Topic: Hydranet (HDN) - World’s First Layer 3 DEX - Connecting BTC to ETH (Read 2354 times)

HYDRANET DAO Q4 2024 FINANCIAL UPDATE
https://x.com/TheHydranet/status/1881303921827713310

Dear Hydranet DAO Community,

Please find our Q4 2024 financial update, outlining the key achievements we've made during this transformative period.
Q4 has been a milestone quarter with the Alpha release of our #WebDEX, improvements to our Web Wallet,
and continued development efforts aimed at enhancing our platform's capabilities.

Q4 ACCOMPLISHMENTS

Web DEX and Web3 Wallet:
- Frontend Development:
- Continued work on the Simple Swap UI, with significant debugging and testing to streamline swap functionality for the Alpha release.
- The first version of the liquidity provider tab was completed, and development of the order book UI has commenced.

- Backend Development:
- Continued work on wallet functions as a result of testing.
- Improvements made to the channel rental manager, Lithium, and Lightning Network payments.
- Progress on the channel backup service, achieving the first successful Bitcoin channel backup and restore.

- Orderbook:
- Reviewed and updated orderbook logic to handle edge cases, improving the order matching.
- Added channel balance validations, improved response to failed swaps, and updated logics behind adding/removing liquidity orders.

Lithium Protocol:
- #Lithium V3 has been completed, introducing:
- Lower gas #fees.
- Parallel transaction handling.
- Independent asset channel updates for a better user experience.

Alpha Release:
- The Alpha version of our Web DEX was launched on December 12th, 2024, initially accessible to 10 testers.
- Over 1,600 swaps completed with a 96.2% success rate during internal and early Alpha testing.
- Ongoing refinements based on tester feedback.

Marketing / PR:
- Rolled out the "Engage-to-Earn" initiative, rewarding community engagement on Discord and http://X.com with micro $HDN, significantly boosting interaction.
- Refreshed branding with updated cover images and engaging new promotional videos.
- Launched a new website, showcasing our Web3 Wallet and overhauling the documentation page.
- Opened the Alpha Waitlist for the first batch of testers, with plans to expand as stability improves.
- Published detailed articles, including a yearly recap, to keep the community informed.

Q4 FINANCIAL ALLOCATION

- Web DEX Development, R&D: 1,140,130 HDN & 31,606 USDT
- Focused on refining Web DEX functionalities, frontend, backend, orderbook enhancements, and Lithium V3 deployment.

- Multi-sig / DAO Management: 398,807 HDN
- Supported DAO operations.

- Operations: 156,553 HDN
- Maintained lean operational spending to support development efforts.

- Marketing: 91,969 HDN & 3,573 USDT
- Promoted the Alpha release, new website, social media content, articles, and community engagement initiatives.

- Legal: 7,172 USDT
- Ensured compliance and protected the project, including yearly foundation dues and fundraising guidance.

LOOKING AHEAD
Moving forward, we are focusing on:
- Stabilizing our platform.
- Expanding our testing group.
- Preparing for a broader release in 2025.

Your support and involvement remain critical as we advance towards making decentralized trading more accessible and efficient.

DAO ADDRESSES
- POL: 0xB9eBe487fc454264CbCdDfd19374D4D2353c779d
- Treasury: 0xEe17c27b97539B292c0dC987707121e51D9Ea41D
- Vault: 0xc5888c4c261a1c5e8745eb1977eb54fcb21d2a28

Thank you for your continued support. We look forward to sharing more milestones with you in 2025.

Sincerely,
Hydranet Representatives

Hydranet - Weekly DEV Update #142


X/Twitter: https://x.com/TheHydranet/status/1879999089120546934

Web DEX Frontend
- Liquidity tab is being optimized
- Orderbook UI development is ongoing
- The channel backup feature will soon be added to the frontend, preparations have started

Web DEX Backend
- Lithium V3 has been successfully deployed, team is testing right now
- Orderbook has been improved to handle more edge cases
- Logics for restoring liquidity orders after failed swaps is being reviewed and refactored
- First successful bitcoin channel backup and restore has been performed

MultiSIG / DAO
- New MultiSig members have successfully been added and onboarded after community DAO vote:
https://snapshot.box/#/s:hydranet.eth/proposal/0xe11a050746dbede138c097d7792f18ba0a1b0441262472fd1363827c8847f327

Marketing / PR
- Roadmap 2025 Update has been released:
https://x.com/TheHydranet/status/1878173748810895376

We plan to roll out Lithium v3 and Channel Backups in the next week to the Alpha group, to increase the tests.
Once it's proven to be stable, we will increase the testing group!

