Since then, Hydrex has bootstrapped liquidity for hundreds of assets, driven $1B+ in volume, distributed $3M+ in fees, and built a $1M+ Strategic Protocol Reserve.

But the landscape is moving fast. Base volume is accelerating, new protocols are shipping daily, and AI agents are beginning to route real capital onchain. The teams that adapt quickest will capture the next wave of market share. The ones that don't will get routed around.

Here's what's next on Hydrex’s Voyage.

Trade - Core Execution Engine

Hydrex is evolving across its trading stack to further align with the "Base is for Trading" growth trajectory.

Send.Trade

We're building Send, (also known as Trader Mode), a standalone trading app for advanced trading and curation tooling on Base. Reliable execution, streamlined asset discovery, and advanced charting, all powered by Hydrex’s optimized routing engine.

Trading competitions will run natively alongside Send. PnL-tracked, leaderboard-driven, designed to bring new traders into the Base ecosystem through competitive mechanics.

Send will utilize charting data from TradingView, giving traders access to professional-grade technical analysis tools directly within the app.

We have partnered directly with Base to promote & fund our first trading competition, which is expected to go live next week.

DEX MEV Capture Plugins

We're building toward LP-level enhancements including Maximal Extractable Value (known as MEV) capture to go back into our ecosystem instead of leaking to external parties. LPs are the backbone of any DEX. Protecting them from toxic flow and giving them better tools is a competitive moat.

Our initial pilots on a select few liquidity pools have begun, partnering with MEV-X. As Hydrex sees results in MEV capture, we will keep our community updated.

Hydrex Router SDK

Hydrex's routing is being packaged into a clean SDK that any project on Base can integrate. One drop-in, full access to Hydrex routing optimization & liquidity.

The easier it is for wallets, aggregators, and dApps to route through Hydrex, the more volume we capture without needing to own the frontend. 

Our in-house routing smart contracts have been audited and deployed, alongside our comprehensive routing API to give the best rates on Base. The next step is packaging it for simpler integration, and adding new features and functionality such as referral fees for third parties who utilize it.

Agentic Launch Infra

Today, tokens launched by agents on Base default to other venues, largely because those venues let deployers earn fees immediately. Previously Hydrex could not support this due to our gauge-dependent architecture. We're changing that.

Hydrex is updating its liquidity pool deployments to allow fee distribution to agents and deployers before a gauge is established. This removes the cold-start problem and makes Hydrex a viable and attractive deployment option for agents and any other launchpads from day one. 

Additionally, if any agentic deployments on Hydrex reach meaningful scale and success, we have the ability to add a gauge and start directing fees to voters, allowing agents to earn emissions and grow Protocol Accounts. 

Bankr has already integrated Hydrex skills into their Openclaw repo to help lay groundwork and we're in active conversations with several partners to bring this to market. The goal: when an agent launches a token on Base, Hydrex is a viable option.

Earn - Universal Liquidity Evolution

Hydrex is overhauling its earning experience to be more expansive and composable, prioritizing the best yields for users & offering a more comprehensive experience to source liquidity across Base.

New Protocol Integrations

As we’ve seen previously with Morpho and Euler vault integrations, Hydrex’s Universal Liquidity Engine is adaptable to service a wide range of liquidity types and protocol needs. We believe expanding our liquidity bootstrapping technology is crucial to the growth of the Base ecosystem. As a result, we are actively developing several new gauge types for new yield opportunities.

Up next, async vaults are being integrated into the gauge system, enabling more flexible earning strategies. Vaults that follow the ERC-7540 async pattern can now participate in gauge voting and receive emissions. Structured products, auto-compounders, and protocol-managed strategies can all tap into emissions natively. 

We have several partnerships lined up, such as Zyfai, which we plan on releasing upon gauge audit completion.

Flow Accounts

Hydrex is working on a holistically new account type, called Flow Accounts. They behave similarly to Liquid Accounts, except they allow users to earn yield in assets beyond oHYDX. Specifically passing forwarding the underlying yield (e.g., USDC interest) or external incentives (e.g., partner tokens)

This effort is aimed at expanding the end users and protocols that we can serve, while also reducing the dependence on oHYDX capacity to source liquidity. Flow Accounts lower the barrier to earning on Hydrex and make the protocol accessible to yield-seekers and protocols who may have previously not participated due to earning emissions tokens.

Enhanced Earn Experience

The current earning experience is getting a full overhaul. More data, clearer risk parameters, better earning-type breakdowns, and an interface that helps users make informed decisions about where to deploy capital. The enhanced earn experience works nicely with Flow Accounts, as protocol complexity increases with a new Account type, it’s important to ensure UX scales with it.

A liquidity engine is only as good as its ability to attract and retain capital. The user experience and distribution is where that happens. Making it clearer, faster, and more transparent directly impacts TVL retention and growth.

