Today, i will be sharing my thoughts on #Cloudbase. What is Cloudbase? Well, Cloudbase is a All-in-one platform built on base network.
Cloudbase is a pioneer Dex on Base. Cloudbase Currently provides features like Swap, add/remove liquidity.
Cloudbase also allows its users to use Farm and Pool feature where you can stake your LP tokens and earn rewards. Its all on Testnet though but pretty good to learn how it works.
The Cloudbase Community Members are called #Cloudians. Isn’t it a cool name to be called?
What is Base?
Well, if you do not know about base, Let me give you a short introduction before we talk more about Cloudbase.
Base is a Built on Optimism. Moreover, Base is a layer 2 scaling solution for Ethereum. Base is being built by Coinbase and it was announced by them on twitter few months ago.
It has been few months for base in testnet phase and now they are preparing for the Mainnet phase.
To take full advantage of the new network, we dig deep into the dApps built on Base. Hence, today we will learn about Cloudbase.
How to Use Cloudbase Testnet?
So far we know a few things about Base and Cloudbase. Now, lets dive into how to use Cloudbase testnet.
Try your First Swap.
To start with the testing you will need some eth on Base network. So, i would recommend you to use the official Base Bridge to get some test $eth from Goerli to base.
Once you have your eth ready, its time to start testing the cloudbase Dex by swapping your eth to various other pairs available.
There are Quite a few Pairs available on the dex for you to test.
Add/Remove Liquidity.
After you have tried swapping, its time to try and add/remove liquidity.
You must have balance in any two tokens to use the add liquidity feature.
Hover your mouse on Trade from the top menu and click on Liquidity.
Select any two coins that have balance.
Now you may need to approve the token spend before supplying.
Once token approval is done, you can now click on supply as shown in the below picture.
Transactions are fast on base network apparently so it should be confirmed in few seconds without any failure.
You can now remove half or full liquidity if you wish to and get your tokens back from the pool. Or, you can use these liquidity pool to stake in farm feature and earn some cloud tokens.
Remember, we are in testnet so these tokens do not possess any value.
Similarly, you can use the pool feature from the Earn tab and Stake your $Cloud tokens to earn more $cloud tokens.
Partnerships
Cloudbase is actively Partnering with other players on #builtonbase.
Cloudbase team have partnered with other dApps on Base. Some media partners like Base Advocate and Base daily.
Some other dApps like Innovaz, Base Name Service, SquidRouter and Axelar to name few.
The team is always looking for collabs and ways to grow.
NFT Staking
The Testnet part is over by now, Cloudbase has its on Nft collection on Optimism Network. And the fun part is you can stake these NFT and earn $dragon Tokens. More info on this can be found later in this article.
Apart from Nft collection, Cloudbase also provides bridge function. The bridge is powered by Squidrouter and Axelar. I have tried the bridge and can confirm it works smooth.
You can use the bridge right now and bridge your assets from one chain to another seamlessly. To check your transaction history you can click just one button and it will on your screen like mine.
How to Earn Dragon Tokens?
Lets get to the fun part straight away. You can Earn Dragon tokens currently by staking your NFT. So, don’t just hold your NFT. But, use it to earn some Dragon tokens.
Currently you can stake Two types of Nft to earn $Dragon
- Rising Dragon which is available on Opensea
- BaseNS which is also available on Opensea.
If you stake 1 rising dragon nft, you can earn 500 dragon token on daily basis. 200 $dragon tokens if you stake BaseNS nft.
There is more, You can stake multiple NFTs to multiply your daily $dragon token earnings.
What is the utility of $Dragon Token?
Dragon token is currently on Optimism and can be earned by staking your NFT as mentioned above. The only Utility these $dragon token has is that they will be converted to $cloud token on Base mainnet launch.
If you can read between the lines then you would understand this is an amazing opportunity to get your hands on $cloud tokens before the majority. Yes, you are Early !!!
You might also want to join the community on Discord.
If you like to stay ahead of the Curve then Follow Cloudbase on Twitter.
If you are someone who likes to Stay involved in Projects, you may join Cloudbase Zealy.
That’s all for now, Will had more information as we move along on the road to Mainnet.
