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Discover Hydra's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Hydra?

Hydra (HYDRA) is a permissionless, open-source, proof-of-stake blockchain that combines the transaction model of Bitcoin with the virtual machine of Ethereum. It features a unique set of economic features, including a 100% burn of all transaction fees, fixed coin and token transaction fees, and a minimum 20% APR staking income. Hydra also supports EVM-compatible smart contracts and has a decentralized governance protocol, HydraDAO. The blockchain is designed to provide a sustainable economy with a focus on staker rewards and community growth.

How is Hydra used?

Hydra (HYDRA) is a permissionless, open-source, proof-of-stake blockchain designed to provide a sustainable economy within the blockchain ecosystem. It offers several unique features that make it attractive for various use cases:

  1. Economic Features: Hydra has a fixed inflation rate to stimulate stakers and market participants. It also burns up to 100% of transaction fees, which helps maintain the value of the token and prevents price degradation.

  2. Developer Incentives: Hydra shares 50% of gas fees with smart contract creators, encouraging developers to contribute to the adoption of the chain. This feature makes it particularly attractive for decentralized exchange (DEX) applications.

  3. Scalability: Hydra has an elastic capacity of up to 2,000 transactions per second (TPS), making it suitable for high-volume transactions. Additionally, it supports wallet-level scalability and has a fixed block time of 2 seconds, enabling real-time interactions with decentralized applications.

  1. Liquidity Provision: Hydra offers liquidity mining incentives on its decentralized exchange, HydraDEX, to attract liquidity providers and enhance market efficiency.

  2. Native Bridge: Hydra has a native bridge that allows assets to be bridged in from Ethereum, making it compatible with Ethereum-based applications.

  3. Liquid Staking: Hydra's liquid staking derivative, LYDRA, allows users to participate in DeFi opportunities while staking HYDRA passively, providing a way to generate passive income.

  1. Governance: Hydra has a decentralized governance protocol, HydraDAO, which allows active stakers to participate in the governance process, ensuring that the community has a say in the project's direction.

Overall, Hydra is designed to provide a robust and scalable blockchain platform that rewards contributors, supports high-volume transactions, and fosters a sustainable economy.

How do I store Hydra?

To store Hydra (HYDRA) tokens securely, you have several options:

  1. Hydra Web Wallet: The official Hydra web wallet is a browser-based solution that connects to the Hydra network through a full node interface. It does not store your private keys, so you must manage them using a downloaded Key File or seed words. This wallet is accessible at the official URL: Ensure the URL is correct and the site is secure before using it.

  2. Coinomi Wallet: Coinomi offers a dedicated Hydra Token Wallet for various platforms, including Android, iOS, Windows, Linux, and macOS. This wallet allows you to securely store, send, receive, and exchange your Hydra tokens.

  3. Local Storage or Session Storage: For more advanced users, you can store tokens in the browser using JavaScript, specifically in localStorage or session storage. However, this method carries risks, such as vulnerability to XSS attacks, and requires strict origin policies to mitigate these risks.

It is essential to prioritize security when choosing a storage method for your Hydra tokens.

How to buy Hydra?

To buy Hydra (HYDRA) tokens, follow these steps:

  1. Create an Account: Open an account on a cryptocurrency exchange like MEXC. This will be your gateway to buying and managing your HYDRA tokens.

  2. Verify Identification: Complete the Know-Your-Customer (KYC) process to verify your identity. This is a necessary step for security and compliance.

  3. Choose a Payment Method: Select a payment method that suits you, such as credit card, global bank transfer, peer-to-peer trading, or third-party payments like Simplex, Banxa, or Mercuryo.

  1. Buy HYDRA: Use your chosen payment method to purchase HYDRA tokens. You can buy HYDRA directly or first purchase a stablecoin like USDT and then exchange it for HYDRA on the spot market.

  2. Manage Your Tokens: Once you have purchased HYDRA tokens, you can hold them in your MEXC account wallet, send them to another wallet via blockchain transfer, or trade them for other cryptocurrencies.

Remember to follow the specific instructions and guidelines provided by the exchange you are using, as the exact process may vary slightly.

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History of Hydra

Hydra (HYDRA) is a cryptocurrency that originated from the LockTrip project. Initially conceived in 2018, Hydra Chain was designed as the blockchain component of LockTrip but was later decided to be developed as a standalone project. This decision was made based on a community vote, recognizing the unique economic and technical capabilities of Hydra Chain.

Hydra Chain is a fully permissionless, open-source, and decentralized proof-of-stake blockchain. It combines features from Bitcoin, Ethereum, and Qtum, focusing on economic features and data transmission reliability. The blockchain introduces unique economic incentives, fixed USD transaction fees, and a gas royalty feature that shares fees with smart contract creators, fostering a fair and developer-friendly environment.

The distribution of HYDRA tokens was initially made to LOC token holders proportionally to the amount they held. This process, known as an airdrop, took place over a 12-month period, with multiple mechanisms in place to prevent speculation. The airdrop aimed to incentivize HYDRA holders to stake their tokens, gradually transitioning the network to complete decentralization.

Hydra Chain has been designed to provide a steady and guaranteed income to HYDRA holders in both USD and HYDRA. The token's price has been volatile, ranging from a low of $1.69 to a high of $48.66 in 2021. The blockchain's unique economic features, combining both inflationary and deflationary forces, are expected to enable a strong shared economy where all parties can benefit fairly.

