Topic: Hydranet (HDN) - World’s First Layer 3 DEX - Connecting BTC to ETH - page 2. (Read 2240 times)

Hydranet DAO Q3 2024 Financial Update

X/Twitter: https://x.com/TheHydranet/status/1843760078513373439

Dear Hydranet DAO Community,
We’re excited to present our Q3 2024 financial update, highlighting key milestones and strategic moves that advanced Hydranet’s journey.
This quarter marked our transition from Core DEX to Web DEX, significant progress on the Web3 Wallet, and ongoing improvements to our decentralized exchange infrastructure.

Q3 Accomplishments:

1. Core DEX Sunsetting:
- Core #DEX officially sunset following the successful passing of DAO Proposal #32.
- All state channels were closed and user funds returned to their Layer 1 addresses. Users can still withdraw by importing their wallet seed phrase into any EVM or BTC wallet.

2. Web DEX and Web3 Wallet:
- Channel rental manager finalized and tested, with the feature rolled out to closed beta testers.
- #Lithium v2 publicly released, enabling multi-hop transactions, with Titans acting as intermediary nodes.
- Orderbook development continues, with liquidity logic and swap services nearing completion. Early tests have connected backend and frontend systems.
- Infrastructure improvements, including self-hosted microservices and #Bitcoin nodes, reducing reliance on third-party providers.

3. Lithium Protocol:
- Introduced invoice-based transactions to improve structure and control in off-chain payments.
- Enhanced multi-path payment and hashlock features, as well as the messaging system for invoice transactions.

4. Strategic and Financial Decisions:
- Removed liquidity from Toobit due to low trading volume, focusing on MEXC instead.
- Prioritized #WebDEX development while maintaining cost efficiency in operations, marketing, and management as we prepare for the upcoming product launch.

5. Web DEX Backend:
- Exposed invoice-related swap service functions, continued work on the channel backup service, and upgraded core libraries (BDK and LDK) to resolve compatibility issues.

6. Web DEX Frontend:
- Addressed user feedback to improve channel rental and Lithium testing. Resolved UX bugs, including issues with amount input fields.

7. Web DEX Orderbook:
- Swap service and liquidity logic development advanced, with configurable fees for takers and makers.
- New invoice decoding functions implemented and tested, resolving minor unit test issues.

Q3 Financial Allocation:
1. Web DEX Development, R&D: 2,722,193 HDN & 33,660 USDT Increased investment in Web DEX development, channel rental, and Lithium v2 features.
2. Multi-sig / DAO Management:  415,560 HDN Focused on efficient operations post-Core DEX sunsetting.
3. Operations: 331,144 HDN Maintained lean operational spending.
4. Marketing: 67,611 HDN & 1,902 USDT, Preparing campaigns for the upcoming Mainnet release.

We continue to push forward with Web DEX development while maintaining financial discipline.
We’re excited about the upcoming Mainnet release and look forward to sharing more in Q4.

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

Thank you for your continued support, and we’re excited to build the future of #decentralized trading with you.

Sincerely,
Hydranet Representatives

Hydranet - Weekly Update #129


X/Twitter: https://x.com/TheHydranet/status/1841854614489940450

Web DEX Frontend
- Continued working on Simple Swap UI
- Continued fixing reported improvement suggestions and issues

Web DEX Backend
- Backend code refactoring has been completed
- Orderbook logic is being reviewed for pending implementation
- Minor issues (e.g. Uni V3 formula) with order matching logic have been identified and are being resolved, tests are being updated accordingly
- Continued working on Backup Service

Web DEX Orderbook
- Swap Service is being finished and unit tests have been added for full matching process and security validations
- Last issues on order engine are being tackled
- Removing liquidity orders will be refactored to implement newly created logic

MultiSig
- Q3 financial statement will be released in the next few days

Hydranet - Weekly Update #128


X/Twitter: https://x.com/TheHydranet/status/1839536268947886298


Web DEX Frontend
- Working on an issue related to inputting the amount to be sent, where removing digits erases the entire number
- Improving UX based on feedback from Channel rentals and Lithium tests

Web DEX Backend
- Functions for invoice-related swap service are being exposed
- Work on channel backup service has continued
- More code is being refactored in order to render debugging more efficient
- BDK and LDK have been updated to the latest versions and solved some breaking changes

Web DEX Orderbook
- Work on Swap Service implementation continued
- The fee system received an update, allowing configurable fee amounts for taker and maker
- New functions for decoding invoices are being implemented and tests will be created accordingly
- Minor issues with some unit tests have been identified and are being resolved

