Everything You Need To Know About Oddz Incentivised Testnet
Detailed Guide On How To Win Up To $30,000 As Rewards
The Oddz Incentivised Testnet program on Binance Smart Chain will begin on June 7, 2021. Rewards up to $30,000 worth of ODDZ tokens will be distributed as an airdrop among the participants, top traders on the leaderboard and people submitting their feedback and suggestions in the Bug Bounty program.
To make things simple for all participants, we have prepared a one-stop guide to the Incentivised Testnet.
Snapshots:
- To participate in the Incentivised Testnet fill the Form here — https://bit.ly/3cwBGC0
- Hop on to the Incentivised Testnet — https://testnet.oddz.fi/
- Got doubts about the testnet? Read the FAQs here — https://bit.ly/3ci0Tjm
To join the testnet program, all participants must Install MetaMask in their browser.
Install MetaMask in Chrome Browser
Step 1: Go to https://metamask.io/ and click on the Download button.
Step 2: Click on the Download for Windows if you are on Windows, else choose iOS or Android, depending on the Operating System of your device.
Step 3: You will be redirected to Chrome Web Store and you will be asked to add the MetaMask extension to your browser. Do that to ensure you have a seamless DeFi experience.
Step 4: Once you have added MetaMask to your browser, create a new account and add a wallet. You will be directed to another page where you will be given the seed phrases for your wallet. Keep them in a safe and secured place as these phrases will be needed in case you lose access to your system or you get logged out of the wallet for some reason.
Also, never share your wallet password, private key and also your seed phrases with anyone.
Congratulations! You have now added MetaMask wallet to your browser
Hop on to https://testnet.oddz.fi/ to participate in the incentivised testnet.
Participating in Oddz Incentivised Testnet
To participate in Oddz Incentivised Testnet, fill in your details in this form — https://bit.ly/3cwBGC0
In this form, we ask you to submit your Binance Smart Chain wallet address which is the same as your testnet wallet address. We will also collect your contact information, such as email address, Telegram and Twitter handle and other details which are needed to connect with you in case you win rewards during the entire testnet program.
Once you enter your details, your Testnet wallet will be credited with $1000 test USDC and 0.1 test BNB. The user has to request this asset. The test tokens will only be credited once every 7 days.
Any user or participant who tries to spread wrong information to disrupt the proceedings of the Incentivised Testnet will be considered a ‘bad actor’. Also, if a user manages to get test tokens using multiple accounts and then transfers them to their single account to trade options contracts or add liquidity to the pool will be considered as a ‘bad actor’. We have devised different ways to catch these ‘bad actors’. Once disqualified, all wallets and information submitted by the disqualified participant will be added to the blocklist and no further test tokens will be credited in any of the wallets.
We will now see how users can trade options contracts on Oddz Incentivised Testnet.
If you are a trader, click on Trader to start exploring the trading platform on Oddz testnet.
Explore Oddz Testnet as a Trader
Step 1: You will be taken to the trading platform where you will have to connect your wallet. The option to connect the wallet is on the top right corner of the screen. Make sure you select your testnet wallet and not any other wallet from your MetaMask.
Step 2: As a trader, you can add tokens to the liquidity pool, buy options contracts using your own strategies on Customised Options or using tried and tested strategies using Easy Options.
We will first show you how you can add liquidity to the protocol, followed by buying contracts on Easy Options and Customised Options.
Providing Liquidity on Oddz
Step 1: Click on “Provide Liquidity” to add liquidity on Oddz. Both risk and premium on Oddz get diversified and as a result, liquidity providers can make money or lose money depending on the kind of contracts purchased and exercised on Oddz.
Step 2: Your testnet wallet balance will be displayed on the screen. In the current example, we hold $24,000 worth of USDC tokens and we can provide a maximum of $24,000 as liquidity in the protocol. In the current scenario, we add $1,000 as liquidity and accept the terms of the liquidity pool. Here we can select the underlying asset, the option and also the number of days we would like to provide liquidity.
Step 3: Once done, a very nominal transaction fee is charged, which will be paid using the test BNB tokens. Confirm the transaction and $1,000 worth of test USDC will be transferred to the liquidity pool of Oddz.
Moving on, to buy call and put options contracts, use Easy Options and Customised Options.