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How Hydra works

Hydra (HYDRA) is a cryptocurrency project built on a proof-of-stake blockchain. Here's an overview of how it works:

Staking and Rewards

Hydra operates on a staking mechanism where users can stake their HYDRA tokens to support the network and earn rewards. The longer you stake, the more your income grows exponentially. The protocol automatically adjusts the staking APR based on market conditions, increasing it during bullish periods and decreasing it during bearish ones to maximize growth and expansion.

Loyalty and Market Awareness

Hydra rewards loyalty by allowing stakers to benefit from a limited-time staking bonus of up to 70% on the APR during moments of market stress. This feature transforms fearful situations into opportunities for stakers.

Performance and Scalability

Hydra Chain combines high performance with scalability, allowing up to 4,000 transactions per second with a 2-second block time. This enables real-time interactions with decentralized applications within the ecosystem. Additionally, it is Ethereum-compatible on a protocol level, making it easy for users to transition from Ethereum.

Security and Governance

Hydra ensures security through its unique exponentiated staking weight distribution, giving disproportionate power to small stakers. It also features instant finality, eliminating risks from chain reorgs or forks. The Hydra DAO allows active stakers to participate in governance, regardless of the amount staked, ensuring a self-sufficient and financially sustainable treasury.

Liquid Staking and DeFi Opportunities

Hydra offers a liquid staking derivative called LYDRA, which allows users to put their funds to work in DeFi opportunities while staking HYDRA passively. LYDRA is fully collateralized by staked HYDRA and has no counterparty risk.

Deflationary Mechanism

Hydra has a deflationary mechanism where up to 100% of transaction fees are burned, reducing the supply of HYDRA tokens. This mechanism helps maintain the value of the tokens and incentivizes stakers to contribute to the network.

Smart Contracts and Gas Fees

Hydra supports EVM-compatible smart contracts and has a unique gas fee structure. Half of the gas fees are burned, while the other half is distributed to the creators of the smart contracts, incentivizing developers to contribute to the adoption of the chain.

Bridge and Liquidity Provision

Hydra has a native bridge to bridge in assets from Ethereum and offers liquidity provision with liquidity mining incentives on HydraDEX.

Overall, Hydra is designed to be a self-sufficient, market-aware blockchain that rewards loyalty and incentivizes stakers and developers to contribute to its growth and adoption.

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Hydra's strengths

The token Hydra (HYDRA) has several strengths that make it an attractive investment opportunity. Firstly, it is built on a secure and decentralized blockchain, ensuring transparency and immutability of transactions. This decentralized nature ensures that transactions are secure and cannot be tampered with, providing a reliable platform for investors.

Another significant strength of Hydra token is its limited supply, which can potentially drive up its value over time as demand grows. This limited supply creates a sense of scarcity, making the token more valuable and desirable to investors.

Hydra token also has a strong and active community supporting it, which can contribute to its adoption and growth. This community plays a crucial role in promoting the token and ensuring its continued development and success.

Furthermore, Hydra token offers various use cases and applications, providing utility and value to its holders. This versatility makes it a valuable asset in the cryptocurrency market, as it can be used in different contexts and scenarios.

Additionally, Hydra token has a solid foundation and a strong team behind it, which is crucial for long-term success. The team's clear roadmap and plans for future development further enhance the token's potential for growth and profitability.

Overall, Hydra token's strengths make it a promising investment opportunity for those looking to diversify their cryptocurrency portfolio and capitalize on the potential of blockchain technology.

Hydra's risks

Hydra (HYDRA), a cryptocurrency project, is associated with significant financial risks. These risks include:

  1. Illicit Financing Risks: Hydra has been linked to various illicit activities such as ransomware, hacking services, and stolen virtual currency. This involvement in illegal transactions poses a significant risk to the financial stability of the project and its users.

  2. Money Laundering Risks: The project has been accused of facilitating money laundering activities, which can lead to legal and regulatory issues. This can result in sanctions, fines, and reputational damage.

  3. Cybersecurity Risks: As a digital asset, Hydra is vulnerable to cyber-attacks and data breaches. These risks can lead to the theft of sensitive information and financial losses for users.

  1. Regulatory Risks: The project operates in a regulatory environment where governments and financial institutions are increasingly vigilant about illicit activities. This can lead to stricter regulations, sanctions, or even bans on the project, affecting its financial viability.

  2. Market Volatility Risks: As a cryptocurrency, Hydra's value is subject to significant market fluctuations. This volatility can result in financial losses for investors and users.

  3. Accounting and Economic Risks: Hydra's financial performance can be impacted by various economic and accounting risks, including inflation, interest rates, and changes in regulatory requirements. These risks can affect the project's financial stability and profitability.

Overall, Hydra's financial risks are multifaceted and can have significant implications for the project's financial stability and the security of its users.

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Did Hydra raise funds?

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Hydra's ecosystem

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Hydra’s team

  • Team Behind Hydra (HYDRA): The team behind Hydra is the same team that developed LockTrip, which published the "LockTrip Blockchain Manifest" in 2018. This document became the fundamental design document for the Hydra Chain. The team built Hydra on top of open-source technologies from QTUM, Bitcoin, Ethereum, and BlackCoin’s PoV v3, designed by Pavel Vasin.

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