RWA Vault Pipeline

Hydrex is building end-to-end infrastructure to bring real-world asset yields on-chain, leveraging Hydrex's liquidity bootstrapping distribution to connect users with the best RWA yield opportunities available. We’ve started early experiments in this direction, such as our partnerships with St0x tokenized equities and our “Forex with Frax” program. 

The advanced pipeline will go beyond DEX LP yield and support standardized vault & curator patterns. Hydrex is actively in discussions with several potential partners, and will bring to market the suitable opportunities for users as more real world assets move onchain.

Follow along on X and join the Anchor Club ⚓

The global onchain economy runs on stablecoins, and deep liquidity is the lifeblood for usability. The challenge is, oftentime correlated pairs such as regional stablecoins generate low amounts of fees and have trouble sourcing liquidity.

Hydrex is partnering with Frax to leverage frxUSD's novel mechanics to fix this, by forwarding organic yield from frxUSD to the pairs and amplifying with emissions.

Sustainable Liquidity with Frax’s frxUSD

Frax's frxUSD is fully backed by tokenized U.S. Treasury funds, managed by financial leaders like BlackRock and Superstate. 

The key innovation: frxUSD shares T-Bill yield with holders. In this program, that means Hydrex Liquidity Pools receive a natural stream of incentives, encouraging liquidity providers and building a sustainable incentive flywheel without requiring constant bribes or providing bulk liquidity by stablecoin issuers.

Starting Strong with BRZ, IDRX, KRWQ, tGBP, and More

We're migrating Hydrex's existing regional stablecoin partners to this new model. BRZ, IDRX, KRWQ, tGBP. These are the currencies that serve real markets with real users who benefit from deeper liquidity sourcing.

By transitioning these partnerships to frxUSD-based pools, we're not just improving incentive sustainability—we're setting the foundation for how regional stablecoins scale on Base.

Forex stablecoin pools powered by frxUSD have already delivered up to 10x in weekly rewards with a fraction of the TVL and volume of USDC paired pools.

An Open Call to Stablecoin Issuers

Are you a regional stablecoin aiming to get more liquidity depth, usage, and exposure on Base without needing to seed incentives or liquidity upfront? Come talk to us.

Hydrex is building the infrastructure that makes regional stablecoin liquidity work at scale. If you're serious about onchain adoption in your market, this is the program you need to be part of.

Anchor Club Season 2 includes some old favorites plus new enhancements, which will run from January 30th until the end of May. Let’s dive in.

Activity 1: HYDX Lock Maxi Automations

For those who enjoy weekly automations, Hydrex is launching a new strategy called “HYDX Lock Maxi.” After each voting period, this automation strategy will acquire HYDX tokens with voting fees and Flex lock them. Additionally, any oHYDX captured through bribes will also be locked.

By successfully utilizing this automation, users will receive a 400% bonus in Anchor Club Credits. For example, if the resulting automation creates a 1,000 HYDX lock, the user would obtain 4,000 Anchor Club Credits, which are directly redeemable 1:1 for Permanent Earning Power.

Activity 2: Continued Liquid Account Automations

Similar to Anchor Club Season 1, Hydrex will continue encouraging automations to lock oHYDX tokens. Users who start or continue utilizing Liquid Account Automations will be rewarded with a 150% Anchor Club Credits bonus, beginning January 30th. There will be no changes needed from users who are already enrolled in Liquid Automations.

While the rate is slightly reduced versus Season 1, it still allows new entrants the ability to accumulate meaningful voting power in an expedited manner, while also becoming more mindful of Hydrex’s emissions.

Activity 3: Sailor Swapo NFT Collection

Sailor Swapo, Hydrex’s community mascot, will be making his official debut in Anchor Club Season 2. As teased during Season 1 and in the official Discord, Swapo will come to life through a limited-edition PFP NFT collection.

Swapo NFTs are non-financial art, designed to reward Anchor Club participation & community engagement. A few key details:

• Max supply of 500 NFTs, first come first serve

• 97% used for Anchor Club rewards

• 3% will be utilized for one-off Hydrex community engagement efforts

Sailor Swapo NFTs are acquired by reaching Anchor Club Membership thresholds, described in the next section. A dedicated Swapo NFT page & initial issuance is expected to go live in early February.

Please note: Swapo NFTs are purely for entertainment purposes. They will never be sold by Hydrex, nor provided any rewards, privileges, or permissions.

Activity 4: Tiered Anchor Club Membership

Anchor Club members have significantly exceeded our participation expectations. We're expanding membership beyond the initial 50,000 Credit classification to accommodate this demand. The program now features three distinct tiers with the following rewards and thresholds; Member, Captain, and Admiral.

Logistics and Next Steps

As Anchor Club Season 1 draws to a close on January 30th, we're pleased to announce the immediate commencement of Season 2. All Anchor Club Credits accrued during Season 1 will carry forward into the new season. Referrals will not carry over.

