We’re ecstatic for our public testnet launching today! Within This release, there are a few different aspects of the platform that will be available to the public.
Participants of the public beta will be able to use our swap mechanics, provide liquidity, remove liquidity, as well as engaging with our BAR.
We encourage users to engage in all the functionalities available for the DEx during the public testnet. Our intention is to seek out as many bugs or issues that may arise due to the increased traffic.
Users will get to see the first iteration of our BAR. Participants will be able to mint $xVYFI and use the $xVYFI as liquidity on our DEx. We will have our serve fully operational and users will be able to see the accrual of $VYFI at our BAR. For more information on how our serve operation works, be sure to check out the article here (http://bit.ly/42n9mdz)
Will testnet have farms?
The initial public testnet will not have farms. We intend on launching our farms on testnet at the same time as our mainnet launch. We will release our farms on mainnet about two weeks after our initial DEx release.
The release of farming on any platform poses a short term shock on the market supply of the token being farmed. There are a few mechanisms that we are implementing to control this supply shock. The first is creating a gap in time from when users are able to create LPs and when users are able to start farming them.
Upon the initial launch of farming on any platform, the initial user base is able to access the majority of the initial farm being offered on a platform. By providing no gap between the launch of farms and the creation of LPs, a more concentrated supply is given to a smaller user base — in turn this creates stronger downwards pressure on our token.
Secondly, we are implementing a TVL linked emission schedule for our initial launch. This functions very simply, as we increase our TVL, we proportionally offer more of our total emissions to the maximum of 100% of our schedule. (More on farming here: http://bit.ly/3K1w2ZX)
TVL goals are as follows:
< 5,000,000ADA TVL — 30% emissions
5,000,001ADA TVL < 10,000,000ADA TVL — 60% emissions
10,000,001ADA TVL < 15,000,000ADA TVL — 90% emissions
> 15,000,000–100% emissions
We have a unique implementation of our farms, which we believe is far better suited for the Cardano ecosystem. As we approach mainnet launch, we will be announcing how our farms will work in their own right.
For the duration of our public testnet, we are offering users a reward for finding bugs on the platform. These rewards will come in $VYFI, and users will have the ability to earn more $VYFI if they can find multiple bugs.
1st Bug found: 75 $VYFI
2nd Bug found: 250 $VYFI
3rd Bug found: $500 $VYFI
Any bug after the third will also receive 500 $VYFI.
We’re trying to provide incentive for users to participate in the testnet as well as pushing the system to its limits.
Keep an eye on our socials to learn about how to participate in the public beta, we’re very excited to bring to the Cardano Community!