Hydranet - Weekly Update #127


https://x.com/TheHydranet/status/1837052398549749980

Web DEX Frontend
- Channel rental feature has been rolled out to closed betas testers, first channels have been rented successfully
- Improvements and reported bugs are being fixed
- Lithium v2 has been released to the public, find more info here https://medium.com/hydranet/lithium-v2-public-release-15bd50070862…

Web DEX Backend
- Continued working on channel backup service
- Database transactions for state channel backups have been improved
- Lithium Indexer issues have been resolved and will be updated accordingly
- Bugs that have been identified via community and beta testers are being worked on

Web DEX Orderbook
- Unit tests for swap update event logic have been added
- Swap Service development has been kicked off
- Logic for swap fee requests has been defined

𝗢𝘁𝗵𝗲𝗿:
- Hydranet DAO Community Update has been released:
https://x.com/TheHydranet/status/1835769726368432315

Hydranet DAO Community Update:
Web Wallet Release and GTM Strategy


X/Twitter: https://x.com/TheHydranet/status/1835769726368432315

Hydranet Community,
We would like to update you on our WebWallet progress
and the adjustments we’re making to ensure the best possible product.

Development Update: Key Achievements
We've made great strides with two major features:
- Lithium V2 – Now live and accessible to the community!
- Channel Rentals – In closed beta, showing strong progress.

However, we’re still finalizing critical security features:
- Cloud-based Channel Backups for multi-device access.
- Watchtowers to safeguard channel balances.
- Lithium V2 Audit to guarantee its security.

To deliver a wallet that prioritizes usability and performance,
we’ve decided to move the Mainnet release of the Web Wallet to a time that's suitable with our testnet and mainnet launch plans.
While this is a tough decision, it ensures a secure, full-featured release at the appropriate time that will also be more suitable for marketing.


---


Go-To-Market Strategy: What’s Coming Next
We’re focusing on a phased rollout to build momentum toward the full Mainnet release:

1. Waitlist Campaign (Early Q4 2024):
Launching soon with limited tiered structures and incentives for early sign-ups.
Including access to Alpha phase testing and reward programs, top contributors will have access to early mainnet incentives,
exclusive AMAs, and reward programs. Stay tuned for announcements on how to join.

2. Alpha Phase (Q4 2024):
Waitlisters will test key features of Simple swaps, transactions, and early Beta features.
This phase will include competitions and user feedback/bug reporting to refine the experience for public Beta phase.

3. Beta Phase (Q4 2024 - Q1 2025):
Open to all users, the Beta phase will expand testing to include weekly and monthly competitions
on a fully functioning Web Wallet and Web Dex.
Expect more momentum and broader crypto community participation with marketing and more.

4. Mainnet Launch (Q1 - Q2 2025):
After thorough testing and feedback, the WebWallet / WebDex will go live on Mainnet with a full set of features.
Access to referral programs will begin with early Binance-level incentives.

5. Post Main Net (Q2 2025 and on):
Continued upgrades and trading competitions with Hydranet Network development and growth in our tokenomics plans.
Titan and Guardian structures emerge, and the dream becomes a reality.

We are committed to publishing a more exact timeline at the end of 2024 / early 2025!


---


Get Involved:
You can see the Web Wallet's current progress now and get a feel for why features
 like Cloud-based Channel Backups play a major role in user experience.
A Lithium guide for Version 2 can be found here:
https://medium.com/hydranet/lithium-v2-public-release-15bd50070862.

- Try Lithium V2: Live now at https://wallet.hydranet.ai 🔥
- Join the Waitlist: Stay tuned for our Q4 waitlist launch and #rewards.
- Connect with Us: Look out for upcoming AMAs and X-Spaces.

Thank you everyone for your understanding and support as we continue refining the Web Wallet
for a stronger launch that's cohesive with development, marketing, and community interest.
— The Hydranet Team

Hydranet - Weekly Update #126


X/Twitter: https://x.com/TheHydranet/status/1834312581890064457

Web DEX Frontend
- Channel Rental Manager will be rolled out to closed beta testers this week

Web DEX Backend
- Lithium Multi Path payment logic has been completed
- Backend code is being refactored for optimal compatibility and future development
- Initial draft of Backup Service has been created
- Swap Service on client side has been completed
- New Orderbook API functions have been successfully exposed to frontend
- Faucet bot has been updated

Web DEX Orderbook
- Testing procedures have been elevated and updated
- Orderbook Swap Services are being developed and will be implemented next