Season 2 reinforces our dedication to incentivizing long-term protocol alignment and rewarding those who contribute meaningfully to the Hydrex ecosystem. Your continued involvement shapes the trajectory of decentralized finance infrastructure.

Thank you for your continued support and partnership in this journey!

If you have any questions, we encourage you to join our Discord channel to get in touch with the team.

How the Protocol Acceleration Fund Works

The Protocol Acceleration Fund is an algorithmic mechanism that is designed to buy back HYDX from the open market on a weekly basis. This is achieved by accruing a Protocol Account position (e.g., veHYDX), which competes for fees and uses all acquired fees to purchase HYDX.

The Protocol Acceleration Fund’s Protocol Account grows in 3 ways:

1. Locked oHYDX from Strategic Protocol Reserve liquidity provisioning

2. Locked HYDX from the Hydrex Treasury’s weekly 4% allocation

3. Bought back HYDX that are permanently locked

Similar to how the Strategic Protocol Reserve is designed to grow liquid assets to generate yield for voters, the Protocol Acceleration Fund is designed to accumulate Earning Power which is utilized on a weekly basis for buying back HYDX.

Programmatic Buybacks, Without Compromises

As consistently voiced by the community and shared by the Core Contributors, the Strategic Protocol Reserve is an essential component to the long-term viability of Hydrex. It is mission-critical to continue growing the Strategic Protocol Reserve, and the design of any buyback program should not diminish these efforts.

The Protocol Acceleration Fund provides a well-balanced middleground that mutually supports the value and growth efforts of the Strategic Protocol Reserve. 

The more oHYDX accumulated by the Strategic Protocol Reserve, the more Earning Power the Protocol Acceleration Fund can accumulate. The more Earning Power accrued by the Protocol Acceleration Fund, the more demand it can offer to the HYDX token, creating a higher USDC redemption value for oHYDX – thus increasing the reserve.

Additionally, the introduction of the Protocol Acceleration Fund does not change the current voting behavior of the Hydrex Treasury. The Treasury still will exclusively vote for the Partner & Community Growth Gauge, instead of competing for fees.

Coming January 8th

The Protocol Acceleration Fund is an effort to better align all components of Hydrex’s tokenomics, introduce additional hedges for inflation, and increase appetite for the HYDX asset.

All contracts & operational procedures for the Protocol Acceleration Fund are under development and expected to go live during the epoch flip on January 8th. 

The Hydrex Documentation will be updated at the time of go live with all corresponding logistics and smart contract information.

If you have any questions, we encourage you to join our Discord channel to get in touch with the team.

Proposal Overview

All rationale and discourse regarding the construction of this proposal is available via the Hydrex official Discord, specifically in the Original Announcement and Dedicated Discussion Channel.

The suggested adjusted emissions schedule for the remainder of Y1 is as follows:

The graph below visually demonstrates the new schedule versus the current emissions schedule.

Proposal Logistics

Implementation Timeline

1. After the 12th epoch flip on December 4th, the top-line emissions amount for the epoch will be 1.2% (6M), as expected in both schedules.

2. Before the 13th epoch flip on December 11th, the upgrades will go into effect in preparation for the next weekly emissions adjustment.

3. On the 13th weekly epoch flip on December 11th the updated schedule will start being applied as illustrated above (1.18% instead of 1.3%).

Additional notes:

• There are no impacts to Hydrex’s Anchor Club Program.

• There will be no changes to the originally defined rebase & treasury allocation amounts.

• The previously defined emissions optimizations in Hydrex Surge will still be in effect.

• Shortly after completion of the emissions changes, the new schedule will be posted to docs.hydrex.fi in place of the current schedule details.

Voting Details

A snapshot will be taken based on earning power held (not delegated or automated) at each address, immediately after the weekly epoch flip on December 4th, 2025 at 00:00 UTC.

Hydrex Flex and Protocol Account holders may vote for one of the following:

1. Affirmative - I support the modified emissions schedule.

2. Negative - I do not support the modified emissions schedule, and wish to maintain the original schedule.

The eligible voting period will be December 4th 15:00 UTC, until December 9th 15:00 UTC. There will be no required quorum.

Since inception, the Hydrex protocol has executed $350M+ in volume generated over $2M in fees on Base. We want to bring that capacity to more tokens, now including Zora’s creators.

As a result, Hydrex is proud to announce our Creator Coins Program, a campaign that plans to issue $100,000+ in incentives to help source deeper liquidity, broaden markets, and create yield opportunities for Zora creators on Base.

Why Zora Creator Coins on Hydrex?

Zora creators often end up with a surplus of their own creator coins, which can create complicated incentives. The best way for creators to monetize is via selling, but they are hesitant to liquidate, as other token holders are typically their largest supporters. They need more options to earn with their creator coins.

