On August 31st, the Solana IGNITION Hackathon kicked off with nearly 6,000 participants across 568 projects from around the world. The winners received prizes totaling $5 million. The Pyth Prize, sponsored by the Pyth Network, was awarded to HydraSwap — a decentralized exchange built on top of Solana. 87 projects had competed for this prize.
What is HydraSwap?
HydraSwap is a decentralized exchange (DEX) built on Solana. It aims to be the most advanced DEX in the world by providing a modern trading experience with features such as:
- Superior performance, with an average of 50,000 TPS throughput and less than 0.5s processing speed from Solana, enabling a CEX-level user experience.
- Strong HMM Market Making Mechanism, enabling high asset utilization rate, low price slippage, a dynamic ecosystem, and multiple market-making strategies ensuring that a liquidity provider retains all rights.
- Low Gas Cost: Almost 0 gas cost allows HydraSwap to make complex interactions with smart contracts, such as the commission calculation for referral programs. This is impossible on high-cost DEXs.
What is the Solana IGNITION Hackathon?
The second Solana Ignition Hackathon aimed to bring together developers and companies focused on building on Solana’s novel blockchain ecosystem, which is based on a highly-efficient Proof of History consensus mechanism, that doesn’t require resource-intensive miners.
The goal of this hackathon was simple: Solanans want to build! Participants were inspired by what they saw at the hackathon, and it fostered greater community engagement with contributions to hundreds of projects.
The HydraSwap team had this to say: “HydraSwap is proud to be a part of the Solana community and we look forward to continuing our collaboration with Pyth, as well as other players in the Solana ecosystem. We believe that decentralized exchanges will usher in a new wave of innovation for traders and our integration with Pyth will help us deliver on that promise.”
This collaboration with HydraSwap will also help the Solana ecosystem grow and expand.
How HydraSwap Uses Pyth?
HydraSwap will use the Pyth oracle to provide a more accurate data feed. This will allow HydraSwap users to benefit from a more stable and dependable price, which in turn will lead to increased trading activity on the platform.
By connecting to the data on the Pyth Network, LPs and traders using the HydraSwap HMM (Hydra Market Maker) have the potential to achieve superior performance through a more accurate, high frequency oracle price reference.
Conclusion
HydraSwap is a decentralized exchange built on Solana. It aims to be the most advanced DEX in the world by providing a modern trading experience.
The continued partnership with Pyth will help HydraSwap deliver on its promise of being the most advanced DEX in the world.
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