Hi everyone, I'm Alberto from Moonbeam 👋
We're thrilled to announce that Moonbeam and HydraDX will soon be linked via XCM. While the initial and fundamental application of XCM channels enables the seamless transfer of HDX and GLMR tokens between parachains, there are a plethora of other exciting opportunities that XCM channels offer.
So, let's dive into these new possibilities. How will Moonbeam and HydraDX benefit from this connection?
We envision a future where multiple blockchain chains coexist and interact freely. However, the current state of this multi-chain future is riddled with friction and intricate processes that may deter users. We want to break down these barriers and unlock the full potential of cross-chain composability, creating seamless experiences where blockchain serves as a simple, yet decentralized and censorship-resistant backend.
In pursuit of this goal, we've concentrated on developing Connected Contracts. This concept suggests that decentralized applications (dApps) should be inherently multi-chain aware, simplifying cross-chain interactions for users. An example of this strategy is the role Moonbeam plays as a "Port of Call".
Under this structure, Moonbeam can serve as the EVM gateway that facilitates interaction between external ecosystems and Polkadot parachains. One immediate use case is the ability to channel liquidity from external ecosystems such as Ethereum, Avalanche, and Polygon, to a parachain project like HydraDX. The XCM channel between Moonbeam and HydraDX will facilitate the flow of liquidity from all GMP protocols integrated with Moonbeam (such as Axelar, LayerZero, Wormhole, Multichain, Hyperlane) to HydraDX and its Omnipool.
We're also placing a strong emphasis on user experience. The future direction for Polkadot involves a design where users can manage accounts on other parachains remotely via XCM in a trustless manner, a feature often referred to as "remote origins". This implies that HydraDX users will have the capability to engage with Smart Contracts on Moonbeam directly from HydraDX, bypassing the need for complex "hops" 🤯!
But this is just the tip of the iceberg. Although I don't claim to be an expert on HydraDX, it's intriguing to speculate about the potential to represent LRNA as an ERC-20 on Moonbeam. Could we possibly create an XC-20 token representation to leverage additional services within the Moonbeam ecosystem? If I've misinterpreted something, feel free to roast me on the comments 😁
Moonbeam and HydraDX will soon be linked via XCM, which will allow for seamless transfer of HDX and GLMR tokens between parachains.
The connection will break down barriers and unlock the full potential of cross-chain composability, creating seamless experiences where blockchain serves as a simple, yet decentralized and censorship-resistant backend.
Moonbeam will serve as the EVM gateway that facilitates interaction between external ecosystems and Polkadot parachains.
The XCM channel between Moonbeam and HydraDX will facilitate the flow of liquidity from all GMP protocols integrated with Moonbeam to HydraDX and its Omnipool.
HydraDX users will have the capability to engage with Smart Contracts on Moonbeam directly from HydraDX, bypassing the need for complex "hops".
I would need a price oracle for this case, $LRNA IS ONLY achieved with impermanent loss, it is not worth much at the moment and can only be sold, but it has use cases 👍 what excites me is to see the AI and all the moombeam assets in hydradx
Hey Alberto, nice to see the interest about HydraDX and possible futures integrations 👀
Well, maybe it will be interesting in the future to talk about it, but at the moment LRNA is not fully tradable, it can simply be sold, and the way to obtain it is in cases where the LP incurs in IL (where the price rises with respect to to their position)
So from my point of view, it would not be efficient for LRNA to be integrated as an XC-20, at least not until it can be freely bought and sold.
This is my personal opinión