Hydra Bridge Goes LIVE with $1.5M LM Campaign!
✔️4 Security Audits Completed
✔️DAI, WBTC and ETH already entered the Ecosystem with 3 new DEX Pairs
✔️$1.5M Liquidity Mining Trial Campaign!
We are excited to announce that the Hydra Bridge has started operations and the first mainnet cross-chain swaps have been confirmed!
You can now access the application through the link below:
This marks a major milestone for the Hydra ecosystem and will be the most transformative so far.
For the first time in the history of Hydra, external assets will be available for native trading and usage within the ecosystem. So far the on-chain activity was mostly limited to HYDRA, LOC & GOMT (excluding few smaller projects among the community).
This will now change, as virtually any token available on Ethereum will be able to move to Hydra with the ease of a few clicks. Get ready to see more pairs being launched on the Hydra DEX, including stable coins and popular coins.
This sets an important fundament for various planned DeFi features coming to Hydra chain. A perfect example is the “leveraged staking” feature currently in development by ChangeX, which is holding an ICO as we speak ($2.4M cap was oversubsribed in the first month).
The development of vital components such as a decentralized lending protocol is only one of many applications that are now possible, thanks to the bridge.
BTC, ETH & DAI are now on Hydra Chain!
The first assets bridged over from Ethereum to Hydra chain are Bitcoin, Ethereum and the DAI stablecoin. Anyone can select them in the bridge interface and move their funds over as they wish.
ETH Contract= ab9e970de9ba9ec2c64a7f7f911da44b750ecf6a Decimals 18
DAI Contract= abc2cd00700e06922bcf30fe0ad648507113cc56 Decimals 18
WBTC Contract = 27a459ac47204f1e7fc5c48ffeafa990af244e13 Decimals 8
The bridge is bi-directional, which means that previously bridged assets can be moved back to Ethereum as well. This makes it possible for arbitrage to happen between the two chains (for example between the Hydra DEX and Uniswap).
The bridge will start with these three assets. Enabling new ERC20 assets doesn’t require coding and is rather a strategical decision so it makes sense to the extent that there is demand/utilization of these assets. More will be made available in the future as we expand the ecosystem with new economic tools, including the option to add custom tokens without prior whitelisting.
Three new Listings on the Hydra DEX!
As soon as the new assets arrived, they were immediately put to good use. Our team deployed the liquidity pools for :
HYDRA/BTC, HYDRA/ETH and HYDRA/DAI as can seen below.
They are currently with medium liquidity, which will however change with the newly launched liquidity mining campaigns.
A Pivotal Liquidity Mining Campaign Launches with 15,000 HYDRA Monthly Budget!
Now that the bridge is live, it is time to launch the first phase of the LM campaigns — beginning on April 18!
The LM campaign will consist of a total reward pool at the size of 15,000 HYDRA per month.
The budget will be split equally among the three newly launched pools (BTC, ETH & DAI). Snapshots will be taken at random times, on average once every 3 days. Your share of the LM rewards will be calculated based on the share of the pool tokens you own (named HYD).
For this initial phase, the rewards and APR numbers will be tracked on public Google Sheets, with each pool having its own sheet. Snapshots will be taken automatically by the sheet based on the block hashes, similar to how it worked with the airdrop snapshots, making the process highly transparent.
Multi-Hop Swaps will soon be Possible!
One of the major benefits of the DEX comes through the ability of trading any token against any other token. This is an important topic for traders, who often prefer to trade assets against stable currencies.
To make it possible, our team is working on the next release of the Hydra DEX interface, which would supports multi-hop swapping. This would mean that very soon, you will be able to trade LOC directly against DAI, which will initiate the following two swaps automatically in one go:
1st hop: LOC → HYDRA
2nd hop: HYDRA → DAI
→ Significantly simplifying the user experience. By growing the DAI, WBTC, and ETH pools, HYDRA would become a self-sufficient economic hub where users would be capable of trading, investing and holding on to non-HYDRA assets without ever needing to leave the domain of HYDRA. This way benefiting from fixed and predictable fees.
As more assets get listed on the DEX, the number of possible combinations will grow exponentially with the core liquidity pillars becoming HYDRA, DAI, WBTC and ETH.
✅ Security First
The Hydra bridge is a very important and sensitive element of the ecosystem, as it supports or makes possible everything else that will be built on the Hydra chain.
The bridge was built with security in mind.
This not only applies to the technical capabilities, but also extends to the design principles and safety procedures. Getting the approval of trusted security auditors was onle one of many steps, as potentially billions of USD worth of assets will be moving through it.
A total of 4 audits were performed, consisting of one internal and three external (Beosin, KnowSec & CertiK). Security Agency Certik is waiting for this announcement post in order for them to roll out the finalized audited report.
