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.
Typical Discounts
| Lock Remaining | Typical Discount |
|---|---|
| Under 3 months | 20-30% |
| 3-12 months | 30-40% |
| 1-2 years | 40-55% |
| Permanent | 50-65% |
These are higher than Aerodrome on average, reflecting Hydrex's earlier stage. Discounts shift with HYDX price and protocol growth.
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.