Topic: Hydranet (HDN) - World’s First Layer 3 DEX - Connecting BTC to ETH - page 3. (Read 1385 times)

Hydranet - Monthly Recap #20

Dear Hydranet,



The first month of 2024 flew by, progressing us further on our journey. While the LSSD (Lightning Simple Swap Daemon), also known as the Core DEX API, was released to a closed testnet group, the Web Wallet underwent several updates based on team feedback. We were also delighted to welcome a new full-time developer who will play a pivotal role in advancing the Web DEX backend, along with the release of the Hydranet Litepaper.

Read about this and more in the January monthly recap. Your continued support fuels our momentum, and we look forward to sharing more milestones and innovations in the coming weeks and months.

https://medium.com/hydranet/hydranet-monthly-recap-20-january-2024-4a1189694357

Hydranet - Weekly Update #93



Twitter: https://x.com/TheHydranet/status/1749528610799596013?s=20

Core DEX
- #LSSD tests going great, the general update will follow soon
- Once LSSD is stable, the refer cent #bot will be rolled out to testers

New pairs will be added once this is done!

Web Wallet
- All (internally) reported bugs have been resolved
- Refactoring of modals is in progress
- Continued external #lightning signer work
- Onboarding of new dev (Adinael) has been completed and has proven to be very successful. It's great to have him onboard!
- Pricing #API should be ready for dev review this week, then get implemented in the wallet

Lithium
- Gas optimizations have been completed
- #Lithium is now ready to be implemented into the #WebWallet

Tokenomics
- Role descriptions have been updated
- Collaterals and fee distribution are being drafted for upcoming team review

DAO
- Hydranet Improvement Proposal #27 was voted in:
https://snapshot.org/#/hydranet.eth/proposal/0x771426ec35dfb2b551c328a7077a40e6a16972fe99efadc7340c97b0fc369d37…

Marketing
- Hydranet #Litepaper has been published: https://hydranet.ai/Hydranet-Litepaper.pdf…
- Major 2024 marketing plan is being drafted and will soon be ready for team review

Hydranet - Litepaper

Dear Hydranet!
We are thrilled to publish the Hydranet Litepaper, an invaluable asset for engaging with our diverse stakeholders.
Whether you're a valued community member, VC, external project or centralized exchange, this document serves as a beacon of information about our ongoing efforts.

Within these pages, you'll find the results of our initial round of gas optimizations made on the Lithium protocol
and we sincerely appreciate your patience as we conducted the final checks of these results before sharing them.

https://hydranet.ai/Hydranet-Litepaper.pdf

Stay tuned for more updates as we continue to advance and spread the word about our groundbreaking project!

Hydranet - DAO Proposal #27
Proposal:Hydranet Multi-Sig Re-Election and Responsibilities
Proposal ID: 27
Proposed by: Hydranet Multi-Sig
Date: January 16th, 2024 @ pm UTC

Summary:
This proposal is for the re-election of the Hydranet multi-sig members, outlining their individual responsibilities. The DAO community is invited to participate in the voting process to re-elect the multi-sig representatives.

Background and Current Situation:
1.1 The multi-sig members play a crucial role in the governance and operational security of the Hydranet DAO.
1.2 Regular re-elections ensure that the DAO continues to be represented by members who have the community's trust and support.

Legal Implications and Risks:
2.1 The multi-sig members are responsible for key decisions and the security of DAO assets.
2.2 Community participation in this election is vital for maintaining a transparent and democratic governance process.
2.3 Current multi-sig are doxed to the foundation, and any future multi-sig will be required to do the same.

Proposed Representatives:
3.1 The following individuals are nominated for the multi-sig positions, with their respective Ethereum addresses and outlined responsibilities:

T-Яex: 0x6541765f07987716A3D5b0808780439b5d08427D Content creator, front-end support

Smurf: 0x38F18239331Bf4AC8624396820360139c7008D19 Content creator, outreach, foundation books, finance, admin & org support.

iPally: 0x17A96132aaE18Dd976840Ad6897944817d460594 Financial/Organization advisor.

Nicklas: 0xb553c994EB5E98E643BDbAAa806C15E391C911b8 Finance, Admin & org support, POL support.

Tombowl: 0x3bAc9962665bEc7292834ace30bcc640E4E95a97 Outreach, marketing

Walleye: 0x5B6e889B05D5a23C8f1E19Ed9E54B4f03dF01c51 Multisig lead, legal, POL management, finance, admin & org

Voting:
4.1 Each DAO member will have the opportunity to vote for the multi-sig members.
4.2 The voting will be conducted through the DAO's standard voting process.