Hydrex allows Zora Creator Coins to generate more monetizable volume & opens staking opportunities to earn yield, without liquidating their assets.

Specifically, Hydrex’s Creator Coin Program powers yield opportunities, expands utility, strengthens liquidity, and drives volume by traders.

Activating Creators in the Hydrex Flywheel

The starting point of the Hydrex Flywheel for creators is utilizing their coins as incentives. This kickstarts the deepening of liquidity pools, which has several powerful second-order impacts.

By utilizing Creator Coins as incentives, Hydrex lockers are encouraged to vote on the creator’s liquidity pools. This in-turn directs Hydrex emissions to these pools, resulting in a yield for their coin. Through Hydrex’s single-sided LP deposits, creators can stake and enjoy a portion of these yields. Additionally, the better the yields, the more liquidity, the more volume. Flywheel in effect.

The net result is a win-win. More monetization avenues for creators. More incentives and fees for Hydrex voters.

How We Collaborate with Creators

While Hydrex is working on a self-serve model for onboarding in a streamlined fashion, we are officially opening the doors to the first cohort of creators.

The initial focus is on creators committed to growing the utility and presence of their coin, and open to experimenting within this new paradigm.

The general collaboration structure expected is as follows:

1. Creator provides their coin as voting incentives over several epochs

2. Hydrex creates a liquidity pool & single-sided staking gauges

3. Hydrex lockers vote on the pool in exchange for incentives

4. Creators can now stake their token to earn yield, which creates deeper liquidity & more volume

To apply, creators can get in touch with the team via opening a ticket in the Hydrex Discord or directly here.

Looking Forward: Beyond Initial Liquidity

While the initial creator coin incentivization is designed to help bootstrap liquidity, Hydrex’s expertise in liquidity management can extend services well beyond the initial activation. 

Our aims are to move to a fully decentralized creator coin bootstrapping model after we better understand creator coin pain points and work on the most effective collaboration approaches together. Like all Creator Coin efforts, this is an experimental program, and we’ll be learning & evolving along the way.

Ultimately, Hydrex believes in Base’s Creator Capital Markets. Hydrex wants to play a role in shaping this inevitable future

Want to become part of that future? Join us on Discord & let’s chat!

Announcing Hydrex Surge; the next wave of enhancements that evolve Hydrex to give users more choice, accommodate larger capital allocators, and become a more competitive MetaDEX.

We’ve listened intently to the Hydrex ecosystem; stakers, holders, funds, and more. Hydrex’s next wave of improvements is a direct result of understanding that feedback and putting it into practice, arriving at a better end result for the Base ecosystem.

What’s in the Next Wave?

Hydrex’s Surge combines several major enhancements across our protocol, tokenomic alignment, and product suite. Namely, the following:

Wave 1: Manual LP Rewards & Staking Optimizations

At present moment, Hydrex gauges require staking ALM or Classic-style LP tokens to receive emissions. While convenient, this approach excludes LPs who want to manage their own capital through manual concentrated liquidity positions.

Hydrex will be opening the floodgates to larger capital providers & diversifying user options by enabling manual position incentive streaming. This will reward Hydrex LPs based on in-range liquidity positions, instead of requiring the use of an ALM.

Additionally, Hydrex is proud to announce that we are deepening our partnership with Algebra, resulting in 0% external LP fees across all Hydrex LPs, putting us on par with the most competitive DEXs on Base. The Hydrex treasury will subsidize licensing costs to ensure our users get 100% of the fees generated from any Hydrex LP.

The net effects:

• Manual concentrated liquidity positions will be eligible for Hydrex emissions rewards, estimated early December.

• As a result all trading fees, staked or unstaked, will go to Hydrex Account holders.

• Hydrex will be able to accommodate larger capital providers & LP funds.

• ALMs become a quality of life improvement, instead of a requirement.

Wave 2: Emissions Optimizations & Anchor Club

Hydrex’s emissions serve several critical functions; incentivizing liquidity providers, distributing voting power, and creating long-term alignment. But they must remain in-check as Hydrex scales up reward distribution.

As a result, we are introducing a clear separation of Hydrex emissions into 2 categories:

1. Earning Power Emissions (permalocked) - The amount of Hydrex Earning Power emitted any given week. For example, through Rebases & the Anchor Club.

2. Liquid Emissions - The maximum amount of liquid HYDX that can be emitted any given week, assuming all oHYDX liquid options are exercised.

This separation is enabled by a combination of features such as rebases and utilizing the Partner & Community Growth Gauge. As previously announced, the Hydrex Treasury directs its voting power to support long-term programs like the Anchor Club, instead of competing for weekly fees.

Accounting for all current factors, after the flip of week 5, 73.4% of emissions will be exclusively permalocked Earning Power Emissions versus a maximum of 26.6% for Liquid Emissions. These rates are determined by many factors, such as treasury voting power, rebase proportions, and more. They will adjust as the protocol grows and will be shared with the community (see #4 below).

