Formation Beta Testing is now live!
We’re launching Formation beta testing tomorrow!
( 9th of June 0:00 (UTC+0)）
Our goals are to:
- Allow the community to familiarize themselves with the product and its usage
- Identify any bug, glitch, typo and areas of improvements
- Receive feedback and suggestions on the overall incentive and structural design
We’ve allocated 10,000 NAOS tokens for the top contributors in a two week testing period. The rules are as follows:
1 )We’ll airdrop 250 NAOS tokens to each of the 10 lucky participants who completed ALL of the following tasks:
a ) Retweet & Like the Beta Testing Thread on Twitter
b ) Join our Discord community
c ) Join our Telegram community
d )Claim mock DAI and NAOS tokens from the Faucet
e ) Deposit mock DAI into Vault
f ) Borrow mock nUSD from Vault
g )Stake mock nUSD in Transmuter
h )Stake mock nUSD in Staking Pool
i ) Provide liquidity in the mock NAOS:ETH pool in Uniswap
j ) Stake mock NAOS:ETH LP token in the LP pool
k )Claim mock NAOS rewards from any one of the pools
l ) Repay all or part of the mock nUSD debt
m )Withdraw the deposited mock DAI
2 ) We’ll airdrop 1,500 NAOS tokens to each of the top 3 bug finders, the severity assessment will be based on the Immunefi Severity Classification System.
3 ) We’ll airdrop 1,000 NAOS tokens to the top 3 suggestions on user experience improvement, measured by the number of suggestions that the team actually uses to improve the product
Note: if multiple participants submitted the same bug finding or user experience improvement suggestion, priority will be given to those with more specific explanations/solutions!
Bug finding and improvement suggestions to be submitted here:
https://forms.gle/Z7MaHXNXgE1FEshN8
A Step-by-Step Guide to Formation Beta Testing
Step 1: Enter https://mars.naos.finance/
Step 2: Switch to Rinkeny Test Network on your Metamask,
once done you can claim NAOS and DAI on Rinkeny Test Network daily starting from ( 9th of June 0:00 (UTC+0)）
Step 3: Go to Deposit under Vault, deposit mock DAI and borrow mock nUSD. You’ll be able to collect mock DAI/NAOS from the Faucet every 24 hours.
Step 4: Go to Transmuter with the borrowed mock nUSD, and convert it to mock DAI
Step 5: Go to Farm to stake mock NAOS, nUSD or NAOS:ETH LP tokens to earn/claim NAOS rewards
Note: the mock NAOS:ETH LP token can be obtained by providing liquidity on Uniswap. Please make sure you’re adding mock liquidity on the Rinkeby Test Network.
Link to Uniswap on Rinkeby Test Network: https://app.uniswap.org/#/add/v2/ETH/0xC83E6391DcCF286Ca64E67BAc361fAba69A48A61
Step 6: Go to Repay under Vault to repay mock nUSD with either mock nUSD/DAI, and withdraw the previously deposited mock DAI
What’s Next?
We’re currently finalizing Formation contract audit and working on the v2 of the Formation interface, which will incorporate the integration with our lending protocol Galaxy.
Here is a sneak peek:
We’ll publish another Medium post detailing the product logic of Formation, especifically on how Formation plays a critical role in our real world lending operation, as well as how we envision Formation to evolve beyond a liquidity protocol.
The Formation testnet launch marks the first step of NAOS’ long and ambitious product journey ahead. We believe NAOS is defined by its product, and we sincerely hope our product is defined by our community.
Happy hunting!
About NAOS Finance
NAOS Finance is a DeFi lending protocol allowing lenders and SME borrowers to facilitate permissionless and borderless loaning/borrowing transactions on the blockchain. Built on Ethereum, our platform lets users tokenize real-world assets and subsequent lending.
We operate compliantly and legally in top markets around the globe, maintaining safety as a top priority and fostering enhanced trust in the lending/borrowing process.
To remain informed on everything about our project, be sure to visit our website and join the family by following our social media platforms:
Website | Whitepaper | Telegram Announcements Channel | Telegram Community | Discord | Twitter
