Stride: stATOM/ATOM LP on Helix
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[Helix](https://helixapp.com/) is an on-chain orderbook built on the Injective blockchain, designed to reduce MEV-related inefficiencies and serve as a shared liquidity hub. The system enables developers and users to build applications, execute trades, and deploy liquidity strategies within a unified infrastructure. Today, the orderbook supports perpetual and spot markets, as well as automated liquidity vaults and related trading products. Helix rebuilt its trading stack from the ground up to provide a purpose-built framework for on-chain trading. The infrastructure is designed to support low-latency execution and deterministic settlement. It facilitates transactions with instant finality, enabling real-time performance suitable for active and high-frequency trading environments.
### Use Case
Stride is bidding for liquidity for the stATOM/ATOM pool on Helix on Injective, which will provide the liquidity needed for Neptune to execute stATOM liquidations, as Neptune is preparing to support stATOM as a collateral asset on their lending protocol.
### Duration, Tribute, Yield & Target
The target deployment amount is 25,000 ATOM. The deployment duration will be 1 month. The tribute will be paid in STRD. The estimated APR for the stATOM/ATOM orderbook pair is 10%.
### Risk Mitigation
Hydro's deployment will be capped at a maximum of 25% of the total supply of the stATOM LST, across all of its current deployments, along with an additional cap (see Committee Review section).
### Security
The Injective protocol underwent audits from Zellic and Ottersec in 2024. These audits included the Helix orderbook code. While these audits are not publicly accessible, our team was given access in order to perform our own security review, which can be found below.
### Monitoring
The committee may monitor the Helix position [here](https://helixapp.com/lp-rewards).
### Deployment
The liquidity will be deployed via Helix [trading bots](https://helixapp.com/trading-bots). These are smart contracts that automate the process of placing trades on the Helix orderbook. By configuring the bots to use this liquidity to make buy and sell orders in a specific price range, the liquidity will be usable by Neptune to execute stATOM liquidations. Liquidity can be deployed for the stATOM/ATOM pair [here](https://helixapp.com/trading-bots/liquidity-bots/spot/?market=statom-atom). The recommendation is to configure the bots based on redemption rate of stATOM to ATOM, with one bot set to trade in an extremely tight range, and another in a slightly wider range. Since this deployment will last for 1 month, it’s also recommended that the redemption rate be monitored, and the bots be adjusted if necessary, but this shouldn’t be required more than once or twice, as the redemption rate typically increases slowly over time.
### Security Review
Reviewed by Arlai on 24-March-2026: Based on the security review of Injective Protocol, this presents a low to moderate risk opportunity for Hydro liquidity provision. The core exchange module has clean 2024 audit coverage, the grid bot smart contracts have been audited with the findings remediated, and the protocol has no exploit history. Helix is a pure frontend on Injective's native on-chain exchange module, with no independent smart contract footprint.
| Category | Details |
| ------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Audits | The Injective exchange module was audited by OtterSec and Zellic in May of 2024, with all findings acknowledged (the findings were not related to the trading bots). The trading bot contracts were audited by SCV Security in November of 2024, and findings were remediated. |
| Dependencies | Injective is Cosmos SDK-based, with reasonable decentralization at 50 active validators. Their exchange module is a fully on-chain orderbook, with no off-chain components in the trading path. AuthZ is only required for order placement/cancellation, no fund withdrawal access is granted. |
Reviewed by Phil_RX on 20-August-2026: This bid introduces no exposure to impermanent loss, and the underlying smart contracts have undergone prior audits. However, the committee believes additional monitoring is needed before we expand the amount we deploy. Therefore the committee is setting a cap of 25,000 ATOM for a 1-month period for this deployment. This will allow us to continue to assess market demand and validate the deployment method. Depending on the outcome, these parameters can be revisited and potentially expanded in a future bid.
### Disclaimer
This document is provided for informational purposes only and does not constitute investment advice, a recommendation, or an offer to participate in any investment strategy. The information contained herein reflects current views as of the date of publication and is subject to change without notice. Recipients should conduct their own research and consult with professional advisors before making any investment decisions.