The net effects:

• Emissions rate stays the same, but the majority will be more intelligently routed as permalocked Earning Power Emissions via programs like Anchor Club.

• Liquid Emissions remain in check, without compromising on incentives.

• Hydrex Treasury continues to avoid diluting votes, giving weekly fees to account holders.

• Anchor Club begins in Early November.

Wave 3: Strategic Protocol Reserve Deployment

Our vision for the Strategic Protocol Reserve is to serve as a fundamental yield generator for Hydrex Account holders. It’s time to begin that process.

Sitting at a current market value of ~$450,000, Hydrex will begin deploying the SPR capital, with the initial breakdown as follows:

All Strategic Protocol Reserve holdings are presently visible on DeBank here and will begin producing yield for voters on or before October 31st.

The net effects:

• Hydrex Account holders will receive all yield generated from Strategic Protocol Reserve liquidity positions.

• Hydrex will be able to strategically acquire positions in select partner & Base ecosystem tokens.

Wave 4: Protocol Data & Dashboarding

With all of the above, it’s clear that Hydrex users will need a comprehensive view to understand the moving pieces of the protocol.

We have heard the many user requests for data & will begin rolling out an incremental dashboard, as well as 3rd party integrations (such as DeFiLlama) alongside the completion of the above.

The dashboard is expected to progressively include the following from mid-November to mid-December.

• Essential Protocol Metrics (historical volume, fees, bribes, etc.)

• Automations & Anchor Club Information

• Hydrex Account Locker Information

• Partner Incentive Efficiency

Our team always appreciates community feedback, and encourage you to join our Discord & share if you have any wishes for data insights or preferences.

Summing Up Hydrex Surge

The cumulative results of Hydrex Surge positions Hydrex as cutting-edge Omni-Liquidity DEX on Base, optimizing for long-term alignment & user-centrism, while also unlocking access to broader DeFi markets.

Hydrex continues to pursue our mission of bringing more of the world onchain & opening up DeFi for everyone.

To embody this principle, we’re launching the Hydrex Anchor Club, an initiative for those who steer Hydrex forward.

What is Hydrex’s Anchor Club?

Hydrex’s Anchor Club is designed to amplify the earning power of our most loyal and protocol-aligned users, as well as enable new entrants to accumulate meaningful earning power in the Hydrex flywheel.

Hydrex has designed every mechanic in our tokenomic system to encourage long-term protocol alignment, and the Anchor Club helps move the system design even further in this direction via Anchor Club Credits.

Specifically, there are 2 ways to accumulate Anchor Club Credits; Liquid Account Automations & Flex Account Registrations. Each Anchor Club Credit is redeemable for 1 unit of Earning Power.

Liquid Account Automations

With the release of Hydrex’s Liquid Accounts, users can automate the accumulation of earning power by opting into a daily auto-conversion of oHYDX into a Protocol Account.

To further encourage this, Hydrex is offering a 250% bonus from all earning power accumulated through this method, in the form of Anchor Club Credits.

For example, if a daily Liquid Account Automation earns 10 oHYDX & converts into earning power for an existing Protocol Account, this would credit you the ability to redeem 25 additional earning power via earned Anchor Club Credits.

This applies to all gauges in an unlimited capacity. The only requirement is opting into & successfully performing Liquid Account Automations.

Flex Account Registration

Flex Accounts are crucial to Hydrex. The creation of one implies contribution to the Strategic Protocol Reserve and/or acquisition of HYDX on the aftermarket. Flex Accounts have always been prioritized with a 30% Earning Power bonus, but the Anchor Club extends this even further via registrations.

Rolling 2 year locked Flex Account holders will soon be able to register their accounts, which takes a snapshot of the account’s earning power and starts a timer for Anchor Club Credit distributions.

The distributions follow the schedule below, so long as the user does not decrease the Flex Account balance, stop the rolling lock, or transfer the Account NFT to another address.

Anchor Club Community Recognition

While Anchor Club Credits can be converted 1:1 to additional earning power at any time, the historical cumulative amount of credits is tracked for additional community-oriented perks, such as:

• Anchor Club Access - Members who achieve 50,000+ cumulative Anchor Club Credits will be given access to a private Discord channel with the Core Contributors.

• Hydrex Collectibles - Non-financial community-oriented initiatives (such as Hydrex PFP NFTs) that can only be acquired via the Anchor Club’s protocol-aligned activities.

The specifics will be detailed and released in future publications as they come to life.

Wen Anchor Club, Ser?

Hydrex Account Automations are already live, and will be retroactively rewarding participants who utilize the service effectively immediately. Flex Account registrations & Anchor Club Credit distributions are expected to begin in early November.

Thank you for your continued support of the Hydrex protocol, we look forward to furthering the long-term alignment & paving the way for new entrants to participate.

