Airdrop/Whitelist Complete Guide — Algofi
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Today we bring you another project from Algorand with potential airdrops. Algofi is a lending protocol on Algorand similar to Aave and Venus. It is currently on testnet only.
There have been confirmations from the Algofi devs at their discord server that there will be airdrops to tesnet users when they launch their mainnet.
To participate in the testnet, follow the steps below.
Getting started:
First set up a My Algo wallet at https://wallet.myalgo.com/.
Connect to Testnet on My Algo in the top right-hand corner.
Step 1:
Head to test.algofi.org and connect your wallet. Then go to “Faucet”.
Follow the given options to first “Get Algo”. Then “Opt-In”. Finally input the amount of testnet tokens you want (max 1k of each)and then “Request ASAs”.
Step 2:
Now supply $USDC.
Input the amount to supply and confirm.
After you have supplied USDC, you can claim bUSDC. bUSDC is a token representation of your underlying collateral ($USDC) that has been deposited into the platform.
We stopped here last time due to the bug. Now we continue without the bug.
Add your bUSDC to collateral.
Step 3:
Now that you have supplied our collateral, borrow some $WALGO.
Step 4:
Repay the borrowed $WALGO.
Step 5:
That’s all for the testnet. Feel free to explore and report bugs to the team at their discord channel.
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