Benefits of the Proposed Approach:
5.1 The multi-sig members are crucial for the future direction and governance of the Hydranet DAO. 5.2 All DAO members should exercise their right to vote and contribute to this important decision.

Action Items:
6.1 Review the nominees and their contributions to the DAO.
6.2 Engage in discussions about the nominees if needed.
6.3 Cast your vote during the voting period.

Voting Period:
7.1 The voting will commence on January 16th, 2024, at pm UTC and will end on January 21st, 2024 @ pm UTC.

https://snapshot.org/#/hydranet.eth/proposal/0x771426ec35dfb2b551c328a7077a40e6a16972fe99efadc7340c97b0fc369d37

Hydranet - Weekly Update #92



Twitter: https://x.com/TheHydranet/status/1747367591604076886?s=20


Core DEX:
- Fixed various small #LSSD and orderbook issues
- LSSD testing will continue this week, if there are no new bugs, release to public afterward
- Continued working on the grid #bot, will be released to closed beta testers this week
- Started research on how to make Vector #cheaper and faster

The combination of LSSD + #trading bots will enable everyone to provide #liquidity and trading volume at the Core #DEX.

Web wallet:
- Finished bug fixing mostly
- Continued UI revamp for better mobile UX
- Started working on external signer

The external signer is a crucial part of the Web Wallet and DEX, as it will allow #BTC📷 payments for trading from a web wallet - a world's first.

Lithium:
- Finished latest gas optimizations simulations for #Lithium, overall work should be done this week

Tokenomics
- Started breaking down all relevant actors to determine a possible $HDN security collateral

Marketing/PR
- Hydranet #Litepaper will be released this week - thanks for your patience!
- Started drafting a bigger marketing plan for the next weeks/months

Hydranet - Weekly Update #91


Twitter: https://x.com/TheHydranet/status/1744456786801786934?s=20


Core DEX
- released LSSD, tests working well so far https://github.com/hydra-net/hydranet-lssd…
- preparing to release a Core DEX bot reference implementation in January, so everyone can run his own Core DEX bot
- Core DEX continues to run very stable

Web Wallet
- released Alpha version (testnet) to team
- reported bugs being fixed
- feature requests are being implemented
- started optimization for mobile usage
- will start preparations for limited closed beta release after these tasks are done

Team update:
Adinael, a new full-time dev, is currently onboarded, he will work on the Web DEX orderbook. This will increase future development speed by a lot, to make the revolutionary Web DEX even sooner a reality.

Tokenomics
- released https://simulator.hydranet.ai
- will start researching DEX revenue distribution for Titans, Guardians, Treasury, and Strategic Liquidity

DAO
- DAO vote 26 has been successful https://snapshot.org/#/hydranet.eth/proposal/0x9a6210aaca0d512c362cdd560d69df9e3f59fb76e9e130a3e10357690e8bb3c0…
- contacted more VCs

Marketing / PR
- released yearly Recap https://medium.com/hydranet/hydranet-yearly-recap-2023-caf2c57a0d9b… -

Updated the Roadmap according to achieved goals in 2023, see https://hydranet.ai/en/roadmap

This update covers all activities since the last update. As announced, we will now resume with our regular weekly updates.

Hydranet - Roadmap 2023 End Of Year Update


Twitter: https://x.com/TheHydranet/status/1743308322575393163?s=20

The following goals have been mostly achieved:
- MARKETING AND PR
- HDN TOKEN
- RESEARCH AND DEVELOPMENT
- ORGANIZATION
- CORE DEX
- OPEN SOURCING (CORE DEX)
- HYDRANET WEB WALLET
- HYDRANET WEB DEX

Still in progress:
- Organization: Litepaper, will be released in the next days

What has been changed:
- Lithium: switched the goals of Q4 2023 with Q1 2024 as we wanted to have the gas optimizations earlier
- Research and development: NEW: working on a visual cost analysis for bridging usecase of Web DEX
- Marketing & PR: trading competitions, will take place at Q1 2024
- Core DEX: New Core DEX pairs, will be added in Q1 2024

The update is already being reflected here: https://hydranet.ai/en/roadmap

As coinmarketcap said the HDN token move to new contract with Admin Upgradeability Proxy
Do we need to download this?or  can we just login on website?