If you are new to options trading or do not have any specific trading strategies, then using Easy Options could be the best choice for you. Users are given different types of contracts depending on their prediction of whether the price of the underlying asset will go up or down in the coming days. Read more about Easy Options now.
If you are an experienced options trader and have devised your own trading strategies or do not need any guidance in trading one, you can quickly hop on to Customised Options and buy your first contract now.
How to check my positions on Oddz?
All active positions on Oddz can be found under one umbrella of Positions. Traders who buy contracts on Easy and Customised Options can find all details around their positions here.
Please note that all options contracts will expire unless exercised by the trader themselves. Oddz Finance does not automate such processes. Unlike European Options which can be exercised on the expiration date, all contracts on Oddz are American Options, which means that you can exercise them whenever you want to.
Lastly, read below to understand how you can earn while exploring Oddz Testnet.
How to earn rewards on Oddz Testnet?
A total of $30,000 worth of ODDZ tokens have been kept aside for the Oddz Testnet program.
The rewards will be distributed among all participants as an airdrop, to the top 10 traders in the leaderboard challenge and also to all the developers and DeFi enthusiasts who provide their useful feedbacks and recommendations in the Bug Bounty program.
How to earn $10,000 in the Leaderboard Challenge?
Please note that all users need to have a Binance Smart Chain testnet added to their MetaMask wallet. In case you do not have one, click on any one of the buttons (e.g. Easy Options) when you open the testnet and you will get a similar pop-up on your screen.
Click on approve and you have added the Binance Smart Chain testnet to your MetaMask. You can now fill the Form for participation in the Incentivised Testnet program, where users also have to submit this Binance Smart Chain testnet address. Click on the account name to copy your public wallet address and paste it on the form to participate in the program.
You will also need the same address while asking for the test tokens from the protocol.
To ask for the test tokens, click on Peggy Tokens.
You will then be required to submit the wallet address where you want to receive the test tokens. Once you submit your address, the test tokens will soon be deposited in this wallet. These tokens can only be credited to your wallet once in 7 days. In case you have exhausted all your funds, you will have to wait till the end of the 7th day to get more tokens.
You need to note that our systems will be checking for ‘bad actors’ using the different setups we have placed. Do not transfer your tokens to another address. If you are caught doing so, both addresses will be added to the blocklist and you will be disqualified from the competition.
The wallets of all participants will be credited with $1000 worth of USDC tokens once every 7 days. They will have to request test tokens on the platform. All participants will be competing with one another to make maximum profits on the platform. This can be done in a variety of ways -
- By buying call and put options on Easy and Customised Options
- By providing liquidity in the Liquidity Pool and earning from the premium distributed among all LPs
- A mix of the above two points.
The battle for the top 10 spots on the leaderboard will take place for 4 consecutive weeks, starting from June 7, 2021, and ending on July 6, 2021.
The winners of the leaderboard challenge will be announced at 14:00 hours UTC on July 6, 2021.
The distribution of ODDZ tokens among the top 3 winners on the leaderboard will be as follows -
1st — $2000
2nd — $1700
3rd — $1400
All traders ranking 4th to 10th will receive $700 worth of ODDZ tokens each.
More detailed information about the Leaderboard Challenge will be released soon.
How to earn $20,000 as Bug Bounty and Airdrop?
A detailed blog about the $10,000 Airdrop will be released soon. Make sure you follow us on all our social media accounts and our Medium so that you do not miss any of the updates related to the Incentivised Testnet.
A detailed blog has also been created for Bug Bounty. Read the blog to know how you can earn up to $10,000 by reporting glitches and bugs on the platform and also by giving us creative ideas. Make sure you follow all the submission rules and also give detailed explanations in your document.
Have more doubts?
Join Oddz Chat and get all your doubts cleared!
About Oddz
Oddz is a trustless on-chain option trading platform that expedites the execution of call and put options contracts, conditional trades, and futures. It allows the creation, maintenance, execution, and settlement of trustless option contracts, conditional tokens agreements, and futures contracts quickly, securely, and flexibly.
It employs the synergies of Ethereum, Binance Smart Chain, and Polkadot to unleash the potential decentralized derivatives market. It focuses on building solutions that can propel the DeFi ecosystem by simplifying derivatives trading and enhancing the user experience.
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