Hydro Protocol Weekly Updates
June 16 — June 22, 2018
Dear Hydro Community,
As the third week of June comes to a close, we are excited to share the progress of our Hydro team. Thanks to all of you for your support as we continue to grow!
The 6th Largest Exchange, Bithumb, Hacked for $31 Million
On Wednesday, roughly 35 billion Korean won (around $31 million USD) in cryptocurrency was stolen by hackers from the South Korea-based exchange Bithumb.
Bithumb ranks as the 6th largest cryptocurrency exchange in the world and is one of the most prominent exchanges in South Korea. It is also worth noting that Bithumb was billed 30 billion Won ($27.1 million) in back taxes earlier this month.
Currently the vast majority of token trading is conducted on centralized exchanges. Hacks like these continue to highlight one fundamental issue with centralized exchanges — the massive security risk of centralized asset storage. Centralized exchanges not only have full access and control of users’ digital assets, but also trading permissions (as discussed in more detail here: https://medium.com/ddex/api-security-issues-and-decentralized-trading-permissions-d8c026d90232).
Incidents like these showcase one key advantage of decentralized exchanges: the ability to trade without depositing your assets, permissions, identity, etc. into a centralized database. With our Hydro-based exchanges, no depositing is ever required: you have complete control of your assets. The reality is that the centralized exchange hacks will continue to happen — at what point will we see the big switch?
Product & Development
DDEX, the first Hydro Protocol based 0x Relayer, launched several platform upgrades last week:
- Improved wallet verification guidance for new users.
- Updated error state notifications.
- Optimized user experience in responsive mobile Dapp browsers. Selecting trading pairs on Market tab will lead users to corresponding trading page.
- The “Balances” section will be updated now in real time without the need to manually refresh.
Moving onto a weekly analysis of trading volume, specifically for 0x relayers:
In the past week on DDEX, we have seen increases in the following user-based statistics:
- Total number of logged in accounts: +2.54%
- Approve/WRAP/Unwrap transactions: +3.69%
- Buy/Sell transactions: +13.9%
- Accounts with 1st transaction: +2.84%
- Accounts with 1st Wrap ETH: +3.18%
Again, we thank all of you for supporting and trading with DDEX. Our growth is largely due to the continued support from our amazing community.
Hydro Partners with Olympus Labs
Hydro is very excited to announce its partnership with Olympus Labs this week. Olympus Labs will build a relayer on Hydro Protocol that serves as a decentralized exchange for all tradable products created using the Olympus Labs protocol. The liquidity of this decentralized exchange will be shared with DDEX, powered by the Hydro protocol.
To initiate this partnership, Olympus Labs’ token MOT is now trading on DDEX, paired with ETH.
As more Hydro nodes go live, we will continue to see more interesting use cases utilizing Hydro Protocol in Q3 of 2018.
Hydro in Conferences
Switzerland | 2018 Crypto Valley Conference on Blockchain Technology
Our head of Portfolio Management, Bo, represented Hydro Protocol while attending the 2018 Crypto Valley Conference on Blockchain Technology. This is the first blockchain conference focused on academic excellence and supported by the IEEE.
The Conference covered topics on Economics, Finance, and Technology, including Fintech & Value Exchange, Cryptoeconomics, Token Analysis/Governance, Token & Sharing Economy, Regulation & Policy, Market Microstructure, Decentralized Applications, Consensus Protocols and more.
Seoul | Blockchain Open Forum-June 28–29,2018
Blockchain Open Forum (BOF) is organized by Token Post. TokenPost is the №1 Blockchain media in Korea with over 350k monthly readership. It is a leading provider of news and analysis on trends, technologies, and companies in the blockchain ecosystem and cryptocurrency market.
TokenPost is also the most active community event organizer in Seoul. It hosts 4–6 Meetups for global and local projects every month and has collectively hosted over 50 Meetups in the last 12 months.
2018 Blockchain Open Forum (BOF) will focus on the future of blockchain businesses — BOF has a panel specifically for decentralized exchanges as they are envisioned as the future of the exchange ecosystem.
Bowen Wang, co-founder of Hydro Protocol, was invited by Blockchain Open Forum (BOF) as a speaker. DDEX, as the representative of the DEX, will participate in the panel of “Decentralized Exchanges” with Binance — — one of the most powerful exchanges in cryptocurrency markets.
Meet our new member!
We are very happy to have Michael Yang joining DDEX mobile team as our Senior Android Engineer. Michael Yang received a masters degree in Automation from Shanghai University. He has worked for international company — — Sony Mobile, overseas company — — Intrinsyc Technologies and a domestic startup company in succession. He has a strong engineering background as well with software architecture experience on mobile development for ROM, Framework, and Apps.
New to Hydro?
Hydro is a network layer protocol for high performance decentralized exchanges and marketplaces with built-in incentives for coordination. Hydro utilizes’Federated Liquidity Pools’ (FLP) to address the issue of liquidity sharing among various decentralized exchanges.
Fellow us on Medium to be informed for the latest update!
Go to Hydro: https://thehydrofoundation.com?sc
Trade on DDEX: https://ddex.io?scmedium
Thank you very much for your support.
Hydro Protocol Team