HDN Tokenomics Simulator
Twitter: https://x.com/TheHydranet/status/1742172180413046965?s=20

In the past weeks we have been working on a visual tool that will allow users to simulate a broad spectrum of HDN Tokenomics scenarios, both general and personalized.
The simulator is designed to enhance understanding of the dynamics and interactions among various components as outlined in the latest $HDN Tokenomics 1.5.
We're excited to present two distinctive features:

Network Simulation:
This advanced tool allows users to conduct small-scale experiments to test how specific conditions affect the Hydranet ecosystem. You can create hypothetical scenarios and analyze the potential impacts on different stakeholders within the network.

Personal Calculator:
The personal feature enables you to estimate and calculate your potential future #rewards from operating a Hydranet #Titan (Hub) or #Guardian (Watchtower) within the network.

Preview: https://youtu.be/-fLf3uax6yE

Your feedback is an invaluable asset to us and will be essential for further developing this tool, so please feel free to test the simulator thoroughly and make sure to provide your feedback!
Please note that both the Network Simulation and Personal #Calculator are still in development, and we anticipate releasing further updates in the future.

Check it out for yourself here: https://simulator.hydranet.ai

The latest Tokenomics can be found here: https://hydranet.ai/en/tokenomics
Important Note: The simulator page is for experimental purposes only, predictions cannot be guaranteed

Hydranet - DAO Proposal Vote #26

Hydranet Improvement Proposal:
Changing our funding mechanisms regarding bonds

Proposal ID: 26
Proposed by: Hydranet Multi-sig
Date: January 1st, 2024 @ 10pm UTC

Summary:
This proposal addresses the future of fundraising within the Hydranet DAO, specifically focusing on the transition from selling bonds to a new mechanism involving the disbursement of HDN tokens to a multi-sig-controlled address for grants and funding operations.

Background and Current Situation:
1.1 The DAO currently raises funds by selling bonds to the community, excluding United States citizens.
1.2 This mechanism was inherited from HDX and its OHM fork, HDN made adaptations for our custom bonds.

Legal Implications and Risks:
2.1 Recent legal counsel has indicated that continuing with bond sales could classify our token as a security, subjecting us to stringent regulations.
2.2 Operating as a security token could limit our market reach and impose additional compliance burdens.

Proposed Alternative:
3.1 Instead of using bonds, the DAO will vote for the disbursement of 5 million HDN tokens at a time.
3.2 These tokens will be transferred to a multi-sig-controlled address.

Use of Funds:
4.1 The multi-sig-controlled address will use these tokens to grant funds for operational purposes.
4.2 This approach aims to maintain flexibility and avoid the regulatory complexities associated with security tokens.

Benefits of the Proposed Approach:
5.1 Avoids the risk of being classified as a security token. 5.2 Ensures greater control and flexibility in fund allocation. 5.3 Aligns with legal advice to safeguard the DAO's interests.

Action Items:
6.1 Review the proposal in detail.
6.2 Engage in discussions to understand the implications and benefits.
6.3 Cast your vote on the proposed transition.

Voting Period:
7.1 January 1st to January 5th, 2024 
Additional Information: This transition represents a strategic shift in our fundraising approach, aligning with legal advice and ensuring the long-term sustainability of the DAO.

Members are encouraged to consider the long-term implications of this decision on the DAO's operations and market presence.

Please support the updated version of the Hydranet DAO tokenomics.
Voting will last for 5 days. 
You can cast your vote here:
https://snapshot.org/#/hydranet.eth/proposal/0x9a6210aaca0d512c362cdd560d69df9e3f59fb76e9e130a3e10357690e8bb3c0

Hydranet - DEX API Alpha release (closed beta)


Twitter: https://x.com/TheHydranet/status/1740453137255715184?s=20

Although it has been quiet around the Hydranet CoreDEX lately, the team has been anything but idle:
We are proud to finally release the #LSSD to the very first batch of closed beta testers! 🐍🎩

The LSSD (Lightning Simple Swap Daemon) encapsulates the complete offchain atomic swap logic in a lightweight and headless way to interact with our orderbook and execute swaps.
Using the LSSD, one can build bots or even their own wallet to connect to our network. It offers a GRPC / Protobuf-based #API that allows renting inbound channel liquidity, listing and subscribing to orders,
and placing market and limit orders on the Hydranet #DEX. To execute the swaps, the LSSD connects to a #Bitcoin #Lightning LND node and a Connext Vector Node and utilizes their wallet implementations.

