**This referendum, if passed, will place the following on-chain remark:**

*https://gateway.pinata.cloud/ipfs/QmaxqsF5ecSj6RSc48AYf9zZCXCntoAYGPLuHAnAhtWtYj*

---

**The on-chain remark links to an externally stored .md file with the following content, which is the output from two recent governance discussions https://hydradx.subsquare.io/post/33 https://hydradx.subsquare.io/post/34 :**

# POL Diversification and Deployment (Q1 2023)

This framework authorizes and mandates the HydraDX Council to diversify and/ or deploy up to 10.15M DAI of the HydraDX protocol owned liquidity (POL) during Q1 2023 as follows:

### ETH

- Swap up to 2.2M DAI into ETH using an Ethereum-based DEX;
- Bridge the amount to Acala using Wormhole, transfer via XCM to the HydraDX Treasury account;
- Deploy the amount into the Omnipool.

### WBTC

- Swap up to 1.1M DAI into WBTC using an Ethereum-based DEX;
- Bridge the amount to Acala using Wormhole, transfer via XCM to the HydraDX Treasury account;
- Deploy the amount into the Omnipool.

### iBTC

- Explore mechanisms to swap up to 250k DAI into iBTC. The mechanism will be voted by the community prior to execution;
- Deploy the amount into the Omnipool.

### USDC (native)

- Explore mechanisms to swap up to 2.2M DAI into native USDC. The mechanism will be voted by the community prior to execution;
- Deploy the amount into the Omnipool.

### USDT (native)

- Explore mechanisms to swap up to 2.2M DAI into native USDT. The mechanism will be voted by the community prior to execution;
- Deploy the amount into the Omnipool.

### DAI

- Bridge up to 2.2M DAI to Acala using Wormhole, transfer via XCM to the HydraDX Treasury account;
- Deploy the amount into the Omnipool.

---

## Non-DAI POL

### HDX

- Deploy up to $250k worth of HDX from the HydraDX Treasury into the Omnipool

---

The present framework has undergone a discussion on the governance forum of the HydraDX Protocol and has been approved in a general democratic vote by all holders of HDX.

The Polkadot Relayers program, initiated in 2022, aims to foster dApp development on Polkadot parachains. In 2023, it focuses on nurturing 14 committed teams across Europe, Asia, North America, and Latin America. The program seeks to provide mentorship, investment, and ecosystem support, collaborating closely with 7 dedicated parachain teams. Eligible teams include past Polkadot Hackathon finalists, other Web3 participants, and those building or intending to build on participating parachains. Success metrics include the number of incubated teams, Showcase Day attendee demographics, and participant testimonials. The program timeline span is 9 weeks.

Launch and Management of Polkadot Hackathon Global Series: Europe Edition.

- The referendum is about diversifying and deploying a certain amount of DAI and non-DAI POL (HydraDX protocol owned liquidity).
- The DAI will be swapped into different cryptocurrencies like ETH, WBTC, iBTC, USDC, and USDT.
- The swapped cryptocurrencies will be transferred to the HydraDX Treasury account and deployed into the Omnipool.
- There will also be a deployment of HDX (HydraDX Treasury) into the Omnipool.
- The framework has been discussed and approved by the HydraDX Protocol governance forum and HDX holders.

POL Diversification and Deployment (Q1 2023)

No Active Proposals