Kava 5 Incentivized Testnet Rules (Round 2)
Win $15,000 in the “HARD Round 2” Competition
Update: Kava Labs launched a rebranded product portfolio in late August 2021, and the following archived article contains outdated information. Application rebrands on the Kava Platform are as follows: Kava CDP is now Kava Mint; Hard is now Kava Lend; Swap is now Kava Swap. To learn more about the rebrand, please read the announcement.
This archived article also contains information about a competition that concluded on Feb 25th at 17:00PST. Thank you for your participation.
The finishing touches are being put on Kava 5 and the HARD Money Market borrow feature with dynamic interest rates, along with a list of deliverables in Kava’s featured packed 2021 Roadmap.
Now it’s time for the Kava community to test HARD Money Market Version 2 to its limits again, and earn $15,000 doing it!
Money Market Madness Competition Details
Competition Period:
March 17th at 17:00PST to March 31st at 17:00PST.
Competition Rules:
Users will be ranked by the amount of HARD tokens they have claimed throughout the competition period. Here are the facts:
- The Kava 5 Testnet Faucet link here will supply a limited amount of assets for users to obtain and use in the HARD money market.
- Navigate to the Kava 5 Testnet to begin competing for prizes.
- You may only download from the faucet twice each day, downloading more than twice per day will result in your wallet being removed from the final rankings and ineligible to win a prize.
- Once you have downloaded from the faucet twice you must wait a period of 24 hours before downloading again, for example you are NOT permitted to download twice at 11pm and then again at 1am. The total number of faucet downloads over the contest must not exceed twenty-eight.
- You are NOT permitted to use additional wallets in order to obtain more than the designated number of assets from the faucet each day and then transfer them to the primary wallet
- Only one entry per person. Participants entering with multiple wallets will be removed from the final rankings and ineligible to win a prize.
- HARD token claims will be distributed to users who Supply and/or Borrow assets to different markets (e.g. BTC, BUSD, KAVA, etc) on the HARD Money Market testnet.
- The amount of HARD token claims distributed to different markets will change from time to time based on Kava testnet governance. Make sure to stay engaged to earn the most rewards.
- The interest rates for different markets will change from time to time based on Kava testnet governance. Make sure to stay engaged to manage your positions accordingly.
- It is permitted to use any Kava/Hard Protocol modules at your disposal.
- Remember to claim any earned HARD rewards before the end or very shortly after the end of contest as a snapshot of claimed HARD will be taken shortly after the end of the contest and unclaimed HARD rewards can not be applied retrospectively.
Tips to WIN:
1️⃣ Adjust your asset allocation to markets to maximize HARD claim based on adjusted HARD rewards (from governance).
2️⃣ Adjust your Supply and Borrow assets to manage your position when interest rates change (adjusted by governance)
3️⃣ Manage your positions carefully to be aggressive and earn high rewards, without liquidating your testnet position.
Payouts 🏆
The top 40 highest ranking participants will be awarded a share of the reward pool of $15,000 in HARD tokens depending on their ranking as laid out below:
1st $2,000
2nd $1,750
3rd $1,500
4th $1,250
5th $1,000
6th-10th $750 each
11th-15th $300 each
16th-25th $150 each
26th-40th $40 each
All participants finishing in positions 41–100 will be entered into a raffle to win one of ten prizes of $15 of HARD tokens. The number of raffle tickets allocated to each of these participants is dependent on their finishing position as follows: 41–50: 6 tickets, 51–60: 5 tickets, 61–80: 4 tickets, 81–100: 3 ticket
Raffle ticket numbers for each raffle entrant will be published after the end of the contest and before the draw takes place. The draw will use the last 2-digits of the Kava Chain Block Hash after a pre-announced block height to determine the winning tickets. Only one prize per person
Any questions? Hop into the HARD Telegram group and get them answered! https://t.me/hard_protocol
Stay in touch!
- Follow us on Twitter: https://twitter.com/kava_labs
- Join the conversation on Telegram: https://t.me/kavalabs
- Checkout our code: https://github.com/kava-labs
Disclaimer: This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making investment decisions.
