Hydration boasts greater than $40 million in TVL and is persistently internet hosting seven-figure every day volumes.
Hydration, a Polkadot parachain and decentralized trade, is solidifying its place as the highest DeFi protocol throughout the Polkadot ecosystem.
On July 22, Hydration’s complete worth locked (TVL) tagged an all-time excessive of greater than $56 million after greater than tripling for the reason that begin of the 12 months, in response to DeFi Llama.
Though its TVL has since pulled again to $43 million, the vast majority of the decline is attributable to cost losses suffered by Polkadot (DOT) and Bitcoin (BTC). Each belongings and derivatives made up 38.5% of the trade’s TVL on July 22 and account for half of its TVL decline since.
Information from DeFi Llama signifies Acala Liquid Staking is the second-largest protocol within the Polkadot ecosystem with $24.4 million, adopted by the Moonwell lending protocol with $24.3 million.
Hydration can be extending its lead over rival Polkadot decentralized exchanges by commerce quantity. The DEX hosted $1.41 million value of trades over the previous 24 hours, and $5.37 million on Aug. 3 to host its second strongest day on document.
For comparability, Acala Swap hosted roughly $275,200 value of trades over the previous 24 hours, whereas ArthSwap processed $100,000 over the identical interval, in response to CoinGecko.
Hydration rebranded from HydraDX in June following an announcement in February. The challenge additionally unveiled plans for a decentralized stablecoin, HOLLAR, and lending protocol on the time.
On July 29, Hydration proposed mobilizing 17.47 WBTC as collateral to again HOLLAR (roughly $1 million), alongside plans to swap $3.28 million value of stablecoins into the yield-bearing sDAI and sUSDe secure tokens from MakerDAO and Ethena respectively.
Hydration reported protocol-owned liquidity value $24.5 million on the identical time.
