Explore the Hydranet DEX Client
If you are opening the Hydranet DEX Client for the first time you will have to set a password for your wallet and backup the wallet's seed phrase. Make sure to choose a strong password and, as always, never share your password nor the seed phrase with anyone!
The menu in the Hydranet DEX Client gives access to the following 4 pages:
You find the menu on the left-hand side after you have opened your Client.
Before further exploring the different areas in the Client, there are a few concepts that may appear continuously in the Client and in this description:
Payment (State) Channel
Refers to an off-chain transaction channel, also known as a Payment channel (Lightning Network) or a State channel (Connext Network). A channel is opened between two transacting parties by locking funds on-chain via a multi-signature contract. The Hydranet DEX Client helps you with this process. The capacity of the channel is determined by the amount of funds the parties lock on-chain.
To open a payment channel it is required to lock funds on-chain. Funds that you probably don’t have when you intend to buy a certain currency. To enable you to open a payment channel you can rent funds from the HUB. This will give you an open payment channel with a can receive balance.
The amount that you can receive on your payment channel. To increase the amount you can rent liquidity from the HUB.
The amount that you can send via your payment channel. To increase the amount, move more funds from your on-chain balance to your off-chain balance.
The amount you currently can spend on-chain (Layer 1).
The amount you currently can spend off-chain (Layer 2).