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Liquidity Protocol HydraDX Win the 9th Polkadot Parachain Auction

This cross-chain liquidity protocol will now be connected to Polkadot Relay Chain at the start of lease 7 on March 11th, 2022, for the period March 11th, 2022 to January 12th, 2024.

Liquidity protocol HydraDX has secured a parachain slot on Polkadot Relay Chain after winning the 9th Polkadot parachain auction.

The official Twitter channel of Polkadot announced the winner of the 9th parachain auction on Thursday, February 10th. According to the details, 7,680 contributors locked 2,443,873.51 DOT tokens in the favor of HydraDX.

The ninth Polkadot parachain auction started on February 3rd, 2022, and ended on Thursday, February 10. HydraDX received more than 2.4 million DOT tokens in its crowdloan with 940k or 40% contributions coming through the Parallel Finance platform.

2nd Batch of Polkadot Parachain Auctions

The 9th auction is part of the 2nd batch of parachain auctions where 6 auctions will be held. The 10th auction will commence on February 17th, 2022. The 11th auction will start on March 3rd, 2022, and will be concluded on March 10th. All six auction-winning parachains will be connected to their slots at the start of lease 7 on March 11, 2022, for the period March 11th, 2022 to January 12th, 2024.

Efinity, Composable Finance, and Centrifuge were the winner of the 6th, 7th, and 8th auctions respectively.

Polkadot announced the result of the 9th parachain auction as:

“Congratulations to @hydra_dx on winning Polkadot’s 9th auction!

HydraDX will be onboarded at block #9,388,800 [roughly March 11, 2022] at the beginning of lease 7 with the other winners from auctions 6-11. Over 5.3K network stakeholders locked up DOT in favor!”

What is HydraDX?

HydraDX is a cross-chain liquidity protocol built on Substrate, a software development kit (SDK) that allows developers to build Polkadot-compatible blockchains. The protocol is developed by Galactic Council, Substrate oriented dev house.

The project aims to enable frictionless liquidity for all crypto assets, as well as build an open, neutral & autonomous protocol for liquidity. HydraDX is built as a parachain, specialized blockchains in the Polkadot network, benefiting from shared security, speed, and flexibility of the Substrate framework while remaining optimized for a single purpose: enabling fluid programmable value exchange.

Kusama Parachain Auctions

On the other hand, parachain auctions for the canary network Kusama are cruising along. The 25th auction is currently in progress that will end on Saturday, February 13th. As NewziTech covered earlier, Litmus, the canary network of decentralized identity (DID) aggregation protocol Litentry, was the winner of the 23rd Kusama parachain auction.

Read our special feature to learn more about Polkadot, Kusama, and parachains.

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