Hydranet - Weekly Update #125


X/Twitter: https://x.com/TheHydranet/status/1831778532181340344

Web DEX Frontend
- Chanel Rental manager has been merged
- Internal Tests of latest Channel Rental update have  started

Web DEX Backend
- Lithium Multi-Path implementation is being prepared
- Swap Service for server side is being setup afterwards
- Swap Logic for client side and initial swap tests will follow upon completion

Other
- Monthly Recap has been published:
https://medium.com/hydranet/hydranet-monthly-recap-27-august-2024-ad06acadadcf
- Weekly Team Calls and Dev calls will take place on public Discord server to show the work going on

Hydranet - Weekly Update #124


X/Twitter: https://x.com/TheHydranet/status/1829269070019277307

Web DEX Backend
- We're improving the system for renting features and events.
- The orderbook client is now up and running.
- A second hub has been deployed for internal testing and research.
- Work is underway to prepare the swap feature.

Web DEX Orderbook
- We've updated the Unit tests for the Rental Manager.
- A new endpoint for the orderbook has been added.
- The matching logic for partially filled orders has been improved.

Marketing
- The team met to discuss our upcoming marketing strategy, and follow-up actions are already in motion.

Hydranet - Weekly Update #123


X/Twitter: https://x.com/TheHydranet/status/1826671510049677714

Web DEX Frontend
- Channel Rental Manager waiting to be merged
- Lithium invoices completed and successfully implemented
- First backend orderbook connections will be tested next week

Web DEX Backend
- Messaging has been adjusted and updated in order to differentiate between keysend and invoices
- Rental logic has been further improved
- Commenced work on Order- and Swap Service
- Initial Design for Swap API has been drafted
- Evolved Hub deployment automation
- Latest version of faucet bot will be rolled out this week

Web DEX Orderbook
- Continued working on Matching Engine logic for filling multiple orders
- Aiming for first swaps in the next weeks

Hydranet - Weekly Update #122

X/Twitter: https://x.com/TheHydranet/status/1824464724282462497

WebDEX Frontend
- Live presentation of channel rental UI including live $BTC Channel renting took place internally
- Started preparing guides for public #Lithium v2 tests
Channel Rental will now be moved to code review, then be tested by team & closed beta testers

WebDEX Backend
- Lithium channel invoices being updated so EVM funds can be used for channel payments
- Rental Manager and HydraApp log-on logic is being improved
- Latest orderbook code and order matching engine documentation have been reviewed
- Started setting up all micro services on our own, to limit any 3rd party dependencies
- Testnet Hub automations, central monitoring setup and logging have been improved
- Self-hosted #Bitcoin node has been setup and proven to be a viable replacement for http://memepool.space hydra-app and hydra-proxy
- Rapid-Gossip-Sync server is currently being setup
- Faucet is being rewritten for improved compatibility

WebDEX Orderbook
- Significant progress on liquidity providing logic
- More order scenarios, including inverted pairs, have been identified, resolved and implemented
- Improvements to Rental Manager Logs have been implemented
- Matching engine development has been started

Check out the Hydranet July Recap #Article:
https://medium.com/hydranet/hydranet-monthly-recap-26-july-2024-1a9921c8ab25

Hydranet - Weekly Update #121


X/Twitter: https://x.com/TheHydranet/status/1821668475879690382

Core DEX
- The last servers of the Core DEX have been shut down, significantly reducing ongoing expenses.
- Philipp can therefore focus 100% on the WebDEX development and has already pushed some code.

Web3 Wallet
- The channel rental UI is almost finished and ready for the first team tests.
- #Lithium V2, along with many improvements, will soon be available to everyone.
- Work is underway to fix reported bugs.
Channel rentals are a crucial and central element required for swapping assets.
Once this is live for closed beta, we will have achieved a major milestone on the road to the Web DEX.

Web DEX
- Working on fixing edge cases when providing liquidity.
- Will begin creating documentation for the order matching logic this week.

The order-matching logic and swap engine will be the very last major tasks that need to be solved before we can begin realizing the first swaps.

Hydranet - Weekly Update #120

X/Twitter: https://x.com/TheHydranet/status/1819104119698968592

CoreDEX: Sunset
- The Hydranet Core Dex has been sunset, all channels have been closed and the few remaining funds have been sent to their respective L1 addresses.
https://x.com/TheHydranet/status/1818632729325441383
Thank you again for being part of this journey!