Latest info on Lithium V3: https://x.com/TheHydranet/status/1879837633393680759

Hydranet - Lithium V3


X/Twitter: https://x.com/TheHydranet/status/1879837633393680759

What’s New in Hydranet's Lithium Version 3?

- Lower Fees:
Users will benefit from an additional ~ 10% reduction in gas costs.
- Parallel Swaps:
Swaps will now be handled simultaneously for improved efficiency.
- Independent Asset Channels:
Channels for different assets are now being updated independently, meaning one asset channel doesn’t require others to finish updating before becoming active again.
This update renders channel management way more flexible and easier to use.

What Does “Parallel Swaps” Mean?
Previously, swaps could only be executed sequentially, one at a time.
For example, if a user initialized 10 swaps, it would take approximately 10 seconds (1 second per swap) for all of them to complete.
With Lithium V3 however, swaps will be processed simultaneously.
This is particularly beneficial for large market orders that match against multiple liquidity orders.
In such cases, multiple matches (and therefore multiple swaps) can now be executed in parallel, significantly improving speed and efficiency for each user.

When Is It Available?
Lithium V3 is expected to roll out to our Alpha testers in the coming weeks.
The deployment has already been completed, and internal testing is currently underway.

Hydranet - Roadmap Update - 2025 Part I


X/Twitter: https://x.com/TheHydranet/status/1878173748810895376

In the first half of 2025, our focus will revolve around four core pillars:

1. Security
Channel Backups, Watchtowers, more Automated Testing.
Security is the foundation of everything we build.

2. Usability
Simple Swaps, UI Enhancements.
We’re committed to making decentralized trading as intuitive as possible.

3. Scalability
Lithium v3 which comes with parallel handling of swaps and even more reduced fees. Scaling to meet the demands of tomorrow’s decentralized economy.

4. Releases
Lithium v3 Release, public open Alpha Release, Open Beta, multiple feature releases, Mainnet Tests and more.
Our work has value only when it’s in the hands of our users.

Commitment to Transparency
We will continue to provide weekly development updates, keeping you informed about our progress and the steps needed to bring the WebDEX to life.

Hydranet - Weekly DEV Update #141


X/Twitter: https://x.com/TheHydranet/status/1877402678172471604

Web DEX Frontend
- First version of liquidity provider tab has been completed
- WebDEX UI has been further tested and debugged
- Development of order book UI for the WebDEX has started

Web DEX Backend
- Order book has been updated, orders will now automatically reproduce in case initial orders fail
- Auto reproduction of liquidity orders in case of failed swaps is being worked on
- Further edge cases have been discussed and will be tackled in the coming days
- Continued working on channel backups

Lithium V3 🔥
- Lithium V3 has been completed and was successfully deployed to the internal build yesterday, testing starts now
- New Lithium subgraph will require even less gas than ever
- Implemented new recovery channel state in case both trading parties get disconnected

A more detailed explanation of Lithium v3 will be published in the coming weeks.

MultiSig
- New DAO Proposal has been published.
Please make sure to make your voice heard:
https://forum.hydranet.ai/.../dao-proposal-33-yearly...
- A New Developer has been signed and onboarded: Welcome Saul! 🥳

Saul will help us on the front end side of the WebDEX and also contribute more tests to stabilize the DEX infrastructure!

Marketing/PR
- Hydranet will be featured on International Defi Day 2025 by @thestandard_io on January 30th, more information soon
- 2025 Roadmap update and goals are being evaluated and will be published by ~end of this week

Hydranet - New DAO Proposal Live
X/Twitter: https://x.com/TheHydranet/status/1875587576767132150

We want to inform the community that Proposal #33 has been added to the Dao forum.
Please visit the forum to view the details and provide your input. Your engagement is crucial for shaping our future decisions.
See you there.

