News from the HYDRA Coin Development team on March 11, 2022
Today we are happy to share the February Ecosystem Update. So many things are going on and we can’t wait to present the progress to you.
Be prepared for a long read and maybe grab a cup of coffee (or tea)!
1. Delegated Staking & Superstaking
In our last update we mentioned that the integration of the following features into the staking client was completed:
Upgrading your client to a superstaker node
Setting the minimum fee accepted
Delegating your HYDRA to a superstaker of your choice
Auto-split UTXOs for a quick optimization process
Setting a commission fee as a superstaker
… and that the protocol-level code was merged with the devnet.
The month of February was all about testing, testing and testing. The entire focus shifted in this direction, with minor improvements being made based on the gathered learnings (mainly on the client side). Key observed aspects were the stability and performance of superstaker nodes relative to their standard level counterparts.
We are happy to announce that as of this stage we are not tracking any road-blocks as the series of tests went through with almost no hurdles. The staking performance of superstakers was verified to be on par with standard level staking nodes.
2. EVM Upgrade & Block Time Reduction
In the January Ecosystem Update we announced that a major testing sprint was scheduled for the months of February and March. As of today (March 11), the sprint has accomplished more than half of the planned tasks and we are on track to complete it by the end of March / early April.
Core focus points are the search for instabilities, mini-forks as well as the frequency in which orphan blocks occur.
Following the completion of the major sprint, we will be making small optimizations, based on the data gathered — and prepare for the public beta testing with real stakers from our community. More information will be shared as we progress.
With this feature, the average block time of the chain will drop from its current 128 seconds down to 32 seconds — thus improving by a factor of four.
The reduction of the block time will improve the entire experience and strengthen the impact of all applications that are being executed on-chain. Including but not limited to: Defi, DEX Swaps, Bridge Swaps, Token transfers, Hydra transfers, Staking, Games, as well as exchange deposit and withdrawal times.
3. Hydra DeFi & Decentralized Exchange
In early March we started a dedicated QA sprint to identify weak spots in the Hydra DEX user experience and to track error messages that come up under certain conditions when trying to swap or add/remove liquidity to the pools. We are especially interested in cases that result from a combination of multiple contributing factors.
Our goal is to come up with a detailed list of such behaviour and develop elegant solutions. Especially the handling of UTXO related error messages will be a core focus point (for example when a wallet address is being used, which is actively staking as part of a protocol-level node).
Please reach out to our admins if you experience unexpected behaviour when using the Hydra DEX.
3.1 Single-Sided Liquidity Feature
In the last few weeks our team advanced on the following topics when it comes to the single-sided liquidity feature:
Worked on measures that will ensure the compatibility of single-sided liquidity pools with their default dual-sided counterparts
Finalized the initialization procedure of the single-sided upgrade for selected pools. This is important as the default status of liquidity pools will be dual-sided. Only after the upgrade, they will enjoy the additional benefits of impermanent loss and single side liquidity provision
Discussed and worked on matters about the fungibility of the LP tokens in regards to long term development goals and secondary economic features (these are not planned yet, but need to be accounted for during the development process)
3.2 Liquidity Mining Feature
As was predicted in the January ecosystem update, the month of February was mainly about the architecture design and fundamentals of this new sub-project.
Among the most important architectural steps was to define the liquidity mining feature as a modular system. The goal in that regard was to allow for maximum flexibility, as every pool and token has its own dynamic and needs.
For example, a stablecoin requires low APR settings while the HYDRA side requires a high APR setting in order to compete with staking nodes. Stablecoins have a long-term strategic relevance for the ecosystem and need predictable reward programs over a period of years. A newly launched ICO on the other hand may want to launch a short-term campaign with an exceptionally high APR rate.
These were successfully completed and the team is now moving forward with the development of specific mechanics of the program. Among other things, we will be focusing on topics such as the definition of specific conditions so that LM can be initiated and shut down.
What are the benefits?
Liquidity mining is an effective strategy to attract liquidity into the DEX pools and accelerate the growth phase of the ecosystem. Depending on the strategy, certain pools can be prioritized and boosted. Liquidity mining budgets can be adjusted based on the market responses and needs.
4. Cross-chain Bridge
The Hydra cross-chain bridge will allow the free movement of capital between Hydra and Ethereum. This is a critical component to the ecosystem, as it gives Hydra the opportunity to capture capital from external chains and grow the TVL (total value locked) of its DEX.
Last month we shared with you that a total of four audits were initiated in order to ensure the security of the bridge and the funds of our community using it.
Today we want to provide an update on the progress and results:
Internal Audit (✅ Complete)
Our security experts made an in-depth analysis of the smart contracts and the user interface, resulting in a few minor recommendations, which were adopted by the end of February.
Audit by Knownsec Blockchain Labs (✅ Complete)
The bridge passed the audit with a top score and no recommendations.
Audit by Lianantech Security (✅ Complete)
Audit was passed, with one minor recommendation regarding a very distant corner case scenario. Nevertheless, it required an appropriate reaction and a solution was developed to address the recommendation. The solution was agreed to be a good fit by both sides.