WebWallet
- Upgrading backend services to ensure seamless testing and development by more people
- The design for the Channel Rental Manager modal is already nearing completion
- Pricing API is being probed to allow tests with the Channel Rental Manager server
- Lithium v2 is being tested by Closed Beta testers; the first successful EVM peer-to-peer multi-hop payments are live!

WebDEX Orderbook
- Liquidity logic for adding/removing orders should be finished the next weeks
- Unit tests are already underway and improvements are being implemented

Final CORE DEX announcement
X/Twitter: https://x.com/TheHydranet/status/1818632729325441383

We have closed all channels on the Hydranet Core DEX.
Any remaining funds from your channels have been automatically sent to their respective EVM Layer 1 addresses.
Please check your Core DEX wallets to confirm receipt of your assets.
If you encounter any issues accessing your funds, you can easily import your seed phrase into a new Metamask account to manage your assets there.

We sincerely thank everyone who tested and used the Core DEX over the past year.
Your participation has been invaluable.
We hope you are all equally excited for our upcoming Web DEX, which you've helped shape through your feedback and your loyalty.
This new platform will offer significant improvements in many areas, and we can't wait for you to experience it. 💫

Our mission is to revolutionize the DEX and bridge ecosystem, and we look forward to your continued support and engagement.

Stay tuned for more updates on the upcoming launch of our WebDEX!
Thank you for being part of our community! 🙏

Hydranet - Weekly Update #119


X/Twitter: https://x.com/TheHydranet/status/1816590724063740098

CoreDEX Sunset
- DAO vote to temporarily sunset the Core Dex has been passed with 100% community approval and will be carried out immediately:
https://x.com/TheHydranet/status/1816433872885678214
- Please withdraw your funds until July 31st and save your seed phrases just to be sure
- Our Devs will force-close any channels and the remaining funds will automatically be sent back to their original wallets.

Thank you everyone for participating in our first iteration of the Hydranet Core DEX, which was more than a convincing proof of concept and allowed us to develop and streamline countless Hydranet technologies
and incorporate them into the upcoming WebDEX in an improved and more convenient form!

Web3 Wallet
- Lithium V2 was just pushed to closed beta testers and is now being tested thoroughly by them

WebDEX
- Basic Channel Rental functionalities have been implemented in the backend
- Frontend work for Channel Rentals continues
- Hub syncing issues have been identified and fixed

MultiSig
- Due to additional volume requirements, DAO has decided that HDN will be delisted from Toobit in order to save valuable project funds!
https://x.com/TheHydranet/status/1816457982432907367
- Drip was added as a new multi-sig member, he will leverage his experience to help the Hydranet DAO establish solid VC contacts

Attention Hydranet Community

After careful consideration regarding our pause with the HDN WhiteBit listing, we have identified a new challenge:
Toobit is now requesting increased trading volume. Given the lack of organic volume on Toobit, we have decided to remove our liquidity and focus our efforts on MEXC.
While we usually make such decisions through a community vote,
the inactivity on Toobit necessitates a prompt decision by the Hydranet representatives to act in the DAO's best interest.
This situation has Highlighted an important lesson for our DAO: listings alone do not guarantee trading volume.
A potential tier one listing could boost our visibility, but without a compelling product or user environment, sustained momentum is unlikely.
Moving forward, our primary focus will be enhancing our use case and ensuring our product is actively utilized before considering additional listings on higher-tier exchanges.
Please transfer any funds from Toobit to your on-chain address.
Thank you for your understanding and continued support.

Close Deposit: 7/30/2024 10:00 AM UTC
Close Trading: 7/30/2024  10:00 AM UTC
Close Withdrawal: 8/7/2024 10:00 AM UTC

Hydranet DAO Q2 2024 Financial Update

Dear Hydranet DAO Community,
We are pleased to present the financial update for Q2 of 2024.
Throughout this period, we have made significant progress across various aspects of our project,
focusing on development and cost reductions in management, operations, and marketing.
Here's a summary of our accomplishments:

Q2 Accomplishments:

1. Marketing:
   - Marketing agencies reviewed, discussions with four companies are being evaluated
   - Several monthly recap articles published
   - Core DEX trading competition initiated and completed

2. Core DEX:
   - Added Arbitrum-ETH/ETH trading pair
   - Released new wallet version with UI fixes
   - Rolled out LSSD and Vortex bot implementation to beta testers
   - Added certificate for Windows to avoid warnings during installation (transfers to Web Dex)
   - Core DEX trading competition completed with $100,000 traded off-chain p2p