Remember to upvote the proposal if you want it to move forward:
https://forum.hydranet.ai/proposal/dao-proposal-33-yearly-hydranet-dao-representatives-vote

Happy New Year, Hydrachads!
As 2024 comes to a close, we want to celebrate YOU and the incredible milestones we've achieved together.


X/Twitter: https://x.com/TheHydranet/status/1874507312855163029

This year has transformed Hydranet through:
- The groundbreaking NOVA release that revolutionized our platform's capabilities
- Our Core DEX trading competition, bringing together traders worldwide
- The historic launch of our Web DEX swap, marking a new era of accessibility
- A complete website redesign that better serves our growing community

Want the full story?
Dive into our detailed yearly recap on Medium to relive every exciting moment:
https://medium.com/hydranet/hydranet-yearly-recap-2024-bc09054891f8

Your support has been the backbone of our success.
Every piece of feedback, every competition entry, and every community interaction has helped shape Hydranet's journey.
Let's Build 2025 Together!
- What was your favorite Hydranet memory from 2024?
- Which upcoming feature are you most excited about?
- How do you envision using Hydranet in 2025?

Here's to another year of innovation, growth, and the strongest community in crypto.
And just to brighten your day even more:
Thanks to a strong connection, we’ve successfully achieved swaps below 1 second
—another major milestone for us!

Together, we're just getting started!
Happy New Year, Hydranet Family!

Hydranet - Weekly Dev Update #139


X/Twitter: https://x.com/TheHydranet/status/1869848902993633542

Web DEX Frontend
- Lots of debugging and consecutive testing took place in wake of alpha release
- Adding force-close option for Lithium channel
- Started design stage of Liquidity providing tab

Web DEX Backend
- LN payments are causing issues, an according fix has already been found and will be implemented in the next update
- Lithium Channel Rental issues are being worked on with high priority
- New library (Alloy) is being added as remedy
- Lightning synchronization logic has been updated in order to fix rental issues.

Web DEX Orderbook
- Continued work on channel balances validation for placing orders, which should also increase swap success rates
- Special edge case for LP
- Orderbook logic reviewed

New WebDEX Promo Video has been released, please feel free to share and interact:
https://youtu.be/Zs4lVH9cjzo?si=1uUzBXkDD_9JnY_m

Hydranet WebDEX - Multi-Chain Singularity


X/Twitter: https://x.com/TheHydranet/status/1867312061790802142

This week’s Alpha release of the Hydranet WebDEX marks the dawn of a crypto revolution - one that will redefine how cross-chain swaps are conducted.

With this milestone, we’re not just advancing technology, we’re creating a multi-chain singularity, where seamless, self-custodial, and scalable transactions become the new standard in decentralized finance.
Watch the Alpha Release in Action:
https://youtu.be/Zs4lVH9cjzo

Why It Matters:
• Self-Custodial Freedom: Trade assets directly from your wallet, retaining full control.
• Unmatched Speed: Swaps take just 1-2 seconds , with the entire process—from opening the wallet to completing the swap—taking less than 20 seconds.
• Scalability: A future-proof platform designed for the next generation of blockchain innovation.

This is just the beginning. Together, we’re shaping the future of decentralized trading. Stay tuned as we continue to build on this breakthrough!

Hydranet WebDEX - Alpha Release Announcement


X/Twitter: https://x.com/TheHydranet/status/1867304406087348228

History is being made today:
Self-custodial, scalable cross-chain swaps in your pocket!

After months of hard work and dedication, Hydranet’s WebDEX has officially reached alpha status.
The first group of 10 alpha testers now has access to the platform and will soon conduct the first swaps.
Their feedback will be invaluable as we refine the platform and prepare to expand the testing phase.

This marks a fateful milestone in the journey of Hydranet, bringing us closer to making the Next-Gen Multi-Chain WebDEX available to everyone.
Your unwavering support has been crucial throughout this challenging development phase, and we are deeply grateful for it.

