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About Hydranet
Key Points
- Hydranet is a Decentralized Autonomous Organization building a Layer 3 trading platform.
- The Hydranet DEX allows users to trade between Bitcoin and EVM-based blockchains without relinquishing custody of their funds.
- The platform uses Layer 2 off-chain protocols, such as the Lightning Network and Connext Vector Network.
- The Hydranet DEX includes a limit order book and a built-in multi-currency light wallet.
- Trades are executed off-chain, fully peer-to-peer, and secured using hashed timelock contracts.
- The first version of the Hydranet DEX was released on September 23,
About Hydranet: Unlocking the Power of Decentralized Networks
Introducing Hydranet (HDN): A Revolutionary Blockchain Ecosystem
Hydranet, a pioneering Decentralized Autonomous Organization, is spearheading the development of the Hydranet DEX, a cutting-edge Layer 3 trading platform that converges the realms of Bitcoin and Ethereum through the innovative application of Layer 2 off-chain protocols, including the Lightning Network and the Connext Vector Network. Notably, Hydranet’s groundbreaking exchange technology empowers users to trade effortlessly between Bitcoin and EVM-based blockchains, ensuring full control over their assets, rapid settlement times, and minimal transaction costs.
The Hydranet DEX boasts a limit order book, hosted by the Hydranet Network, and an integrated multi-currency light wallet, enabling users to securely store both Bitcoin and EVM-based assets. Notably, trades on the Hydranet DEX are executed off-chain, facilitating fully peer-to-peer transactions, and are secured via hashed timelock contracts, ensuring that either both parties receive the agreed-upon funds or neither party does. As Layer 2 off-chain protocols serve as scaling solutions for Layer 1 blockchains, users retain full custody of their private keys at all times.
On September 23, 2023, Hydranet unveiled the inaugural version of its decentralized exchange (DEX), presented as a downloadable desktop client. This iteration boasts a user-centric interface, a seamless trading experience, and robust security features. Meanwhile, Hydranet is actively developing an enhanced version of its DEX, a platform-agnostic web-based platform accessible directly from a browser. This web iteration will inherit the esteemed attributes of its desktop counterpart, as well as Hydranet’s proprietary EVM off-chain protocol, Lithium.
The Driving Force Behind the Hydranet DEX
The Hydranet DEX is powered by the Hydranet Network, a decentralized infrastructure overseen by two distinct entities: Titans and Guardians. The Titans assume responsibility for ensuring the network’s uninterrupted operation, accomplishing this by hosting the exchange’s limit order book, providing rental liquidity, and serving as a matchmaking engine between trading peers. Conversely, the Guardians are tasked with upholding the network’s integrity, actively monitoring the behavior of both traders and Titans to ensure compliance with the network’s rules, and taking appropriate measures to penalize those who violate these rules.
To assume their respective roles, both Titans and Guardians must provide collateral in the form of HDN. In exchange for their services, they become entitled to receive a proportion of the trading fees generated by the Hydranet DEX.
Unveiling the Unparalleled Attributes of Hydranet
Hydranet effectively tackles the pivotal challenges inherent in self-custody, transaction latency, transaction costs, and scalability. When it comes to decentralized trading directly on the blockchain, leveraging Automated Market Makers (AMMs) is a popular choice for trustless trading. However, this approach often comes with the drawback of exorbitant blockchain fees and prolonged transaction times due to the scalability limitations of many blockchain networks. As an alternative, traders can opt for centralized exchanges, which typically offer user-friendly interfaces, rapid transaction times, and low trading fees. The convenience they provide, unfortunately, comes at the cost of relinquishing custody of user funds, leaving them entirely at the mercy of the centralized exchanges. This issue has been starkly exemplified by the FTX incident, which reportedly had a devastating impact on over 1 million crypto users.
Unlike today’s centralized and decentralized exchanges, the Hydranet DEX presents a paradigm-shifting solution to the challenges that have long plagued the industry. Foremost, the Hydranet DEX operates on a trustless basis, ensuring that users maintain absolute control over their funds, thereby eliminating the risks inherent in third-party intermediation. Furthermore, the Hydranet DEX harnesses the power of off-chain technologies to significantly enhance transaction speeds and reduce costs. By processing transactions off the main blockchains, trades are executed in near real-time and at minimal costs, even across disparate chains, in stark contrast to the exorbitant fees and sluggish transaction times characteristic of many decentralized exchanges operating directly on the blockchain. Lastly, in terms of scalability, the Hydranet DEX is designed to scale indefinitely. A crucial element in achieving this is Hydranet’s decentralized trade execution mechanism. Unlike conventional solutions, where a centralized entity typically executes trades, the Hydranet DEX distributes trade execution among the trading peers themselves. The Hydranet Network facilitates peer matching, but leaves the remainder of the process in the hands of the peers, who automatically execute trades without the need for user intervention.
Where to Acquire Hydranet?
Hydranet’s native token, HDN, is listed on a diverse range of platforms, encompassing both decentralized and centralized exchanges, including the Hydranet DEX, Uniswap, MEXC, and Whitebit.
Delve deeper into Hydranet and explore the innovative technologies that power it through:
Explore the innovative ecosystem of HydraNet at
https://hydranet.ai/
, and delve into the comprehensive documentation at
https://docs.hydranet.ai/hydranet-dex
. Discover the HydraNet Web DEX in a detailed Medium article at
https://medium.com/hydranet/hydranet-web-dex-74de269b6019
. Additionally, explore the pioneering Lightning Network at
https://lightning.network/
, and the innovative Connext Network at
https://www.connext.network/
.