3. Web3 Wallet & WebDEX:
   - NOVA release was very successful, positive feedback received
   - Channel rental manager finished, currently getting implemented
   - Public testnet release and several UI improvements & bug fixes
   - Implemented Lithium protocol (v1)
   - Started multi-hop (Lithium V2) team testing
   - Released transaction page improvements to beta testers

4. DAO:
   - USDT on Aave: We provided 40k, now worth around 40.9k
   - USDC on Aave: We provided 20k, now worth around 20.34k
   - DAO vote passed to allocate 5 million HDN for ongoing development
   - DAO forum live with active proposals
   - VC outreach continues emphasizing marketing needs as the first trench

5. Lithium:
   - Gas optimizations completed and V1 is fully functional
   - Lithium indexer is completed
 - Unilateral settlement logic implemented
   - Multi-path payments and hashlock resolution implemented

Q2 Financial Allocation:

1. Dex Development, R&D: 1,924,754 HDN & 24,510 USDT
2. Multi-sig / DAO Management: 342,683 HDN
3. Operations: 157,873 HDN
4. Marketing: 244,466 HDN & 294 USDT
5. Legal: 475 USDT
 
Overall, there has been an increase in Dex Development and R&D spending due to accelerated project activities and progress.
We are moving quickly, anticipating positive market sentiments. Given the overall market circumstances in Q2, we cut down most of the efforts for operations, marketing, and management,
planning to ramp these up closer to our next-gen product release. In Q2, spending decreased by approximately $60,000 USD.
This reduction reflects the weighted average of the HDN price and the decreased value from Q1, demonstrating our commitment to financial responsibility and efficient resource allocation.

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

As we move forward into Q3, we remain committed to our mission of building a robust decentralized exchange ecosystem.
We appreciate your continued support and look forward to sharing further progress.

Sincerely,
Hydranet Representatives

Hydranet - Weekly Update #118

X/Twitter: https://x.com/TheHydranet/status/1814044565982101838

Core DEX
- DAO vote to temporarily sunset the Core Dex:
https://snapshot.org/#/hydranet.eth/proposal/0x8f11b894c1f6b107f7e99892fc57c32ddce8ec6ad4c15a629016cb2bb4cc6ebf

Web3 Wallet
- Lithium V2 in advanced testing phase, fixing initial findings
- Additional necessary requests have been integrated into Rental Manager
- Frontend implementation for Channel Rental manager has started
- Initial orderbook code has been refactored and first orderbook handlers have been implemented

Once again, we encourage everyone to:
- participate in DAO votes
- withdraw your funds from exchanges now!

Hydranet - Weekly Update #117
X/Twitter: https://x.com/TheHydranet/status/1811493441500590335

Core DEX
- Proof of concept phase complete
- DAO vote to relocate all resources to WebDex Development was published on the DAO Forum:
https://forum.hydranet.ai/proposal/dao-proposal-32-closing-core-dex-server-for-cost-saving-and-migration-to-the-web-dex-server

Web3 Wallet
- Lithium invoices are being implemented
- Channel Rental Manager undergone unit tests and bug-fixing, will receive more features and is being updated accordingly
- Initial version of Channel Rental Manager UI almost complete
- Lithium V2 has been pushed to dev branch and is now being tested internally by team

WebDEX
- WebDEX orderbook development continues
- Orderbook database implementation made significant progress
- Simple Swap UI frontend work continues

Dont forget to check out our June Recap:
https://medium.com/@Hydranet/31e2a6ad8ce7

Hydranet - Weekly Update #116

X/Twitter: https://x.com/TheHydranet/status/1809302118966391167

Web Wallet
• The function for estimating Lithium channel routing fees is being improved
• Channel rental manager has been refactored and simplified
• Preparing UI for channel rentals
• More small improvements and fixes of reported bugs

Web DEX
• SimpleSwap UI has been drafted and is currently being reviewed internally
• Continued the development of the orderbook

Core DEX
• Rewards from the Core DEX trading competition has been distributed. Thank you for your participation!

Hydranet - Weekly Update #115


X/Twitter: https://x.com/TheHydranet/status/1806456343668158958

Core DEX:
- Trading competition ended, almost 100.000 USD volume
- HDN rewards will be sent out later this week

Web DEX
- Channel Rental Manager has received various updates and is now being implemented
- Lithium v2 is being further improved and debugged
- Channel Rental Manager User Interface is being built
- Channel Rental API is being tested against front-end infrastructure
- Channel Backup feature is being kicked off next
- Great progress on basic orderbook features