Here’s the TLDR;

• Hydrex’s TGE and Basedrop redemptions open on September 15.

• HYDX’s initial listing price is $0.03.

• HYDX contract address is 0x00000e7efa313F4E11Bfff432471eD9423AC6B30.

• Basedrop rewards will be redeemable 10 Hydropoints to 1 locked HYDX.

• All trading fees generated from the Basedrop will be used to seed the Strategic Protocol Reserve.

Please read below or review the updated documentation to be equipped with the latest information. We also suggest reading about Hydrex’s terminology for verbiage insights in this article.

HYDX Tokenomics

TGE Details

• TGE Date: September 15, 2025

• TGE Pricing: $0.03 per HYDX

• Contract Address: 0x00000e7efa313F4E11Bfff432471eD9423AC6B30

• Liquidity Allocation: 3% of initial HYDX supply

• Liquidity Type: HYDX/USDC, Hydrex LP

Initial HYDX Supply

While the initial HYDX supply is 500M tokens, approximately 90% of these will be forever burned through the creation of Protocol Accounts (i.e., permalocked positions, formerly called veHYDX) for a wide range of uses:

• Basedrop Participants - Users who collected badges and Hydropoints during the Basedrop campaign will be given permanent earning power. See details below.

• Hydrex Treasury - The Hydrex treasury will maintain positions to incentivize HYDX pairs, key DEX pairs, and Base-aligned liquidity sources.

• Protocol Grants - Hydrex will give top protocols in the Base ecosystem the ability to participate in the flywheel, finding incentive-aligned growth opportunities.

• Core Contributors - To support the maintenance and growth of the protocol all Core Contributor positions are permanently locked, mapping the success of Hydrex to the reward structure of contributors.

Ultimately the specific amount of burned HYDX over time will be largely impacted by end user appetite for Protocol Accounts vs Flex Accounts. See the tokenomics section of the docs for full details.

Token Incentives and Emissions

To uphold the Strategic Protocol Reserve, the Hydrex Protocol never emits HYDX directly. Instead it emits Options tokens, called oHYDX. oHYDX allows users to purchase HYDX at a discount by contributing to the strategic reserve.

The emissions schedule for oHYDX is broken into three phases:

1. Bootstrap (Week 0–19) - Start at 0.1% of initial supply per week. Increase by 0.1% per week to 2% by week 20.

2. Stabilize (Week 20–49) - Reduce emissions by ~0.0333% per week for 30 weeks, approaching ~1% per week by ~1 year in.

3. Governance‑Guided (Week 50+) - Community governance may adjust issuance ±0.0333% weekly to balance growth and sustainability.

This schedule has been designed to ease into protocol growth, favor a longer term outlook, and give HYDX account holders influence on emissions distributions. oHYDX emissions are shared between anti-dilution rebases and incentivizing protocol liquidity.

See the full tokenomic details here.

Basedrop Redemptions

Between badges and hydropoints, 20% of the initial supply has been reserved for Basedrop program participants. Badges are redeemable for Protocol Accounts, which give permanent earning power by burning the underlying HYDX.

Hydropoints provide 2 options for redemption, both resulting in an Account (e.g., veHYDX position), but with different tradeoffs:

Some key points about redemptions:

• Flex account creation requires 0.01 USDC per HYDX to uphold the Strategic Protocol Reserve.

• Any earning power acquired after week/epoch 1 begins will not be eligible for rewards until epoch 2 completes.

• Any unclaimed Hydropoint or Badge redemptions by October 15 will be moved into the Treasury for future community campaigns and activations.

• Detected sybil farmers may be excluded from redemptions.

Let’s Make a Splash

Hydrex is committed to the long-term alignment of the Base ecosystem. The protocol is designed to help coordinate not only tokens, but entire protocols source liquidity by directing emissions and protocol revenue. Value flows to where liquidity and volume are most productive.

We are deeply grateful for all of our partners, community members, and contributors who have supported us up to this important milestone. If you are a protocol with liquidity needs and interested in launching on Hydrex, please reach out.

FAQ

What is the schedule for all of this?

What is Hydrex’s Strategic Protocol Reserve?

At the foundation of Hydrex's token model is a Strategic Protocol Reserve: every HYDX in circulation requires at least 0.01 USDC (or 30% of HYDX value) to be released into the market. This reserve mechanism is core to the protocol's economic framework, ensuring that token emissions are supported by actual capital inflow rather than unchecked inflation. This strategic reserve is designed to help the Hydrex protocol build POL & foster growth opportunities.

What were my APRs on the Basedrop Campaign?

Given the starting price of $0.03 per HYDX and the conversion ratio of 10:1, the table below provides mapping estimates for the most conservative APRs provided during the campaign, taking into account the potential 0.01 USDC cost per 10 hydropoints redeemed if converted to a Flex Account.

How will initial liquidity be provided?

Hydrex’s initial liquidity will involve single-side positions for both USDC and HYDX.

