PAXO Finance, a blockchain-agnostic and decentralized undercollateralized money market protocol, is proud to announce the launch of the first Incentivized Testnet program that will run for 30 days, scheduled to begin from May 27, 2022, to June 26, 2022, on Polygon.
In the spirit of community and decentralized governance, this Incentivized Testnet will be open to all users. The program aims to get as many users as possible to test the protocol and submit their feedback which will go a long way in refining PAXO Finance’s core product offering, shaping the project’s roadmap.
“PAXO Finance is building a decentralized money market protocol and ahead of its mainnet launch, getting valuable feedback from the community is critical for further enhancement in security, features, and user interface. This Incentivized Testnet is a ticket for all users to rigorously try our dApp all while getting paid to do so. More than 20,000 users have tried our testnet since the campaign launch just a few days ago.,”Pranjal Prashar, the co-founder of PAXO Finance.
Qualifying participants will receive 50 test USDC to try the protocol. To join the program is simple and requires completing simple one-minute tasks. Interested users should:
- Follow @finance on Twitter
- Retweet the PAXO Finance Testnet Competition tweet
- Join the Paxo Telegram community
- Visit Paxo testnet and request tokens on <PAXO testnet link>
After completing the above steps, qualified users will receive 50 test USDC to start the competition. These test tokens are non-transferable, and users can’t receive test USDC from external addresses. To maximize their chances of winning, users are urged to explore and test all PAXO Finance’s functionalities during the one-month test period.
Additionally, participants are requested to create new USDC addresses for this incentivized testnet program. This ensures that the user’s address is empty and is registered as unique to the PAXO Finance testnet.
The top-200 participants will cumulatively win a total prize of 200,000 tokens. PAXO Finance will announce winners on July 6, 2022, and distribute rewards after the protocol’s Token Generation Event (TGE).
In total, PAXO Finance will generate 200,000 PAXO tokens and distribute them to winners as follows:
- 1st-50th place: each winner will receive 2,000 PAXO tokens.
- 51st-100th place: each winner will receive 1,000 PAXO tokens.
- 101st-200th place: each winner will receive 500 PAXO tokens
A PAXO Finance Referral Program will also run concurrently during the incentivized testnet period. Referrals stand to win 50 paxo tokens rewards.
Users interested in being part of the referral program must first register and participate in the main Incentivized Testnet program. The referred person also needs to use the testnet functions in order to be eligible for referral reward.
Each referral will receive 50 paxo tokens set to be distributed with the competition’s prize. All referees registering for the program must submit the Twitter handle’s name of the referring account to be eligible. Moreover, the referred user must make at least one transaction during the testnet period for the referral to receive fees.
Learn more about PAXO Finance from our white paper.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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