Hydranet Wallet
Hydranet is a next-generation Web3 crypto wallet designed for the ever-growing digital economy, offering native support for advanced Layer 2 off-chain protocols such as the Lightning Network for Bitcoin and Hydranet’s proprietary Lithium Network for ERC20 tokens and smart contract-based blockchains. More than just a conventional crypto wallet, Hydranet empowers users to conduct instant, gas-free payments over the Lightning and Lithium Networks and engage in seamless cross-chain token trading using its integrated Decentralized Exchange and Blockchain Bridge. Unlike any other product within the crypto industry, Hydranet bridges the gap between affordable cross-chain trading and the security of self-custody without compromise, offering an experience previously known only to Centralized Exchanges but with the security and privacy known to Decentralized Exchanges.
The wallet
In the evolving landscape of digital finance, having a versatile and secure tool for managing cryptocurrency is crucial. Hydranet's wallet stands out as a daily companion for your crypto needs, combining robust security with ease of use for both casual and experienced users. With a single seed phrase, you can back up multiple types of cryptocurrencies, including BTC, ERC20 tokens, and more. Embedded off-chain nodes enable users to conduct scalable crypto payments over both the Lightning Network and Hydranet’s Lithium Network, offering capabilities similar to those of an everyday credit card. Combined with all these advanced features, you remain in full control of your private keys, ensuring that your assets are secure and accessible only by you.
- Multi-currency support
Hydranet's wallet is a versatile multi-currency wallet that can store a variety of cryptocurrencies, including Bitcoin, Ethereum, and other smart contract-based assets. - A 12/24 word seed phrase
Hydranet’s wallet uses a 12 or 24-word seed phrase for backup, based on user preference. This single seed phrase secures all supported cryptocurrencies, including Bitcoin, Ethereum, and others, making wallet recovery straightforward and secure. - Scalable off-chain payments
Hydranet has native support for off-chain transactions via the Lightning and Lithium networks, making Hydranet's wallet suitable for everyday use. Whether you’re paying for groceries or shopping online, Hydranet’s wallet offers the convenience of instant transactions, functioning similarly to how credit card payments work. - Lightning and Lithium browser nodes
Hydranets uses off-chain nodes embedded in the browser application to facilitate transactions over the Lightning and Lithium networks. This is unlike other off-chain compatible Web 3 wallets, which typically require custodial off-chain nodes or nodes running on self-hosted servers. - Rapid off-chain node synchronization
Given that Hydranet is designed for frequent use and may go online and offline multiple times daily, minimizing synchronization delays is essential. Currently, Hydranet’s Lithium Network is compact enough to synchronize within seconds without requiring any advanced synchronization protocols. However, for the Lightning Network, Hydranet integrates the Rapid Gossip Sync protocol from the Lightning Dev Kit, which allows for rapid synchronization of the Lightning Network - External off-chain signer
Hydranet enhances security by using external signers for off-chain transactions, ensuring that sensitive information like private keys remains outside the web application and its embedded off-chain nodes. This approach, akin to methods used by wallets like MetaMask and Ledger, but uniquely applied to off-chain transactions, makes Hydranet one of the most secure and decentralized Web3 wallets available. - State channel backups
Hydranet’s wallet can be used across multiple devices by creating a wallet on one device and importing it on another using the seed phrase. To maintain state channel information across devices, Hydranet employs a decentralized backup of state channel information, which ensures that the information is shared among the devices in a seamless way.
The exchange
Hydranet’s integrated decentralized exchange (DEX) is a groundbreaking feature that brings the best of both decentralized and centralized trading into your Hydranet wallet. This DEX allows users to trade a wide range of cryptocurrencies across any blockchain without relying on centralized intermediaries or third parties, enhancing privacy, security, and user control over their assets.
Hydranet uniquely leverages the strengths of centralized exchanges - such as instant trade confirmations and network/gas-free trading - through the first-ever off-chain exchange. Unlike traditional DEXs that operate entirely on-chain, Hydranet’s off-chain solution executes all trades outside the underlying blockchain, enabling rapid trade execution and eliminating network fees.
Users can choose between two distinct trading interfaces, each tailored to different needs:
- SimpleSwap: An intuitive, easy-to-use interface akin to popular DEXs, for quick and straightforward asset swaps, ideal for everyday retail traders.
- Order book: A sophisticated interface for experienced and professional traders and market makers, offering advanced tools and detailed market data for executing complex trade strategies.
SimpleSwap
SimpleSwap in Hydranet’s DEX is crafted for users who desire a seamless and user-friendly trading experience. It simplifies the process of exchanging cryptocurrencies, allowing users to quickly swap one asset for another with just a few clicks. Hydranet executes all trades off-chain using state channels and SimpleSwap ensures that the entire trading process is handled automatically, from opening to closing of state channels. All the user needs to do is select what currencies to trade, on what network, and press swap, as on any other DEX.
Key Features of SimpleSwap:
- User-Friendly Interface: Designed to be intuitive, making it accessible even for beginners.
- Automatic Trade Execution: Handles the trading process automatically, so users can focus on their needs without worrying about market analysis.
SimpleSwap is an optimal choice for users that make only a few trades per month and find no interest in managing their state channels on their own.
Order book
Order book trading in Hydranet’s DEX is designed for experienced traders who need a comprehensive and robust trading platform. This interface provides access to an order book, enabling users to place limit and market orders, monitor live market data, and engage in sophisticated trading strategies. It combines the advanced functionality of centralized exchanges with the security and control of a decentralized setup.
Key Features of Order book Trading:
- Advanced Trading Tools: Includes detailed charts, market data, and technical analysis tools to support informed and strategic trading decisions.
- Instant Trade Confirmations: Achieves near-instant execution of orders, leveraging off-chain technology for rapid trade settlement.
- Gas-Free Trading: Conduct trades without gas/network fees, taking advantage of the cost-efficiency of Hydranet’s off-chain exchange.
- Cross-Chain Trading: Users can trade assets with instant trade confirmations, free of gas/network fees, across any blockchain supported by Hydranet’s DEX.
- Order Flexibility: Supports various order types, including limit and market orders, providing flexibility in trade execution.
- Depth of Market: Offers visibility into market depth, helping traders understand the supply and demand dynamics at different price levels.
- Professional Environment: Suited for professional and institutional traders who require comprehensive tools and fast execution for large or complex trades.
Order book trading on Hydranet’s DEX requires users to manage their state channels independently, which includes:
- Opening Channels: Users need to open and fund state channels to begin trading.
- Maintaining Liquidity: It’s essential to manage inbound and outbound liquidity within state channels to support trading activities. Inbound liquidity ensures funds are available for receiving payments, while outbound liquidity facilitates sending payments to other participants.
- Closing Channels: Users need to monitor and close state channels when they are no longer needed to unlock their funds for on-chain transfers.
Hydranet’s order book is ideal for those who need a feature-rich trading environment with instant trade confirmations and fee-free trading, making it suitable for both detailed market analysis and executing large trades efficiently.
The blockchain bridge
Hydranet’s integrated blockchain bridge is an integral component designed to facilitate seamless asset transfers between different blockchains. Similar to Hydranet’s SimpleSwap, whether you are moving USDT, USDC, ETH, or any other token between any supported blockchain, Hydranet will automate the entire process, from opening to closing of state channels, and users maintain control of over their asset throughout the entire process.
Hydranet’s unique solution of executing trades off-chain, including bridge transactions, is proven to be among the cheapest ways of moving funds from one blockchain to another, while ensuring the user is in full control throughout the entire process. Read more in one of Hydranet’s descriptive articles.