• HYDX Side - HYDX liquidity at multiple tranches, pricing starting at $0.03.

• USDC Side - All Protocol Mining Trading Fees will be converted to USDC and set as single sided positions between $0.01 - $0.03 to serve as the basis of Strategic Protocol Reserve.

How are Protocol Accounts / burned HYDX treated in the tokenomics?

Follow Hydrex on X and Farcaster to stay up to date on our latest news, and join our Discord community to connect and ask any questions.

Hydrex X | Hydrex Farcaster | Hydrex Discord

It's been just over a month, and Hydrex’s progress has been relentless. Milestones hit. Critical integrations locked in. Strategic partnerships forged across the Base ecosystem.

The foundation is being built, soon to accelerate as we inch closer to TGE.

Here's what we've accomplished while you've been stacking Hydropoints…

Betting Big on Base

From Day 1, our primary goal has been to be the most Base-aligned DeFi protocol.

Hydrex was the first to market with Sub Accounts. We’ve integrated Flashblocks, Batched Transactions, and a Coinbase Fiat On-Ramp. We’ve even carved out a special place for Zora Coins on our swap. And so much more.

Base has noticed, landing Hydrex in the Featured tab of the new Base App, along with social amplification on X & Farcaster.

With the amount of killer features in Base’s pipeline, we’ll keep integrating to move towards the end-state of DeFi.

First (of Many) Milestones

Hydrex’s core protocol has hit the ground running. In 1 month we’ve reached $12M+ in volume, $1M+ in TVL, 15,000+ badges minted, and 3,500+ Protocol Mining deposits. All pre-TGE.

BTW - You can always see Hydrex’s metrics on our new Liquidity & Analytics page.

Making Noise Across Base Protocols

Hydrex LPs are gaining steady traction & adoption to establish ourselves as a credible Base DEX. Integrations with Gecko Terminal, 0x, Kyberswap, Odos, OpenOcean, and many more are complete.

As part of our decentralization & distribution efforts, Hydrex has executed marketing crossovers with top Base projects such as Toshi, Flaunch, Farcaster, YO, Basenouns, and many more. Our badge program has been a hit with over 40 custom integrations for Base ecosystem & partner activities.

Interested in your project being part of the Basedrop? Reach out to us here.

What’s Next for Hydrex?

As we lead up to TGE, Hydrex’s full ve(3,3) protocol is receiving its final touches. On August 4th the initial audit report from Sherlock was delivered to our team. We are actively reviewing findings and implementing resolutions.

After completion of the audit & robust testing of the protocol, we will share an announcement date for go-live & all corresponding details. Security is and will always remain a top priority.

In the meantime, keep stacking Hydropoints & collecting badges.

​​Hydrex X | Hydrex Farcaster | Hydrex Discord

The Hydrex Basedrop is a limited-time program that rewards early adopters of Hydrex with permanent protocol voting and earning power. This helps decentralize Hydrex while giving initial contributors long-term stake in the ecosystem.

We believe the builders and do-ers on Base deserve to own a piece of Hydrex. This is why a significant portion of the initial token supply is directed to Base participants like you; users, projects, and stakeholders who are actively contributing to the ecosystem’s growth.

Our approach stands in direct opposition to the extractive culture of quick-flip tokens and down-only airdrops. Instead of creating another speculative asset, we're focused on empowering existing Base tokens and communities for sustainable, long-term growth.

Who Can Participate in the Basedrop?

Just like Base is for everyone, so is the Hydrex Basedrop! Anyone who wants to have a future stake in Hydrex can become a permanent part of the protocol.

There are 2 main ways you can participate in the Basedrop:

1. Protocol Mining - By providing liquidity you can earn Hydropoints, a non-transferable metric of onchain participation. These Hydropoints can later be redeemed for veHYDX, giving you a permanent stake in protocol rewards and emissions governance.

2. Base Badges - You can collect badges by completing community-specific quests, verifying Base ecosystem alignment, or participating in targeted campaigns. Badges contain veHYDX which are acquired at the end of the campaign.

How Do I Mint Base Badges?

You can view all of the available Base Badges on the Hydrex Badge page. To claim a badge, you must meet 2 requirements.

1. You must have completed the required task. For example, for the “Pretty Smart” Badge, you must connect with a funded Coinbase Smart Wallet.

2. You must meet the required Hydropoints threshold. This is shown by clicking the respective Badge and Hydropoints thresholds serve as a barrier to botting.

Once you meet both of these requirements, you can click the “Check Eligibility & Mint” button on the Badge and if met, it will be minted to you. If you don’t see this option, then you don't have enough hydropoints to acquire the badge. Don’t worry, they’re easy & rewarding to get!

New Badges will be added weekly, so try to collect as many as you can. New Badges will appear on the Badges page and be announced through Hydrex’s social channels.

