We are excited to announce our Incentivized Testnet (ITN) is now live! Throughout the duration of our testnet, our community members will be able to participate in our testnet competition and earn TEDY tokens. The rest of this article will explain how to get involved with our community.
Introduction
We are excited to announce our public testnet is now live!
We are launching our public testnet, and starting now, our community members can earn TEDY for participating in our testnet competition.
Incentivized Testnet (ITN)
For the first iteration of our testnet, there will be 3 million TEDY tokens available to our community members.
For the TeddySwap ITN, participants receive one point for each task completed.
Each action, Swap, Liquidity, and Batch, will each be worth 1 point.
The following are the tasks included in the scoring system:
- Swap: Users will earn points for each trade made using specific assets.
- Create/Add/Redeem Liquidity: Points will be awarded to users for contributing assets and also by redeeming their assets on the platform.
- Batcher/Badger: Users who take part in batching transactions, where multiple transactions are grouped into a single transaction, will receive points. Participating in batched transactions improves transaction efficiency and speed while increasing users’ score.
Batching documentation will be available in the next few days. For now, only Swap and Liquidity points can be earned.
Scoring Example
For example, during the testnet, let’s say there are only two testers, Ted and Smokey.
Ted made 6 swaps, 4 add/redeem liquidity(s), and batched 9 transactions — equal to 19 points.
Smokey made 9 swaps, 7 add/redeem liquidity(s), and batched 5 transactions — equal to 21 points.
In this example, a total of 40 points were earned by community members.
Ted would earn 19 / 40 points = ~47.5% of the rewards, equal to 3 million * 47.5% = 1,425,000 TEDY tokens.
Smokey would earn 21 / 40 points = ~52.5% of the rewards, equal to 3 million * 52.5% = 1,575,000 TEDY tokens.
The Incentivized Testnet competition will last approximately 3 weeks.
Round 1 Teddy Bears Club Surprise
All Round 1 Teddy Bears Club holders will receive a 5% bonus per NFT on their total score for the ITN.
For example, if you hold 3 Teddy Bears Club NFTs, you’ll earn a 15% bonus on your total score. If at the end of the testnet competition you have 100 points, you will be given 115 points increasing your share of the 1 million TEDY tokens available for the Incentivized Testnet.
In the coming days, we’ll announce the official details for Round 2 of the Teddy Bears Club.
Claiming TEDY from ITN
To claim TEDY, our team will use a dApp that verifies eligibility and testnet address, and calculates the score of each completed task. The dApp utilizes CIP 8 — Message Signing standard to connect the user’s testnet address to their mainnet address and to validate whether they meet the qualifying criteria to receive the incentives. This makes it convenient for users to claim their rewards on mainnet for participating in our ITN.
Next Additions
The next things we are adding to our Public Testnet is full documentation on running a batcher, overview page, a leaderboard of the testnet competition, and full mobile support. We expect these all to be completed within the next couple of days.
Testnet Manipulation Prevention
The core TeddySwap contributors reserve all rights to modify and interpret the rules of this and all future airdrops. Additionally, our team will blacklist any addresses that appear to run bots in order to create an unfair scoring advantage compared with those manually using the testnet protocol as intended.
Final Remarks
We are excited to complete this milestone of launching our public testnet with our community and look forward to getting community feedback to improve and strengthen our platform. The launch of the TeddySwap ITN puts us one step closer to launching on mainnet as we strive to be the top open-source DEX on Cardano.
For more information on TeddySwap:
Website | Twitter | Telegram | Discord | Docs | Github | Linktree
TeddySwap is an open-source decentralized exchange AMM protocol focusing on stablecoins in the Cardano ecosystem. Our protocol is developed by former Cardano Foundation developers and the creators of plu-ts, a smart contract framework built to efficiently deploy Cardano dApps.