Why is WebDEX a Game-Changer?
Compared to the Core DEX, which required several minutes to synchronize blockchains after you had downloaded and installed it,
the WebDEX enables successful swaps in less than 20 seconds from syncing the wallet until the swap is finished - a significant leap in performance.

What’s Next?
- Broader access to WebDEX alpha testing.
- A fully functional WebDEX release in 2025.
- An evolution in tokenomics and the introduction of new features like Titans and Guardians.

Stay tuned for more updates and get ready to experience the future of decentralized, self-custodial, scalable cross-chain swaps firsthand.
The wait is (almost) over!

https://medium.com/@Hydranet/hydranet-alpha-release-bf6d0021f97a

Hydranet - Monthly Recap #30


X/Twitter: https://x.com/TheHydranet/status/1866600938082803726

We know the focus right now is on the upcoming Alpha release, but true to our tradition, here's a quick recap of November's progress.
November was all about stabilizing and refining Hydranet's off-chain swaps as far as possible.
We saw upgrades to the channel rental manager, capacity validation functions on the orderbook, API improvements, and frontend enhancements,
along with an article explaining and celebrating our first successful off-chain swap.
Read more about it in the November monthly recap:

https://medium.com/hydranet/hydranet-monthly-recap-30-november-2024-c2f9fac8341a

Looking forward, the first 10 Alpha testers have been chosen and invited into the Alpha testnet channels on Discord.
We will try to add more people as soon as possible!

Hydranet’s Web DEX: Alpha release - December 12th 2024


X/Twitter: https://x.com/TheHydranet/status/1865041730514427984

Dear Hydranet DAO community,
we are excited to announce the release date for Hydranet‘s Web DEX Alpha phase!
Mark your calendars for 12th of December and prepare to take the next big step in our journey.

At this very moment, our developers are hard at work stabilizing our off-chain swaps, and we are happy to say that the progress looks promising. In fact, an early version of Hydranet‘s Web DEX has already been pushed for internal team testing!

What will happen next?
In the coming days, we will be preparing dedicated Discord channels to onboard our first wave of Alpha testers. Initially, testing will be organized on a small scale to ensure effective tracking of feedback.

Once we've built more confidence in the platform's stability, we'll expand the testing group to include more participants.

If you haven’t yet read about our first off-chain swap and the mechanics of our orderbook,
now’s the perfect time to catch up:
https://medium.com/hydranet/first-swap-on-web-dex-964a15f0f787

Now share the news with your colleagues and friends, and get them prepared for what’s coming next! 🔥

Hydranet - Weekly DEV Update #138


X/Twitter: https://x.com/TheHydranet/status/1864783891363696973?t=E7o0fnM9zpjf_6_dS03aUg&s=19

Web DEX Frontend
- Swap functionality is being debugged and streamlined for Alpha #release

Web DEX Backend
- Over 100 successful swaps have been registered during today's internal testing 🔥
- Cancel Payment feature has been succesfully implemented
- Order liquidity is being improved

Alpha release date is being finalized. Stay tuned! This is not a drill! 😉

Web DEX Orderbook
- Orderbook tests have been fixed and updated
- Channel validation feature making good progress

Hydranet Web DEX - Alpha Features pt. II


X/Twitter: https://x.com/TheHydranet/status/1863674996893290932

What pairs will be available on the Hydranet WebDEX?
- BTC / ETH
- BTC / USDC
- ETH / USDC

The testnets will be Bitcoin Signet and Ethereum Holesky.

Who will have access first?
Initially, a quite limited number of closed beta testers & waitlist enlisted users will be granted access.
This approach will ensure a controlled and efficient tracking of issues and follow-ups for our developers.
Please don’t forget this is a world first, so some hiccups are to be expected in the beginning.
As soon as we feel confident to support more input, we will continuously increase the access group!

