FAQs — Oddz Incentivised Testnet Program

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FAQs — Oddz Incentivised Testnet Program

Welcome! If you are looking to get some answers to your questions related to Oddz Incentivised Testnet program, you are at the right place.

This blog contains a list of all the FAQs that any user who hops on to our testnet might have. This entire blog is a work in progress and will expand as the testnet goes forward.

You might get most of your doubts cleared after reading the Detailed Guide to Oddz Incentivised Testnet on Polygon but if you still have more questions, continue reading the FAQs and you might find your answer.

How can I participate in the Incentivised Testnet program of Oddz?

Fill the form to become eligible to participate in the Incentivised Testnet program. You will also have to download MetaMask wallet on your browser if you do not have one. Follow the Detailed Guide to Oddz Incentivised Testnet on Polygon to know how to add MetaMask to your browser. Once done, you can then go to https://polygon-testnet.oddz.fi/ on August 16, 2021, to join our testnet.

To participate in the testnet, make sure you read all the terms and conditions and submit your information such as your name, email address (optional), your Telegram and Twitter handle and also your Matic Testnet wallet address. If you don’t have one hop on to our testnet — https://polygon-testnet.oddz.fi/, and then click on any one of the buttons (for example Easy Options) to add the Matic Testnet address to your MetaMask. Copy the public wallet address by clicking on your account name when the network is on the Matic testnet and paste it into the form.

General:

• How can I participate in the Incentivised Testnet program of Oddz?

Fill the form to become eligible to participate in the Incentivised Testnet program. You will also have to download MetaMask wallet on your browser if you do not have one. We suggest you use Chrome for a good experience on Oddz. Follow the Detailed Guide to Oddz Incentivised Testnet on Polygon to know how to add MetaMask to your browser. Once done, you can then go to https://polygon-testnet.oddz.fi/ on August 16, 2021, to join our testnet.

To participate in the testnet, make sure you read all the terms and conditions and submit your information such as your name, email address (optional), your Telegram and Twitter handle and also your Matic Testnet wallet address. If you don’t have one hop on to our testnet — https://polygon-testnet.oddz.fi/, and then click on any one of the buttons (for example Easy Options) to add the Matic Testnet address to your MetaMask. Copy the public wallet address by clicking on your account name when the network is on the Matic testnet and paste it into the form.

• On which network is the testnet launched?

The testnet will work on Matic Testnet.

Faucet Tokens:

• I have registered for testnet but didn’t get faucet tokens?

You have to request faucet tokens from the URL : https://polygon-testnet.oddz.fi/options/faucet.

• How many faucet tokens are distributed in testnet?

2000 USDC, 100 ODDZ and 0.2 MATIC tokens will be distributed in the first week. Traders claiming faucets every week will be given an additional 500 USDC from their previous claims to continue exploring the different features on Oddz. Traders claiming faucet tokens for the second time will get 2500 USDC tokens and the ones claiming faucet tokens for the third time will get 3000 USDC tokens. This will also help them rise up the leaderboard if their trades go right.

• I clicked on “Request Faucet” but couldn’t see my tokens in the wallet?

On the page https://polygon-testnet.oddz.fi/options/faucet, add required tokens to MetaMask by clicking on respective tokens. If you don’t see your tokens after requesting the faucet and adding tokens to MetaMask wallet, check with the Oddz team in the telegram group.

• Can I get the testnet tokens whenever I want to?

No, you cannot. Once the 2000 USDC, 100 ODDZ and 0.2 MATIC tokens have been credited to your wallet, you will only be able to request the testnet tokens on or after the 7th day.

• I have exhausted all my testnet tokens. What should I do?

Testnet tokens will only be deployed once every 7 days. In case you exhaust your USDC tokens, you will have to wait till the end of the 7th day.

• What can I do with the testnet tokens?

While test USDC tokens will be used to buy options contracts and to provide liquidity to the protocol, the test MATIC tokens will be used to pay the nominal gas fee on the testnet.

Options:

• How to buy Easy Options on the testnet?