We have packaged and published our LSSD, LND and Vector in a turn-key docker-compose setup, that makes setting it up an easy task.
This is already past testnet stage and selected users will now receive access to API keys for Mainnet. Once stabilized it will be released to the general public!

One third party will be involved right from the beginning, and one additional market maker service will also evaluate once LSSD reaches beta stage.

Instructions are public on Github (API Keys required):
https://github.com/hydra-net/hydranet-lssd

Hydranet - Weekly Update #90


Twitter: https://x.com/TheHydranet/status/1740386888643482071?s=20


Core DEX:
- The LSSD will be deployed to the first closed beta testers today!

Web Wallet:
- This week, the Alpha Version of the #WebWallet (testnet) will be released to the Hydranet team. Depending on successful team tests, a gradual release to the public will be prepared
- In an effort to enhance #WebDEX backend development, Hydranet is welcoming a new full-time #developer on board. Further details will be provided in mid-January 2024

Hydranet DAO:
- The Hydranet #Foundation is now officially established
- To ensure longevity and future growth, negotiations with several venture capitalists have been initiated
- iPally, with a robust background in traditional finances, will be succeeding Beljora at Multsisig

Tokenomics:
- The Simulator page is undergoing final fine-tuning

Litepaper:
- Once the final review is approved by all members, the Hydranet #Litepaper will be officially released Marketing/PR:
- Christmas Twitter activities have been completed
- Our yearly Recap article will be unveiled around New Year

As the majority of our developers and team members are currently taking a well-deserved break, spending time with their families,
or wrapping up roadmap goals, we will resume regular Weekly Updates on Monday, January 8th, 2024

Hydranet - VC Collaboration Update

After our recent DEX launch and continuous project growth, we're thrilled to share some exciting news about potential VC investors.
We're currently in talks with multiple prominent investors, and their interest could greatly strengthen our long-term presence and speed up our development.

Stay tuned for more details once we finalize agreements, and rest assured that Hydranet DAO will guide our decisions moving forward.
Twitter: https://x.com/TheHydranet/status/1737512790087082308?s=20

Hydranet Foundation Update

Dear Hydranet Community,
We are thrilled to share some exciting developments regarding the Hydranet ecosystem.
The Hydranet Foundation, a critical milestone in our journey, has been officially established in the Cayman Islands under the name Hydranet Off-Chain LTC.
This legal entity will serve as a protective shield for the Hydranet DAO, reinforcing our commitment to transparency, trust, and the future of our community.

One of the key highlights of this foundation is the implementation of multi-signature wallets. We have chosen to disclose the identities behind these multi-sigs to the foundation,
emphasizing our dedication to community trust. These representatives will act on behalf of the Hydranet DAO, ensuring that the best interests of our community are at the forefront of our decision-making processes.

This monumental step forward will enable us to establish ourselves as a legitimate player in the ever-evolving cryptocurrency landscape.
We are eager to continue pushing the boundaries of our community and delivering cutting-edge products to the crypto sphere.


Twitter: https://x.com/TheHydranet/status/1737481396233331156?s=20

Hydranet - Weekly Update #89


Twitter: https://x.com/TheHydranet/status/1736868547005923665?s=20

Core DEX
- Surpassed 1 Million USD trading volume!
- Planning to release LSSD this week to closed beta testers, stay tuned

Although a significant portion of this trading volume is attributed to our market maker bot, it serves as compelling evidence that our product is working as intended,
with the bot achieving a close-to-100% trading success rate. For more DEX stats see https://stats.hydranet.ai/
Web Wallet
- Bitcoin off-chain send/receive completed
- Bitcoin invoices sent via multi-hop through the hub
- Started working on Lightning external signer

More news regarding Web Wallet is expected to be released this week.

Web DEX Orderbook
- Improving oversight for components and backend connections
- Redefined structure and order flow

Lithium
- New gas optimizations and refactoring are almost complete
- It is planned to release final numbers and comparison to current Connext Vector contracts.

Tokenomics
- Refactoring current simulator code
- Work on updated tokenomics simulator / calculator is almost done, will be released to closed beta this week.