All of these passed successfully and the reports can be downloaded through the Security Audits section in the Hydra documentation
https://docs.hydrachain.org/security-audits-hydra-bridge
Administration of the Bridge
As a start, the administration of the bridge will be carried through the use of the Gnosis Multi-Sig contract (0x085Af0206952dB00CEBA05d22fD25C818156db1a) in combination with OpenZeppelin’s Time-Lock contract. A security setup that has been validated by some of the leading lending protocols while they were in their inception phase (AAVE, Compound, etc).
In addition to the extensive external auditing, we are also announcing a Security Bounty Program with rewards of up to $50,000 for any critical findings that could potentially have been missed by our security auditing partners. Once the TVL of the bridged assets start to grow, the Bounty Rewards will be updated accordingly in separate updates.
How to Swap your Funds?
If you want to move over your Ethereum-based assets to the Hydra chain, you can easily do this with a few clicks. For this, you will need the following:
- MetaMask Extension
- Hydra Extension Wallet
- And of course — Funds to Bridge!
Simply connect your two extension wallets with the Hydra Bridge interface and enter the amount you would like to swap. Also, make sure to enter the correct Hydra receiving address. Once you connect to your HYDRA wallet you can populate the field by clicking on the “Use my Hydra Address”
Once you verify the information, you will need to approve the swap transactions via your extension wallets. Since the swapping event requires action on both chains, you will need to approve multiple transactions (usually two)
You will know the transaction has been initiated when you see the “In Progress” status appearing together with a Tx Hash of the sent transfer.
Swapping from this moment onwards is automatic and even if you close the webpage should conclude the entire sequence.
The observers will initiate voting after 1 block passes on HYDRA. Keep in mind that if for any reason you happen to hit a block with higher deviation than the standard 128 sec, you may likely experience a slight delay before the entire sequence is initiated. This is normal.
You will know the sequence has been initiated once you see your transaction with status “Inactive” This indicates that the procedure of voting and burn/minting has not been concluded yet.
After another 2–3 minutes the votes should broadcast on both Hydra and Ethereum and you will see the status updated.
Our team has done hundreds of tests on the bridge over the last several months, however, if for any reason your swap is not broadcasted, don’t panic!
The sequence works via an inter-locked set of steps that are validated on-chain. If for any reason any of the steps are not concluded, the bridge is capable of interpreting the step where it paused and can re-initiate the sequence at the step where it halted. What is important is the collateral of your transaction would be in place from the moment you deposit it.
If for any reason you don’t see your transaction being swapped within 1 hour from the moment of initiating, you can reach out to us and we will look into the matter.
A High-Level Overview of How the Bridge Works?
The Hydra Bridge is comprised of two core components:
- A set of smart contracts deployed on both Ethereum and Hydra blockchains configured in an invariable hierarchy.
- A pool of “observers” that listen to events on both Ethereum and Hydra bridge smart contracts. When a token-lock action is detected on Ethereum blockchain, the pool of observers validates it and relays the finalized information to the Hydra blockchain via a consensus vote. Here, the same amount of the previously locked up tokens get minted. As a reverse event, when a token-burn is detected on Hydra side, the pool of observers validates it and relays the finalized information to the Ethereum blockchain, where the same amount of the original token gets unlocked.
The bridge currently operates with a minimum of 5 votes out of 6 observers setup, meaning an 83% consensus on all events.
After several weeks of operation, we will tighten the requirement down to 5 votes out of 5 observers.
The minting and burning being the result of a consensus ensure the total number of tokens always remains the same on both sides, as the newly minted amount on the Hydra side will always be equal to the locked up amount on the Ethereum side. Or in other words: the Hydra-based assets will always be backed by 100% collateral which can be validated on-chain.
Migration of the EVED Token
Now that the bridge is live, the migration process of EVED is expected to begin soon. EVED holders will be able to migrate from Ethereum to Hydra and enjoy lower transaction fees, both for simple transfers as well as for trades on the Hydra DEX.
👉 Join the Hydra Community
HYDRA is a proof-of-stake blockchain optimized for real-world businesses. It tackles some of the most profound and challenging issues with existing blockchain economies and introduces a truly shared economy with fair treatment to all network participants. Some of the more notable features:
🔥 100% Burn of all Transaction Fees
💎 50% Royalty on Gas for Smart Contract Creators → More Info
📌 Fixed Coin Transaction Fees of $0.20 → More Info
📌 Fixed Token Transaction Fees of $0.50 → More Info
💰 20% Minimum APR Staking Income → Staking Calculator
📈 Up to 540 TPS Elastic Capacity
🔏 EVM Compatible Smart Contract Platform
⚙️ Wallet-Level Scalability → More Info
🗳 Unique Decentralized Governance Protocol
