HydraDX Migration Update

Published date: July 6 2022
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Fellow Hydrators,

History has been written - we are happy to announce that the migration of HydraDX from solo-chain towards a Polkadot parachain is now complete. We have set a formal end to Snakenet by stopping block production at #6021116 and used the chain data at this block height for the migration.

Here is an overview of the most noteworthy actions which have been performed:

Balances migration and tripling: All HDX balances were migrated to the parachain storage. The HDX balances resulting from the LBP event (Feb 2021), staking rewards and treasury payouts were tripled as a result of the tripling referendum (Dec 2021). The allocation of team & investors was excluded from the tripling and has remained unchanged. (more info)

Distribution of tripled HDX bonus to Basilisk crowdloaners: ~120M HDX was distributed as a bonus to the wallets which participated in the Basilisk crowdloan. The HDX bonus vests linearly over the duration of the Basilisk parachain slot. (more info)

Distribution of rewards to HydraDX crowdloaners: ~495M HDX was distributed to the wallets which participated in the HydraDX crowdloan. This represents less than 5% of the total supply which we have used to finance our first parachain slot, subject to a linear vesting schedule over the duration of the HydraDX parachain slot. (more info)

To view your balance after the migration, you can use our mainnet RPC: https://polkadot.js.org/apps/?rpc=wss%3A%2F%2Frpc-01.hydradx.io#/accounts

Since we are no longer producing any blocks on Snakenet, it is safe for all validators to stop validating and to shut down their nodes. You don’t have to follow any specific procedure for this, and there is no risk of slashing. We have made sure that your final reward payouts have been triggered before initiating the parachain migration.

The HydraDX team would like to thank all 248 validators who have produced at least 1 block for helping keep Snakenet secure during the past year. Please follow our Discord and stay updated on any upcoming opportunities for getting onboarded as a collator or some other infra provider for HydraDX or Basilisk. As an early supporter of the project, you will be given priority.

A warm welcome to the Polkadot network to all Hydraheads!

Distribution of BSX to early Hydraheads

More good news for the early members of our HydraDX tribe!

Last month, we distributed 5% of the total supply of the Basilisk chain (5B BSX) to all wallets which had a positive HDX balance at block #1999999 of the HydraDX Snakenet (on or around 28 Sep 2021). The BSX is subject to a linear vesting schedule which starts at the end of the Basilisk parachain auction (22 Sep 2021), and finishes ~22 months later.

As a result, Hydraheads who had participated in the HydraDX LBP event, or who had earned HDX by supporting the protocol in other ways, now own an (almost) equal share of the Basilisk chain.

At HydraDX more than anywhere else, tribal loyalty matters.

Next Steps

Now that HydraDX has officially entered the mainnet phase and we have our chain backed by the shared security of the Polkadot network, we are ready to follow up on one of the most common requests coming from the HydraDX tribe: Have a referendum for enabling the transfers of HDX.

To facilitate the referendum, we need to prepare a runtime upgrade with all necessary changes for enabling HDX transfers. The runtime upgrade will be proposed as a Council motion and undergo an initial voting round in the HydraDX Council. The outcome of the Council vote will determine the majority rules which apply to the general referendum that will be decided by all HDX holders. You can find more information on tribal democracy in our docs.

The HydraDX team has no particular preference on the outcome of that referendum and will abstain from voting with the team and/or investor share of tokens. This means that the decision whether to unlock HDX transfers or not will be made entirely by the tribe of Hydraheads.

Summer Events

Polkadot events are finally back this summer, and the HydraDX team is actively participating to make sure that everyone stays hydrated amid rising heat.

We kicked off the season with amsterDOT which took place on April 20-23 in Amsterdam. The organization of the event was led by HydraDX and further supported by another 12 Polkadot & Kusama teams. The event turned out to be an organic success, with 356 participants visiting at least one of the 32 recorded talks and 13 technical workshops. amsterDOT was superseded by an 8-week long online Polkadot hackathon with a combined price pool of $330k+.

In late June, the HydraDX team visited Berlin for Polkadot Decoded. Besides meeting members of our beloved community, our Head of Research delivered a talk about building AMM-specific blocks for optimizing MEV. Furthermore, our Head of Propaganda announced the winners of the $150,000 prize pool from the Polkadot Treasury which was distributed to 13 submissions made for the amsterDOT Hackathon.

Next up, HydraDX is coming to Paris. We are happy to share that we are co-organizing parisDOTComm - a 3-day Polkadot ecosystem event which will take place on July 19-21. For more information and tickets, visit https://parisdotcomm.org/