Easy Options has been developed keeping in mind not all traders are experienced or may have developed a strategy to trade options. The least a trader can do is predict whether the price of an underlying asset will go up or down in the coming days. An expectation of the price going up means Call and an expectation of the price going down means Put. Once we have chosen the token and the direction in which we expect their price to move, we provide you with three different scenarios: Small Move, Average Move, and Big Move.

To buy Easy Options on the testnet click on the number of contracts you wish to purchase. On clicking the Virtual Trade button, you will now get additional details about your contract, which include the expiration date of the contract, the strike price, the current price of the underlying asset (ETH in this case), your breakeven price, and the quantity of the contracts purchased.

What matters the most to any trader is the information about their maximum profit, maximum loss and breakeven price. Once you have that, everything will be a cakewalk!

Read the guide to Easy Options now or watch this demo video to know more.

• How to buy Customised Options on the testnet?

Click on Customised Options under https://polygon-testnet.oddz.fi/. A dashboard appears which shows the price chart for the asset class, along with the information related to your options contract. You can select any cryptocurrency of your choice. Just click on the dropdown button and select any one of the options.

You will only be able to trade in BTC and ETH options contracts for some time. More tokens will be added soon!

Based on your trading strategy, risk appetite, and requirements, you can select the quantity of the underlying asset you wish to trade. Please note that you can trade as low as 0.1 units of any asset selected.

Once you are done selecting the quantity, expiration duration and your strike price, our inbuilt advanced ML algorithm will take the up-to-date Chainlink Implied Volatility Data Feed to calculate the premium on the contract customised by you.

On the right-hand side of the screen, you can check the cryptocurrency's price chart and check your breakeven price. You can quickly verify how your PnL will change as the price of the underlying asset changes. Once you are done verifying the contract, click on the Buy Option button.

Verify the transaction fee, along with the premium you have been asked to pay. Once verified, an equivalent amount will be deducted from your connected wallet and your new options contract will be visible under Positions.

Read the guide to Customised Options now or watch this demo video to know more.

• I am not able to buy options, it says premium exceeds USDC balance?

It is because you don’t have sufficient USDC tokens to buy the options, go to https://polygon-testnet.oddz.fi/options/faucet and request faucet tokens.

• I am not buying options, it keeps on loading and fails without confirmation from MetaMask?

Go to settings and set your slippage percentage.

• How do I make my transactions gasless?

Go to settings and enable your Gasless mode.

• I have enabled gasless mode but my transaction is asking me to pay for the gas.

It is because we have a minimum premium to use gasless transactions. You can check the minimum premium info in settings. If the option premium is below the minimum premium then users should pay for the gas.

• I have enabled gasless mode and my premium is above the minimum premium for gasless transactions but my transaction fails after signing.

This is because there might be an issue with our gasless relayers, switch off the gasless mode and proceed to buy the options.

• The prices of ETH/BTC are not the same as the prices in CoinMarketCap. Do you have any delay in fetching the prices?

We use Chainlink oracle for getting the asset price feeds. The values are up to date with the decentralised systems.

• How to exercise an option after buying it?

Check your positions under https://polygon-testnet.oddz.fi/options/positions and exercise in the money options before expiry for profits.

• I have an in the money profitable option but they moved to an expired tab?

Exercising the option in manual currently, so the user needs to exercise the option before expiry, otherwise, the option gets expired and the user loses the premium paid.

• On the Customise options page “Buy” button is greyed out and I am not able to buy the option.

This is because Premium is low and hence option purchase is disabled.

Liquidity Pool:

• How do I provide liquidity to the testnet?

Click on “Provide Liquidity” to add liquidity on Oddz. Your testnet wallet balance will be displayed on the screen. Select the underlying asset, the number of days you would like to provide liquidity and also the option type you would like to provide liquidity to and then accept the terms of use on Oddz. Once done, a very nominal transaction fee is charged, which will be paid using the test MATIC tokens. Confirm the transaction and the test USDC tokens you desired to add to the liquidity pool will soon be added.

Read the Detailed Guide to Oddz Incentivised Testnet on Polygon to know more.

