Hydrex (veHYDX)
Hydrex is a ve(3,3) DEX on Base focused on liquidity coordination. veHYDX holders govern emissions and earn protocol revenue through voting.
What is veHYDX?
Lock HYDX tokens to receive a veHYDX NFT. This gives you:
- Voting power to direct HYDX emissions to liquidity pools
- Revenue share from Hydrex trading fees
- Bribes from protocols seeking liquidity
- Rebases to maintain your voting share over time
Lock periods range from 1 week to 2 years, with permanent locks available.
What Makes Hydrex Different
- Most traded on veX - veHYDX has the highest volume on our marketplace, meaning strong liquidity for both buyers and sellers
- Higher average discounts - Positions typically trade at steeper discounts than more established protocols, creating buying opportunities
- Revenue sharing model - Hydrex distributes protocol trading fees directly to veHYDX voters
- Growing Base protocol - Earlier stage than Aerodrome, with potential for ecosystem growth
veHYDX vs veAERO
Both are ve(3,3) tokens on Base, but they serve different protocols:
| veHYDX | veAERO | |
|---|---|---|
| Protocol maturity | Growing | Established |
| Typical discounts | Higher (steeper entry) | Lower (more demand) |
| veX liquidity | Highest volume | Active |
| Bribe market | Developing | Deep, many participants |
Many traders hold both for Base ecosystem diversification.
Discounts and Fees
Discounts change with Hydrex's token price, market demand, and lock duration; live average and best discounts are on the veX analytics page. veX charges 1% on Hydrex sales, paid by the seller only.
Things to Know
Strong veX liquidity. veHYDX is actively traded on veX, so you can typically buy or sell without long wait times. Check current listing count for availability.
Rebases transfer with the NFT. Unclaimed rebases come with the position when purchased - factor this into your valuation.
Active management required. Like all ve(3,3) tokens, weekly voting maximizes your returns. Missing epochs means missing fees and bribes.
If you merge a listed veHYDX with another position, the listing stays active at the original price but now includes the combined amount. Always delist first, then merge, then relist.
How do I sell a locked veHYDX position?
You can sell a locked veHYDX position on veX without waiting for the lock to expire. The buyer takes over the locked HYDX and the remaining lock time.
Connect the wallet holding the veHYDX and open your veX dashboard. The position appears under Positions, where you can list it. Set a price, or set a discount to the locked value and let veX work out the price. You approve the NFT once, then confirm the listing.
That approval only lets the marketplace move the NFT when someone buys it. veX is non-custodial, so the position stays in your wallet, keeps earning and voting, and you can delist whenever you want. veX charges 1% on Hydrex sales, paid by the seller.
What is a locked veHYDX position worth?
A veHYDX position usually sells for less than the HYDX locked inside it, because the buyer is taking on the rest of the lock. The seller chooses that discount.
Live Hydrex discounts are on the veX analytics page.
Contracts
- veHYDX contract:
0x25B2ED7149fb8A05f6eF9407d9c8F878f59cd1e1 - HYDX contract:
0x00000e7efa313F4E11Bfff432471eD9423AC6B30
Official Links
These render from the live veX registry: