Hydranet

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Description

Hydranet is a DAO building a Layer 3 DEX connecting Bitcoin and Ethereum using Layer 2 protocols like the Lightning Network. The Hydranet DEX allows seamless, peer-to-peer trading of BTC and EVM-based assets, featuring near-instant settlements and low costs while users retain asset custody. It includes a limit order book and a multi-currency light wallet. Launched as a desktop client in September 2023, its web version is forthcoming and will feature Hydranet’s Lithium protocol. The network's functionality and compliance are maintained by Titans and Guardians, respectively, both earning trading fees and requiring HDN collateral.

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FAQ

What is the purpose of Hydranet?

Hydranet is a Decentralized Autonomous Organization focused on developing the Hydranet DEX, a Layer 3 trading platform designed to unify Bitcoin and Ethereum ecosystems. By utilizing Layer 2 protocols like the Lightning Network and Connext Vector Network, it allows for seamless, peer-to-peer trading across BTC and EVM-based assets without surrendering custody, ensuring near-instant settlement and low transaction costs.

How does Hydranet differ from centralized exchanges?

Unlike centralized exchanges, Hydranet retains user funds' custody, addressing issues like those highlighted by the FTX incident. It utilizes off-chain technologies to improve transaction times and lower costs, providing a trustless trading environment where users remain in control of their assets, avoiding vulnerability to third-party risks.

What are the benefits of using Hydranet DEX?

Hydranet DEX offers several benefits, including retaining fund custody, near-instant settlement times, and minimal trading fees. Additionally, its multi-currency light wallet and limit order book facilitate easy management and exchange of BTC and EVM-based assets, providing a seamless and secure trading experience.

What roles do Titans and Guardians play in the Hydranet Network?

Titans and Guardians are crucial to the Hydranet Network. Titans ensure continuous operation by hosting the DEX's limit order book, providing liquidity, and matching trading peers, while Guardians monitor compliance, ensuring network integrity. Both roles require HDN collateral and offer participants a share of trading fees in return.

How does Hydranet utilize Layer 2 protocols?

Hydranet leverages Layer 2 protocols, such as the Lightning Network and Connext Vector Network, to facilitate off-chain, peer-to-peer trading of Bitcoin and EVM-based assets. This method enhances transaction speed and scalability while reducing costs, allowing users to retain custody over their private keys safely.

What features are expected in the upcoming web version of Hydranet DEX?

The upcoming web version of Hydranet DEX aims to build upon the desktop version's features, incorporating Hydranet's Lithium protocol. Users can expect the same seamless trading experiences, integrated limit order book, and robust security features, all accessible directly through a browser for greater convenience and accessibility.

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