How Do Hydropoints Work & How Do I Earn Them?

Hydropoints can be earned by providing liquidity on the Hydrex Mining page. You can see under “Point Power” how many Hydropoints you will earn per day per $1000 of liquidity you stake. Note, your Hydropoint earning power is proportional to the amount of liquidity you have staked in a pool compared to the total amount of liquidity in that pool. You can stake as little or as much as you’d like.

To provide liquidity:

1. Click “Manage” on the pool you would like to stake in.

2. Select the token you would like to stake. If you need to swap to a desired token, you can do so on the Hydrex Swap page.

3. Once you have the desired amount to stake selected, click deposit, then approve the following transactions in your wallet.

4. Once the transaction is approved and goes through, you are staked and earning Hydropoints! You will now continuously earn Hydropoints while staked.

5. You can view the amount of Hydropoints you’ve earned from a respective pool under “Your Rewards” on the Mining page, and you can see your total Hydropoints at the top of and page on Hydrex.

How Does the Leaderboard Work?

The Leaders page ranks users by the total number of Hydropoints they have earned in the Basedrop. You can also see how many Badges each user has obtained, but rankings are only based on Hydropoints.

The top of the Leaderboard also shows what progress you are at towards the next Hydrex Tier Badge.

Stack as many Hydropoints as you can during the Basedrop to climb the ranks and become a Based God!

How Long Will the Basedrop Last?

The Basedrop began on June 24th and will end once epoch 1 of the Hydrex protocol begins, which is estimated to be at least 9 weeks. The end date of the Basedrop will be announced once it is established.

We’re excited to have you as part of the Hydrex Basedrop, and see our socials below if you have any questions and join our Discord to be part of the growing Hydrex community!

• Hydrex X

• Hydrex Farcaster

• Hydrex Discord

Hydrex is a liquidity-neutral DeFi protocol built on Base for Base, designed to bring new user segments onchain. The initial Hydrex Basedrop rewards onchain activity to decentralize the Hydrex protocol’s voting & earning power.

Hydrex combines automated strategies, liquid-backed tokenomics, and Base distribution channels to remove the barriers to yield and open the door to more sophisticated onchain opportunities for the masses.

Hydrex is for everyone.

Built on Base for Base

Hydrex maximizes the capabilities Base has to offer, while improving the onchain user experiences of MetaDEXs.

1. Base Tooling - Fully functional with Smart Wallet, Basenames, and sponsored transactions on day 1. Flashblocks and Sub Accounts are implemented on testnet and prepped for go live.

2. Farcaster Friendly - The Hydrex Mini App provides access to all yield opportunities, tokens, and other campaigns directly through Farcaster.

3. Complexity Abstraction - Using a combination of batched transactions, aggregation, and automated liquidity management, Hydrex makes providing liquidity and swapping assets a breeze.

Hydrex is positioned within Base’s growth engine to utilize the most effective channels for user acquisition, retention, and liquidity sourcing.

Base is building the rails for mass adoption. Hydrex is the protocol built to ride them.

Start Your (Liquidity) Engines

If Hydrex is for everyone, then the power of the protocol must be in the hands of many. Hydrex has structured a specialized “Basedrop,” designed to distribute and decentralize a large portion of the protocol’s voting & earning power across Base users, builders, and providers.

The Basedrop Campaign has 2 opportunities for involvement:

• Base Badges - Collect badges across activities, communities, and protocol participation on Base.

• Protocol Mining - Earn Hydropoints by providing liquidity, which are redeemable for a range of tokens upon campaign completion.

The Hydrex Basedrop is designed to create permanent protocol ownership for active Base users, not temporary token rewards for airdrop farmers.

At the end of the campaign, Badges & Hydropoints are exchanged for permanent Hydrex earning power in the form of locked veTokens… and maybe a few other surprises.

Stop farming airdrops. Start owning protocols.

Epoch 0, En Route

Hydrex is improving the fundamentals of ve(3,3) design and tokenomics to protect users, achieve protocol-alignment, and simplify the flywheel.

Pro vs Simple Mode - Simple Mode automates positions with full ve(3,3) benefits through a refined, simplified UX. Pro Mode gives experienced users the granular control that they’re accustomed to.

Liquid Reserve - Every HYDX token is backed by at least 1 USDC through a Liquid Reserve that is acquired by exercising options tokens, creating a concrete price floor and preventing runaway inflation.

Liquidity-Neutral - Hydrex works with UniV4, native Hydrex pools, and other LP types on Base, maximizing compatibility and promoting complementary ecosystem growth. Hydrex always routes through the best route for the most favorable trades.

Discover all of Hydrex’s advancements in the Hydrex Docs.

Get Involved in the Basedrop

On June 24, 2025 the Basedrop will be available on Hydrex.fi.

Follow along & don’t miss a beat:

• Hydrex X

• Hydrex Farcaster

• Hydrex Discord