According to Foresight News, HydraDX Treasury has made a significant move on April 29, transferring approximately $7 million worth of DOT from its treasury to Bifrost for liquidity staking. This move is expected to generate income for the HydraDX Treasury through DOT LST.
The successful execution of this on-chain proposal vote signifies the decentralization governance and cross-chain composability of the Polkadot ecosystem Appchain. Currently, Bifrost is the largest liquidity staking Appchain on Polkadot, providing liquidity staking of 9.65 million DOT, with a market value of approximately $66 million.
This strategic move by HydraDX Treasury is a significant step in the Polkadot ecosystem, demonstrating the potential of decentralized governance and cross-chain operations. It also highlights the role of Bifrost as a major player in the Polkadot ecosystem, providing substantial liquidity staking.