Hydration

Hydration is a Layer 1 blockchain in the Polkadot ecosystem designed to function as a decentralized exchange and liquidity hub. It aims to solve the problem of fragmented, inefficient trading in decentralized finance by pooling liquidity across assets in a single chain-native venue. The HDX token is the native asset of this network and is used to participate in its governance and fee mechanics.

Hydration operates as a parachain within the Polkadot ecosystem, inheriting security from the Polkadot relay chain rather than running its own independent validator set — the consensus algorithm is not specified in the stored data. HDX is used within the protocol to pay for transactions and participate in on-chain governance. The network hosts an omnipool, a design that consolidates liquidity into one shared pool rather than requiring separate pools for every trading pair.

The protocol generated 22 dollars in fees over the most recent 24-hour period, 349.97 dollars over the trailing 30 days, and 4,524.53 dollars over the trailing 12 months. Fees are paid by traders using the decentralized exchange and are annualized from the trailing 30-day figure to approximately 4,257.97 dollars. The protocol's recorded revenue over both the trailing 30 days and the trailing 12 months is zero, meaning none of the fees collected are retained by the protocol itself — all collected fees flow to liquidity providers rather than to a protocol treasury. This distinction is important context for the fee-based ratios shown on this site, such as the market-cap-to-fees ratio of 11,578 and the fully diluted valuation to fees ratio of 12,565, both of which reflect gross trading fees rather than any net protocol income.