Q2 and a Q2 Financial Update was posted mid July, providing a comprehensive overview of our accomplishments and financial allocations. We reported an increase in spending on DEX development and R&D, reflecting our accelerated project activities and progress with two full-time backend developers, while simultaneously cutting down costs for operations, marketing, and management, planning to ramp these up closer to launch of our product.
Following the Q2 Financial Update, was an update about Toobit. A key development in July was our decision to remove liquidity from Toobit and focus on MEXC. This decision was prompted by the lack of organic trading volume on Toobit and the need to prioritize platforms that offer a more engaging user experience and popularity. Typically, such decisions involve community voting, but the urgency and the implications for our ecosystem required prompt action by the Hydranet representatives. This situation underscored an essential lesson: listings alone do not guarantee trading volume. As a result, our primary focus moving forward will be on enhancing our product’s use case and ensuring active utilization before considering additional listings on higher-tier exchanges.
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Make sure to check out our website: https://hydranet.ai
