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Great unlock
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vgantchev committed Oct 20, 2023
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26 changes: 26 additions & 0 deletions docs/great-unlock.md
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---
id: great-unlock
title: The Great Unlock
---

import useBaseUrl from '@docusaurus/useBaseUrl';

On October 24th, **~113M DOT** which was locked in the first batch of Polkadot crowdloans will be returned to its owners. Amounting to a whopping **~10% of the circulating supply**, this event has not been spared of FUD. With some expecting a dump, while others not ruling out a pump - in reality, we will have to wait and see what the invisible hand of the markets is cooking.

Regardless of how the DOT price develops on Tuesday and the weeks that follow, **the HydraDX Protocol retains a strong conviction in the Polkadot ecosystem**. This is our home, we are here to stay, and we are more bullish than ever on Polkadot.

To celebrate the Great Unlock, the HydraDX Protocol is preparing to **accumulate more DOT** into its Protocol-owned liquidity (POL), **on top of the 400k+ (v)DOT** it already hodls. For this purpose, the Protocol is considering a **Bonds campaign** (subject to a [governance vote](https://hydradx.subsquare.io/democracy/referenda/84)) conducted via an **LBP event**. Besides accumulating more DOT, the Great Unlock will allow us to test two new features that recently hit mainnet.

<div style={{textAlign: 'center'}}>
<img alt="lbp" src={useBaseUrl('/great_unlock.jpg')} />
</div>


If approved, the HydraDX Protocol will issue **50,000,000 HDX bonds (HDXb)** with a **1-year maturity**. Once the maturity date has been reached, these bonds are **1:1 redeemable against HDX**. Also before the bonds have matured, **HDXb remain transferable and tradeable on the secondary market** (e.g. OTC). You can [learn more about bonds in our docs](https://docs.hydradx.io/bonds/).

The method of distribution for this first Bonds campaign will be a **24-hour DOT/HDXb LBP event** - a real throwback for the OG Hydrators out there. The LBP will **kick off on 24.10.2023** - follow our socials for the exact start time. At the start, the HDXb price will be set **22% higher** than the HDX spot price. Over time, the **shifting weights mechanism** of the LBP will **exert downward pressure on the price**. The falling price will be **counteracted by any buy orders** obtaining HDXb from the pool. For the precise configuration of the LBP event please check the [democracy vote](https://hydradx.subsquare.io/democracy/referenda/84).

Before participating, we encourage everyone to [get familiar with the mechanics of an LBP in our docs](https://docs.hydradx.io/lbp/).


Stay hydrated.
1 change: 1 addition & 0 deletions sidebars.js
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module.exports = {
sidebar: {
HydraDX: [
"great-unlock",
"intro",
"omnipool_trading",
"omnipool_dca",
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