• What is the significance of all the pools?

Liquidity providers act as option writers on our platform. Each pool has significance based on the type of asset, type of option and expiration period. When a trader buys an option, premium will be locked in these pools and the pool can gain profits if the option expires which will be distributed to the liquidity providers in that pool. Liquidity providers can choose the pools they wish to provide the liquidity for better returns.

• Why is it displayed that my liquidity is locked?

When a trader buys the option, the premium is locked in the pool based on option type which will be unlocked when the option expires/exercised. Liquidity providers can withdraw their liquidity at any time.

• I am not able to withdraw premium, the button is disabled?

Users cannot withdraw premium if it is negative or within lockup duration. Currently, the premium is locked for 7 days. If a liquidity provider withdraws an amount within lockup duration then the premium will be lost and distributed to other liquidity providers.

• Why is my premium amount negative?

Premium can be negative if the total profit for the pool is negative. The pool can get profitable when more options expire in that pool.

• I am not able to withdraw liquidity though it shows I have provided 1000 USDC liquidity in the pool.

This might be because you don’t have the LP tokens (oUSD) in your wallet. Equivalent LP tokens are minted when the user provides liquidity. If the user has staked the oUSD tokens and doesn’t have any LP tokens in the wallet then the user cannot withdraw the liquidity. Users should unstake the oUSD tokens and then withdraw liquidity.

• I am not able to move liquidity, it says “Pool transfer not allowed”.

There is a lockup period for moving the liquidity between the pools. Let’s say the lockup period is x days. If you have moved the liquidity today, you can move liquidity again after x days.

Staking:

• I am not able to stake tokens ODDZ/oUSD?

Check for the balance of tokens in your wallet. Get faucet ODDZ tokens from https://polygon-testnet.oddz.fi/options/faucet. oUSD tokens are minted when the user provides liquidity in the pools.

• How to get oUSD tokens to stake?

When you provide liquidity to the pools, an equivalent amount of oUSD will be minted and transferred to the user’s wallet which can be staked further.

• How are the staking rewards distributed?

Staking rewards are distributed in ODDZ tokens.

• I cannot claim rewards even though I can see my reward amount, the button is disabled.

Currently there is a lockup duration to claim staking rewards, after which users can claim rewards.

• How to check the amount of tokens I have staked?

The amount of tokens staked can be checked under the Stake/Unstake tab.

Social Trading:

• What is the COPY button on the social trading page?

The social trading page displays all the options bought by traders with their PnL so other traders can use the same strategy for better returns. When you click on COPY of any top trader option, you can buy the same option that the user has bought so that you can expect better returns.

• How do I guarantee that a trader is good just by seeing the PnL?

You can check all the options bought by the trader and the PnL of the user by clicking on the trader address.

Leaderboard:

• How frequently the leaderboard data is updated?

The leaderboard data gets updated in real-time.

• Why does it say “You are blocked from Testnet rewards”?

We have devised methods that catch ‘bad actors’. All addresses involved will be added to the blocklist and you will be disqualified from the competition.

• Who is a bad actor and what happens to them?

Any user or participant who tries to spread wrong information with an intention to disrupt the proceedings of the Incentivised Testnet will be considered a ‘bad actor’.

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 also be considered as a ‘bad actor’.

Anyone who disobeys the Terms and Conditions of the Oddz Incentivised Testnet program will be considered a ‘bad actor’.

Anyone violating the privacy of others, disrupting our systems, destroying data, or harming the user experience throughout the program will be considered a ‘bad actor’.

Oddz Finance has devised multiple ways to catch bad actors during the entire testnet program. All bad actors will be disqualified and all wallet addresses and information submitted by the disqualified participants will be added to the blocklist and no further test tokens will be credited in any of the wallets.

Bug reporting:

• Where can I report the bugs?

We have open-sourced our contracts in the github repo

https://github.com/oddz-finance/oddz-options-v1

You can report the contract bugs and UI bugs in the form below,

https://forms.gle/9ypXE8BAbumZQ6bu9

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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