Oddz Incentivised Testnet — Wrap Up
Ending On A High Note
And it’s a wrap!
Our incentivised testnet program that lasted for a month has finally come to an end and we are impressed by the participation and feedback from our community members. The incentivised testnet program that started on June 7, 2021, saw more than 20,000 people participating in our leaderboard challenge and bug bounty program to win as much as $30,000 in ODDZ tokens. The tools available to our testnet users were Easy Options, Customised Options, Liquidity Pools, Staking and Social Trading Platform. From the responses we have received, we are very happy to share that our protocol received global recognition and was able to garner participation from several countries.
The main goal to launch Oddz Finance on Binance Smart Chain (BSC) was to simplify user interaction with the blockchain. Since BSC has extremely low transaction costs and high throughput, participants on Oddz Incentivised Testnet were able to purchase almost ~$400M worth of options contracts over a period of 1 month. It is a very proud moment for us because we were able to save more than $25,000 worth of gas fees during the testnet.
To get an overview of the Incentivised Testnet Program, watch the video shared below.
Oddz Finance aims to benefit the traders as well as liquidity providers who provide their USDC tokens into one of the 21 liquidity pools on Oddz Finance. Unlike our competitors, we wanted our liquidity providers (LPs) to choose what kind of option writers they would like to be, thus helping them build their own strategies.
Liquidity providers on Oddz can choose to get different expiry exposure based on their expectations about the market. An LP on Oddz can choose to add their USDC tokens to the pools that contribute to call or put options for BTC and ETH with different exposures, for example, a user can provide liquidity to 7 days pool and all options purchased with expiry between 1 to 7 days will utilise this pool.
There were 21 liquidity pools in total. 10 pools were created for BTC and ETH each and a separate Default Pool was also created for the users. The Default Pool allowed liquidity providers to be option writers for all type of contracts. These tokens can be used for a 14-day put option of ETH or a 1-month call option of BTC. We noticed that all liquidity providers for BTC pool were profitable for the LPs.
A total of 8329 options contracts were purchased on Oddz Incentivised Testnet of which 789 were exercised. A breakdown of the options contracts between BTC and ETH can be found below. As seen in the charts below, there was more open interest in ETH contracts as compared to BTC contracts.
Users who provided their USDC tokens in one of the liquidity pools received oUSD LP tokens that could later be used to stake on the platform to earn additional yield. While providing liquidity allows LPs with an opportunity to earn a share from the premium collected in that pool, staking LP tokens like oUSD and ODDZ tokens give all stakeholders a share from the transaction fee whenever an option is purchased or exercised. Users who thus want to deposit their USDC tokens on Oddz can thus earn additional yield by staking their oUSD tokens on the platform. A total of 300,000 ODDZ tokens were distributed to the stakeholders during the 30 days of the Oddz Incentivised Testnet. This shows how rewarding it could be for LPs and Oddz token holders on Oddz Finance.
A brief about Oddz Incentivised Testnet can be found in the video below
Testnet Winners and Rewards
We are happy to announce that our team has been able to shortlist the winners of the incentivised testnet program.
For the leaderboard challenge, $10,000 worth of ODDZ tokens were allotted to be distributed among the top 10 positions on the leaderboard.
The prizes are as follows:
1st — $2000
2nd — $1700
3rd — $1400
All traders ranking 4th to 10th will receive $700 worth of ODDZ tokens each.
A screenshot of the winners has been shared for your reference. The prize money will be distributed within 2 working days. A public announcement will be made as soon as the funds are transferred to all the winners.
We would also like to congratulate all the other participants who showed interest in our platform and showed great spirit during the entire incentivised testnet.
To acknowledge the zeal and enthusiasm shown by the other traders on Oddz Finance, we will be airdropping $100 worth of ODDZ tokens to the next 100 traders (Rank 11 to 110) who have followed all the rules of the Airdrop and the Leaderboard Challenge.
The list of airdrop winners can be found here.
All 100 participants who have been shortlisted for this airdrop will receive their $100 worth BEP-20 ODDZ tokens in the next 2 days. A public announcement will be made as soon as the funds are transferred to all the winners. These tokens will be sent on the same wallet address on Binance Smart Chain (mainnet) for the same wallet address that was used to register while participating in the testnet.
Regarding the Bug Bounty Program, we received several reports from our users and we have been able to resolve most of them. Most of the bugs reported during this testnet were related to the user interface and issues related to transactions. Some users went the extra mile to check out all the features on the platform and report any bugs found on the platform.
Based on the priority and severity of the bugs submitted, we have chosen 21 unique users who will be receiving their bounty in the next 2 days.
IV is used to calculate the fair price of all options contracts. During the incentivised testnet program the IV for BTC was used to price ETH options contracts due to the IV unavailability for ETH. While IV data feeds are available for BTC and ETH on the mainnet, getting that data for ETH was an issue during the testnet. We will work on different ways to improve the fair pricing of ETH contracts by enabling accurate IV for ETH in our upcoming testnet programs.
With that said, we will be launching on Polygon testnet very soon. Stay tuned for more information and follow us on our social media!
Oddz is a trustless on-chain derivatives 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 in a fast, secure, and flexible manner.
It employs the synergies of Ethereum, Binance Smart Chain, Polkadot, Polygon and Elrond Network 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.