Multisig
- Foundation setup should be complete for January 2024 - paperwork is cleared according to legal counsel

Marketing
- WebWallet release campaign is being prepared
- 24-Days-Of-Dexember is still live, don't forget to take your chances!
https://x.com/TheHydranet/status/1736060527309144167?s=20

I recommend this interesting video "Thorchain Dex vs. Hydranet Dex"
Thorchain Dex vs Hydranet Dex. Native Bitcoin trading and transaction fees. https://www.youtube.com/watch?v=8SJsAUx-hJA

Hydranet Core DEX LSSD (API) Update

Twitter: https://x.com/TheHydranet/status/1734900575395840048?s=20


The Hydranet Core DEX has been released, working with chains such as Bitcoin, Ethereum, and Arbitrum, and has effectively shown that we can bridge these chains in a seamless way.
For our Core DEX to become even more accessible, we are working on an API that will allow users to automate their trading to a greater extent.

Since the Hydranet Core DEX needs to be online to keep limit orders up, we are working on a headless (no graphic user interface) version that can run on servers, virtual machines and as docker containers.

This headless version is called LSSD (lightning swap service deamon) and provides an interface with which you can interact with the Hydranet DEX orderbook and place limit and market orders.
Combining this with a trading bot allows you to automate you trading using a strategy of your choice.
With the release of the LSSD, we will provide a reference implementation for how a trading bot can look like and be set up, using the Core DEX LSSD.

Keep in mind that there could be some functionality still missing, some of which are being worked on right now, for instance, features related to channel interactions.
With that being said, we would also like to highlight that we already have a working version operated by the DAO to provide liquidity on the Hydranet DEX orderbook.

Closed beta testers might be able to test it already next week - stay tuned!

Hydranet - Weekly Update #88


Twitter: https://x.com/TheHydranet/status/1734352436884537574?s=20

Core DEX
- LSSD in final testing phase, trading/swapping very stable
- We will provide more info here in the next days. Stay tuned!

Web DEX
- BTC invoice send/receive complete
- Proxy Server for explorer API and Websocket being implemented
- Continued with Orderbook API and architecture planning

Tokenomics
- ELO system halted for now after community concerns regarding complexity and to keep the focus on the upcoming products
- Work on Hydranet DAO Forum continued
- Tokenomics 1.5 successfully voted in and added to website: https://hydranet.ai/en/tokenomics

Marketing
- SIVA & WoAS AMA:  https://youtu.be/aKkNIud2Ttc
- Litepaper almost complete, waiting for gas optimization calculations and final design to be implemented
- New influencers are being onboarded

The Hydranet DAO Elo System:
Now that the DAO has approved the tokenomics update, we are excited to bring the Hydranet Elo system up for discussion with the community.
The proposed Elo ranking system is designed to improve decentralized decision-making regarding DAO leadership, Titan / Guardian waitlisting, proposal submissions and more.
The main goal is to decentralize as much as possible while at the same time reducing team liability. Who gets to run the first Titians and Guardians? How do we minimize spam proposals without being a centralized authority?
How do we keep track of who is next in line to run network services if a user is slashed from the network due to not meeting the requirement? Thankfully, we have some large, wrinkly brains working here.

The Elo system grants users a merit ranking weight in the DAO, if they have proven to contribute over time and by acting in the project's best interest.
This implies that users who just recently bought a large amount of tokens will not by default gain unjust advantages. The system will reward DAO members with a proven commitment to push the DAO in the right direction.

Furthermore, your project leaders should be able to show their commitment as well.
Publicly visible Elo scores will give the community peace of mind, and knowing that the DAO representatives are leading by example will only increase trust.

The DAO Forum:
We are currently creating a DAO forum off of our official webpage where all this information will come together.
User profiles backed by your address will connect to proposal submissions, Elo scores, reviews, and more.
We are building the Hydranet ecosystem and doing our best to make it as fair, safe and decentralized as possible.

Join the discussion here:
https://discord.gg/hydranet⁠ / ♟・hydranet-elo-discussion

Hydranet - Tokenomics v1.5 proposal #25  |  Voting results

The DAO Tokenomics update vote has just ended and was unanimously approved by the voters.

YES 13M HDN = 100%
NO  0 HDN = 0%

You can verify the results here:
https://snapshot.org/#/hydranet.eth/proposal/0xd355a01099029f5ff9652dd69511d0f983df5913e178437753205ad20bcd75a9

Following the vote, the team will use our updated tokenomics to guide future advances within the Hydranet network.

More details and progress updates on each item will be published as they happen