KR1 PLC (AQSE:KR1), a leading digital asset investment company, announced that it has invested a total of US$200,000 in the HydraDX project.
HydraDX is a decentralised exchange and cross-chain liquidity protocol built on Polkadot’s Substrate blockchain development framework. The company took part in HydraDX’s seed funding round alongside Hypersphere Capital and will receive a yet-to-be-determined amount of HydraDX (HDX) tokens.
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The project’s aim is to deliver a composable base layer for digital asset liquidity by creating a new architecture for an Automated Market Maker (AMM).
Some of the key innovations include having one ‘omnipool’ enabling connections between assets, providing deeper liquidity, front running mitigation technology, on-chain governance and forkless upgrades.
In a statement, Keld van Schreven, managing director and co-founder of KR1, commented: “Although it is still early in the life cycle of automated market maker technology, HydraDX is leading the charge. The team has put forward some brilliant solutions to some of the lessons learnt from early ‘DeFi’ (Decentralised Finance) experiments, whilst also taking full advantage of what Polkadot’s next-generation blockchain infrastructure can offer. We are excited to support a project spearheading the evolution of DeFi, currently the largest sector of the crypto economy.”
Mattia Gagliardi, co-founder of HydraDX added: “We are in the early stages of fluid programmable value formation on the web. In the coming decades, we believe that finance will take the form of an open-source code, with developers becoming the new bankers and decentralized applications the new banks. HydraDX is an effort enabling borderless and permissionless finance built on the premise of frictionless liquidity. We are proud to have been joined by investors of high caliber, among them KR1, who understand our vision.”