Audit by CertiK (85% Complete)
The Bridge passed the CertiK audit, with a few low-level recommendations. These were adopted by our team and we are aiming to submit the updated version in the coming days. Following the green light by CertiK, we will have officially completed the auditing process and initiate the launch procedure.
5. Social Media DAO
This project aims to concentrate the community force behind Hydra chain and amplify it through the power of social media platforms. The community will be able to self-govern all marketing activities around Hydra and leverage on financial capital, economic incentives and the power of algorithms designed to scale.
In the month of February, we deployed the first version of the analytics tracking system for the events program. This will help us better analyse and steer campaigns, thus improving the efficiency over time.
We want to share a few data points obtained from the new tracking system:
The latest Twitter event launched in February resulted in a record tweet activity of more than 1,000 unique tweets in a period of just one week.
These tweets gathered a total of 6,800 likes and were retweeted more than 1,500 times.
Below you will find a few examples from participants:
While the next round of the Twitter event is about to launch, our team is busy working on a new feature that would allow for Hydra-based tokens to be used as prize pools. The feature will open up the door for project-specific campaigns with LOC, GOMT or CHANGE tokens used as rewards.
If you are looking to grow your bag of Hydra-based tokens, then stay tuned for any of these campaigns!
6. NFT Marketplace
In the month of January we announced the completion of the research and team building processes for the NFT Marketplace.
For the month of February the main focus points were to finalize the architecture development in accordance to the general NFT and Travel NFT Matrix needs, as well as to turn the results into a technical mini-roadmap to be followed.
7. Hydra Explorer Redesign
One of the major projects being worked on as we speak is the explorer redesign with an improved information structure.
The UTXO model of the Hydra chain makes it more difficult to understand transactions, especially when there are multiple wallets involved. When smart contracts are involved, then the two methods of UTXO (coming from Bitcoin) and the account model (coming from Ethereum) get mixed up, for an even more confusing appearance.
An estimated 75% of the work has been completed, up from 40% in our latest ecosystem update.
We want to share with you some insights into the work we have done so far, as we are very excited about the progress.
Old UI:
Note how the old explorer displays information with little structure. Unless you are an UTXO expert, the information shown below will make little sense and be difficult to digest.
Hint: What you are seeing is an on-chain trade on the Hydra DEX.
New UI:
In comparison, you will find the same transaction shown in the new user interface below. Note how all secondary information was hidden (can easily be accessed with a single click).
The UTXO style transaction format was also simplified to mimic the more intuitive account-based model.
The fee amount shown at the bottom right reflects the Net Fee (after deducting unspent gas, which ends up reimbursed). This is another feature that will significantly improve the information quality for the viewer. The previously shown fee amount is now labeled as “Fee Budget” and is shown above the “Trigger” symbol for the smart contract.
It is indeed a budget, since usually not all of it is consumed. The line at the top including the “Trigger” showcases the act of triggering/calling a smart contract. In the example above, you can see that the wallet address
H8gonvMaX2mYnQCYgbAsavXUf5ZnYxLbTv
called the smart contract
df60e3babacfce81c9efcb268c14a7d33efe567b
and allocated a fee budget of 0.1105 HYDRA in the process. Less than half of it was used, for a net fee of only 0.0472 HYDRA paid to the network.
Another new feature is that the wallet address HHxxxxxxxxxxBURNxxxxxxxxxxxxxV1i2D is now automatically recognized by the explorer as a BURN address. Hence all transfers to this wallet will be labeled as burns (see example below).
Many more features will be presented in the official announcement, when the new explorer version goes live!
8. Token Projects
What is happening on the token projects side?
8.1 GoMeat
🔥 On the 3rd of March, Gomeat reached an important milestone of burning a total of 10,000 GOMT tokens!
At the same time their team continues to onboard additional stores to their marketplace.
8.2 LockTrip
The 50-week airdrop for LOC holders nears its end, with the last snapshot scheduled for the 22nd of March. The LockTrip team is excited about the future of LOC, including:
Growth of the LockTrip.com marketplace (following a 2-year Covid period)
Integration of the LOC economy into the two marketplaces of Webjet
Further developing the B2B product to encompass more marketplaces (starting with LockTrip affiliate partners) and expanding the utility of the LOC token
8.3 ChangeX is Coming to Hydra Chain!
At the end of February, ChangeX started its anticipated enrollment phase, where users can register, go through KYC and enroll for the CHANGE amount they desire (up to a $100,000 per participant).
The team announced a number of incentives for early birds. Anyone who enrolls before March 25 will be eligible for the Gold, Silver or Bronze tiers shown in the overview below:
If you are planning to participate in the ChangeX ICO, now is the time to reap the limited-time benefits:
A detailed breakdown of the different token launch stages is shared below. The event is designed to deal with oversubscription, which results in a more healthy token distribution for the long term. Hence why the enrollment phase and settlement phases are independent of each other.
The project is backed with a $100,000 seed investment by the HYDRA team through the LockTrip Ltd entity, which is a member of the ASX traded Webjet Limited Group. In return, LockTrip will own a 25% minority-stake in equity.
Why is this Project Different?
