Bucket is LIVE on OKX Cryptopedia
One-Click For Complete Quest
🎉Bucket ✖️OKX Cryptopedia campaign has officially launched !
By using OKX wallet to experience the Sui ecosystem, you will have a chance to win a share of a whopping $50,000 Sui prize pool.
What is OKX Cryptopedia
OKX and Sui Foundation join forces to launch an ecosystem rewards program, motivating users to interact with the emerging Sui blockchain using OKX Web3 wallet. This initiative aims to foster greater engagement and participation in the Web3 world.
Period
- 3 August 2023 12:00 PM ~ 20 August 2023 4:00 AM (UTC)
From August 3rd to August 20th, within 17 days, participants who create positions by “Start Quest” will have the chance to win SUI rewards.
In OKX Cryptopedia’s second phase, Bucket offers participants a $50,000 Sui token prize pool.
The campaign ends on Aug 20th, 2023, at 4 AM (UTC).
2,500 users who complete the Bucket task within the campaign period will be selected randomly to share $50,000 worth of SUI tokens prize pool.
Moreover, 1000 users who hold the rare NFTs, Aegir or Njord, and complete the Bucket task will be selected randomly to share the 300,000 Bucket future tokens prize pool.
Tasks
- Create Position in One-click:
Rewards
- $50,000 worth of SUI tokens
- 300,000 BKT Token ( Future Airdrop )
- Accumulate Bucket Points for futures airdrop
How to complete quest
- Download OKX APP, and click “Wallet” in the top Navigation
- Click “Discover” in the bottom right corner, head to the “Learn to earn” section, click “Sui Innovative L1 network”
- Scroll down in Learn & Earn page, Find Bucket Protocol and click “Explore quests”
- Enter Bucket quests page, click “Start Now”
- Jump to OKX campaign page, click “Start Quest”
- Quest Completed , back to OKX wallet
- Click “Verify” to update quest status
- Confirm in OKX wallet
- Quest Completed ! Get NFT reward.
FAQ
What is the One-Click Function and what transaction does it include ?
The logic behind the “one-click” to complete quests is to use the borrowed BUCK to directly swap SUI and then deposit it as collateral, enabling a cycle of borrowing more BUCK.
- Provide 10 SUI as collateral.
- Borrow 10 $BUCK from the tank in a flash loan.
- Deposit 0.1 $BUCK into the tank.
- Purchase 9.9 $BUCK worth of SUI on DEX.
- Use the original 10 SUI and 0.1 $BUCK worth of SUI as collateral
- Borrow $BUCK to repay the initial flash loan.
The Bucket team accomplishes “One-Click” functionality by utilizing Sui Network’s Programmable Transaction. This single transaction enables multiple actions such as swapping, depositing, and borrowing assets, empowering users to borrow more BUCK than their initial collateral.
Furthermore, the minimum debt required in the Bucket protocol is 10 BUCK. To ensure the safety of their position (if the user wants to open a position and keep the position safe), users need to provide collateral worth at least 25 SUI (calculated based on a Collateral Ratio of 150% and the current price of SUI, which is 0.59).
To simplify the user experience and reduce their initial cost, we offer a one-click flash loan and leverage option. This allows users to easily open a position with just 10 SUI as the principal. The reason for this one-step function is that flash loans need to be completed in the same transaction. For the manual operation of our product, we recommend going to the “position page” to create a position and give it a try !
In conclusion, to ensure both low costs and asset security, consider utilizing our flash loan option. With this, you can enjoy one-click flash loans and leverage, along with programmable transactions. Additionally, there’s a little surprise in this transaction — everyone receives a POAP!
How to get my deposited SUI back ?
After clicking “Start Quest” and completing the task, you will see a prompt saying “Quest Completed.”
Below that, users will be informed that they now have a position value of approximately 27 SUI through the Flash Loan service. You can click the link “check your position” to manually retrieve your position through manual operations.
Alternatively, you can use the protocol’s one-click option to retrieve all collateral assets (using the “Reverse” button).
- If you had completed quest, you will see “Reverse”
- Click “Close Position”
- Confirm in Wallet
- Transaction Completed
Why there’s a total fee consumption ~ $0.15 for whole process including getting the the fund ( SUI collateral ) back?
To enable users to participate with lower capital requirement while maintaining position security, we’ve designed a six-step task. Additionally, for user simplicity, we’ve consolidated these six steps into a single button press, streamlining the user experience. However, these six steps involve substantial changes to the blockchain and interactions with various protocols, including Aftermath (Dex), leading to higher gas fees. The incurred costs include flash loan fees, borrowing fees, and swap fees throughout the entire process (along with the one-click reverse function), amounting to approximately $0.15.
When rewards will be distributed?
- OKX Cryptopedia: 2,500 users who complete the Bucket quest in the period will be selected randomly to share $50,000 worth SUI token.
- Bucket protocol: 1000 users will be selected for airdrop within 300,000 $BKT pool prices in the future once the Bucket future token will be issued. This raffle process will be totally transparent for the eligible users who finish the task. Stay tuned for official announcement!
About Bucket
Bucket is a CDP protocol built on the Sui network that enhances fund efficiency and stabilizes stablecoin prices via an instantaneous liquidation mechanism.
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