Read more about the first Web DEX off-chain swaps here:
➡️ https://medium.com/hyd.../first-swap-on-web-dex-964a15f0f787 

While our Devs are further stabilizing the swap experience, sign up today to participate as soon as possible in the upcoming Hydranet WebDEX Alpha release:
➡️ https://t.co/irUgk7BZno

First successful Swaps on Hydranet‘s Web DEX 🔥


X/Twitter: https://x.com/TheHydranet/status/1862569822745223252

The Hydranet Dev team has achieved the first BTC <> ETH crosschain swaps, using the Lightning and Lithium network!

Pure Bitcoin, pure Ethereum.
No blockchain confirmations, no gas fees - instant, atomic, self-custodial swaps!

The Hydranet DEX will soon be available on your mobile phone too.

Read more about this achievement and how Hydranet’s off-chain orderbook work here:
https://medium.com/hydranet/first-swap-on-web-dex-964a15f0f787 📝

Last but not least - sign up today to participate as soon as possible in the upcoming Alpha release:
https://t.co/irUgk7BZno

Hydranet - Weekly DEV Update #137


https://x.com/TheHydranet/status/1862221658783981752

Web DEX Frontend
- Minor issues with the swap page are being fixed

Web DEX Backend
- Identified swap issues are being debugged
- Lithium bug with parallel payments has been fixed by processing swaps sequentially instead; working on a solution for simultaneous parallel swaps
- Issues with maximum amount payments have been solved
- New etherscan API has been implemented, replacing Covalent API

Web DEX Orderbook
- Ability to move liquidity has finally been fully debugged
- Authentication service has been updated
- Work on channel balances validation implemention has started

Hydranet - Weekly DEV Update #136


X/Twitter: https://x.com/TheHydranet/status/1859720433848778909

Web DEX Frontend
- New DEV packages have been implemented
- Minor issues regarding liquidity movements from buy to sell have been identified and are being tackled
- Aiming for Alpha release candidate, known bugs are now being ironed out in order to improve user experience

Web DEX Backend
- Backup Service feature is continued being worked on
- Channel registry functionality completed
- Channel capacity validation feature is being worked on
- Tests are being performed on migrated authentication service

Other
- Alpha Guides are being worked on
- More info on Alpha Release will be published in the next days/weeks!

🔥 You can still apply for the upcoming Hydranet WebDEX Alpha phase right here:  🔥
https://t.co/irUgk7BZno

Hydranet - Weekly DEV Update #135


X/Twitter: https://x.com/TheHydranet/status/1857161487225073810

Web DEX Frontend
- Made great progress regarding swap information on transactions page

Web DEX Backend
- Further work on swap functions
- Encountered environmental and compiling issues with linux which were resolved
- Big update of the orderbook and order matching engine deployment to server/hub has been kicked off

Other
- Alpha release is being prepared. If you haven’t joined the waitlist yet, join now!
https://shorturl.at/8aDsN
- Added more info on our website:
https://www.hydranet.ai/resources
- Monthly recap has been published:
https://x.com/TheHydranet/status/1855737925809631473

Hydranet - Weekly DEV Update #134


X/Twitter: https://x.com/TheHydranet/status/1854637114593272270

Web DEX Frontend
- More swap tests are being prepared for once backend services have been updated accordingly
- Pull requests to improve UI and UX are being reviewed

Web DEX Backend
- Completed work on Rental Manager update, channels are now closing as intended
- Infinite pending issue when trying to send funds and decimal rounding bug have been resolved
- New Channel Rental Manager is being prepared for closed beta testers

Web DEX Orderbook
- Worked on function for placing limit orders
- Order matching logic has been updated
- Tests for order server have been updated
- Validation for open channels when placing orders is being implemented

Hydranet - Weekly DEV Update #133


X/Twitter: https://x.com/TheHydranet/status/1852244822846783673

Web DEX Frontend
- Swap logic received substantial amount of feedback and debugging

Web DEX Backend
- Rental Manager has been debugged, and underlying logic has been updated
- Review call has taken place regarding Channel Backup Service and Limit Orders
- A new Authenticator Service has been introduced

Web DEX Orderbook
- Tests for the entire orderbook have been scheduled and carried out
- Began adding checks to validate liquidity and channel amounts
- Researching a trading history feature