Changex will have a strategic importance for the Hydra ecosystem. Among others, the key benefits will be:
Introducing another trusted staking pool option, thus making Hydra more resilient and less dependent on a single exchange
Introducing a “leveraged staking” feature, which will allow users to boost their APR depending on their risk appetite
Deploying DeFi related smart contracts on the Hydra chain, where possible — open and accessible to the entire ecosystem
Gathering new communities around the project through external chains and staking products — thus placing Hydra in a strategically advantageous position regarding community growth
Introducing a Hydra-based Visa credit card, which can be used for daily expenses — deducted from your crypto holdings
8.4 Evedo
Evedo will be the next project migrating from Ethereum to Hydra chain, as it started preparing for the swapping event.
The migration is planned to happen after the launch of the cross-chain bridge, which will simplify the process significantly. EVED holders will be able to swap their funds to Hydra chain and move them more freely due to the much lower transaction fees.
Evedo is a blockchain based platform, consisting of B2B & B2C Marketplaces. It unifies all businesses and participants involved in organizing events. Their aim is to build a marketplace and a true ecosystem that will help the $850+ Billion event industry grow by connecting all parties without unnecessary middlemen.
9. Liquidity Fund
The liquidity mining fund has reached a total size of ~$25M since the program was introduced in November. Thus growing by more than 50% in value compared to the previous update.
You can track its growth trajectory directonly on the chain:
The fund will be used during the first few years of operation to elevate the Hydra DEX into the top league and boost the TVL (Total Value Locked) considerably.
10. Community Achievements
This month we want to highlight the honourable mission of the STRAY Community Project launched on Hydra chain.
The mission of STRAY Pet is to promote pet adoption and to make direct donations to no-kill pet shelters.
We are sure that everyone is up to date about the dramatic developments in Ukraine and we are hoping for a quick pathway towards peace.
Many initiatives were launched across the globe to aid with the humaniterian crisis. Unfortunately, not everyone who flees has the capacity to take their pets with them, as is reported by multiple sources.
The more we are proud that the Hydra-based STRAY Community Project aims to help these poor animals. Contrary to their human counterparts, they have no means to flee on their own or survive without their human family.
Click the Photo to Access the Original Message
The STRAY Community has started donating to these shelters, as can be confirmed publicly.
Anyone who wants to support the initiative or learn more about it, can do so by joining the STRAY Community through the link below:
Now that we have covered the Hydra ecosystem as a whole, we will proceed with the LockTrip.com marketplace in greater detail.
11.1 Integration with Webjet OTAs
Both of our teams are communicating and maintaining a relatively good pace of work. Unfortunately, we can not share much detail on this item, due to the non-disclosure preference of our partner which our team is committed to.
➡️ The project is about integrating the LOC Economy into the following two marketplaces:
Last month we shared that the development work was completed and that during the month of February the focus would shift towards QA.
We are happy to announce that the process moved forward faster than expected. As a result, we were able to deploy the first of the two suppliers to the LockTrip.com marketplace in early March.
As of this moment we are polishing the post-deployment quality of the release and collecting feedback from users and real bookings.
11.3 Customer Support Scaling
As a result of the increased booking demand, the need for a bigger customer support team emerged. In order to respond to these needs, we had expanded the support coverage from 12/7 towards 24/7.
This month we added one more support staff, for anew total of eight agents in our customer support team. With this development, we successfully achieved our short-term scaling goal in prepartion for the summer season.
11.4 Room Content, Taxes and Fees
Although most of the features regarding the above topics are still in development, we are happy to announce that some of them made it to production in early March.
Rooms were supplied with a wider range of photos. At the same time, additional information was made available, such as the size or bed type available in each room.
The next task in this area will be to focus on reducing the number of room options available and to only show the most relevant ones to the user (quality over quantity).
11.5 New Email Templates
The front-end work has been completed on the Email templates as of mid February. In the coming weeks we expect to complete the backend work (currently few other tasks are pending in the back-end) and release this deployment as soon as possible.
11.6 LockTrip Affiliate League
Work on the Affiliate League is resuming as a high priority! The final round of in-depth QA was launched in mid Febuary.
The sprint resulted in an extensive report on areas of improvement and all functionalities were tested systematically. All results were pushed to our internal Github by the 5th of March and are since worked on with high priority.
Visual from our Internal Affiliate League Test Round!
11.7 New Mobile App Version
The next version of the LockTrip mobile Apps are on their way, expected to land on the stores in the first half of March!
The following improvements are coming to the mobile apps:
Fixing a UX problem with the birth date in the user profile
Fixed an issue where the Discount Code does not apply to certain rooms, even though they are eligible
Improved the texts and messaging for filters
Improved the “search by name” filter algorithm
11.8 Other Marketplace Improvements
A number of small improvements were made to the marketplace web version:
Easily change the search dates for the current hotel, without leaving the page
The featured image becomes mandatory for landing pages
Account deletion option to be included in the interface
Major improvement in filtering speed and performance
Introducing “popular filters”
Hint:Some of the fixes and improvements may be pending deployment at the time of reading
We want to thank our entire community for their continuous support and feedback — and we can’t wait to see what the future holds!
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
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