Moonbeam Integration with HydraDX Spreads Liquidity Across Polkadot

Singapore – May 31, 2023 – MoonbeamGo to page https://moonbeam.network/, the top destination for multi-chain applications on Polkadot, has announced an integration with HydraDX which brings GLMR to HydraDX, and HDX to Moonbeam as xcHDX. The community-approved bi-directional HRMP channel between Moonbeam and HydraDX allows tokens to flow freely across the ecosystem, another step toward solving the user experience and liquidity fragmentation challenges when transacting across multiple blockchains.

HydraDX is a next-gen DeFi protocol which is designed to bring liquidity to Polkadot with the HydraDX Omnipool. HydraDX aims to reduce liquidity fragmentation as an automated market maker (AMM), which works by combining all assets in a single trading pool in a classic pool/pair configuration. Projects outside of HydraDX can use XCM to trustlessly gain access to additional assets, while applications on Moonbeam can now take advantage of HydraDX’s efficient AMM.

As cross-chain smart contractsGo to page https://moonbeam.network/blog/cross-chain-smart-contracts/ are developed to allow access to functionality of remote blockchains, the role of Moonbeam as the “brain” of “hub” routing liquidity to and throughout Polkadot grows. Moonbeam has connections to 11 parachainsGo to page https://moonbeam.subscan.io/xcm_dashboard through Polkadot XCMGo to page https://moonbeam.network/blog/xcm-on-polkadot/, plus access to many other major blockchainsGo to page https://moonbeam.network/builders/connected-contracts/ like Ethereum and Cosmos through message passing providers like Axelar, Wormhole, LayerZero, Multichain, and Hyperlane. As these capabilities grow and mature, including things like XCM to EVM functionalityGo to page https://moonbeam.network/announcements/xcm-to-evm-functionality-moonbase-alpha/ and remote EVM execution, developers can use interoperability to improve the user experience.

The XCM Disclosure for HydraDX was posted on the Moonbeam Community ForumGo to page https://forum.moonbeam.network/t/xcm-disclosure-hydradx/791 for feedback and approved through the governance process which continues to evolve in response to the needs of the community.

About the Moonbeam Network

MoonbeamGo to page https://moonbeam.network/ is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot, and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.

Connect with HydraDX

Website: https://hydradx.io/Go to page https://hydradx.io/
Twitter: @hydra_dx
Discord: https://discord.gg/hydradxGo to page https://discord.com/invite/hydradx
Telegram: @hydradx