KR1, a a blockchain and crypto asset investment company, has now announced that it has participated in the HydraDX (HDX) crowdloan and the Polkadot (DOT) parachain auction. KR1 contributed a total of 350,000.00 DOT for the HydraDX mass campaign, which successfully secured the parachain slot in the current round of the Polkadot parachain auction.
HydraDX.io is a cross-liquidity protocol designed to provide trouble-free liquidity for crypto assets in different chains. Unlike most decentralized manufacturing exchanges today, which rely on separate groups for separate funds, HydraDX’s solution allows for the deposit of ‘all’ funds in a single liquidity pool, ‘Omnipool’, unlocking unparalleled efficiency.
The paid DOT will be time-locked on the Polkadot blockchain for 96 weeks and will be returned to KR1 upon completion of the corresponding HydraDX parachain lease. Following the successful bid of the HydraDX parachain auction, KR1 will receive a certain amount of HydraDX tokens over a period of 96 weeks in exchange for supporting the HydraDX mass campaign.
This method of token distribution does not include direct investment of capital, but it is an indirect investment with opportunity costs which are the unavailability of locked DOT funds, as well as giving up any return on invested DOT for a period of time.
In addition, KR1 will receive a total of 45,000,000 HDX tokens (and an indefinite amount of Basilisk (BSX) tokens) in line with KR1’s previous support for HydraDX’s funding round announced on December 22, 2020 and a much smaller amount of HDX tokens. yet to be determined in line with the company’s contribution to the Basiliska loan campaign in Kusa and the parachain auction announced on September 22, 2021.
HDX is the original token of HydraDX. It will be used for management, investment and more.
“HydraDX’s conquest of the Polkadot parachain slot is the next big step for the project and the huge community support for the goal of the protocol to merge all liquidity into an‘ ocean of liquidity ’. We see HydraDX as the ultimate liquidity game in the world of cross-chains and we have a high level of confidence in the team’s ability to achieve this goal. ”
– Keld van Schreven, CEO and co-founder of KR1