Guide to Timeswap’s Gamified Testnet
It’s time to put your degen hats on as Timeswap’s Gamified Testnet is almost here.
After an overwhelming response to our announcement last week, we are excited to announce that the Gamified Testnet will be going live at 2 pm UTC on Dec 8th and all the 8k+ whitelisted participants will be able to take part and go for gold.
Using the Gamified Testnet
The Gamified Alpha UI and pools will work on the same lines as our regular testnet. All the pools involved in the game will be displayed on the dashboard to lend/borrow from.
- The link to access gamified testnet will be shared via our discord at 2 pm UTC on launch day.
- The link will be accessible only for the whitelisted addresses.
For an elaborate guide on how to use the Timeswap Alpha, check out our guide here.
Roadmap for Gamified Testnet
The Gamified Testnet will work with various test token pools on the Rinkeby test network. The objective for every user is to maximize their pool of capital by the end of the competition.
The competition will run across two weeks — Level 1 and Level 2.
At the beginning of each level, all whitelisted participants will receive 10,000 TS-USDC (same spot price of USDC) tokens which will be used by participants to lend/borrow from various pools to eventually maximize their returns.
Level 1(Week 1): Users can use the TS-USDC(same spot price of USDC) to lend/borrow as well as swap across the following assets — TS-ETH, TS-DOGE TS-SHIBA (same spot price of ETH, DOGE and SHIBA respectively). We will be providing a swap service on the UI where users can swap between the various test tokens. These tokens will be exchanged at the corresponding market price which is being pulled in via an API.
There will be multiple pools, each with a maturity of 7 days.
TS-ETH — TS-DOGE
TS-DOGE — TS-ETH
TS-DOGE — TS-SHIBA
TS-SHIBA — TS-DOGE
TS-USDC — TS-ETH
Level 2(Week 2): Level 2 will have new pools with a 7-day maturity. The exact dates for the launch of Level 2 will be shared subsequently.
The top 10 performers of Level 1 will receive additional points that will count towards the final score after Level 2.
Users who missed the Level 1 deadline for registration will be able to get their address whitelisted for Level 2 and participate in the competition. The final reward will be based on the score at the end of Level 2. More information on the point system will be shared during the course of the event.
The Scoring System
The Timeswap Team will be taking a snapshot of TS-USDC balance of each participating wallet exactly 24 hours after the close of each level i.e at 2 pm UTC on 16th December for Level 1. The timelines for Level 2 will be shared subsequently.
Note: We will be providing a 24 hour window at the end of each level(week) for participants to convert all their non-TS-USDC tokens back to TS-USDC. Each participant must ensure they do the same within the given time as the final list of winners will be based on each wallets’ TS-USDC balance. The swap service will freeze the exchange price for all tokens exactly at the moment of closure of each week and users can use the 24 hour window to swap assets at the frozen price.
- Winners will be decided based on TS-USDC balance of each wallet
- Users have to swap their non-TS-USDC tokens back to TS-USDC tokens within 24 hours of each week closing
- Token prices of the swap service will be frozen at the exact moment of closure of each week
- Top 10 holders of Level 1 will receive additional points for Level 2, more details of this will be shared subsequently
Some Ground Rules
- One user is allowed to participate through one wallet only. Users found with multiple wallet addresses will be disqualified from participating.
- Any transfer of tokens found between the whitelisted addresses will render those addresses disqualified from the game. Tokens include TS-USDC, TS-ETH, TS-DOGE, TS-SHIBA & pools’ Native Tokens: Bond, Insurance, and CDT (NFT) tokens. The same rules will apply to the tokens part of Level 2 as well.
- Any inbound transfer of tokens from external wallets is prohibited.
- Any suspicious Discord account or activity from any address found by the team will lead to disqualification.
- Timeswap’s team decision will be final and binding.
Some tips for Time Travelers
- Remember that each user will only receive 10,000 TS-USDC, so spend your tokens wisely across various pools
- Lending into a pool locks your tokens for the rest of the week, so be careful in choosing when to lend.
- Borrowing positions can be closed anytime, so if you see a short-term opportunity, leverage up and profit.
- Maximize your alpha by looking for arbitrage opportunities that arise due to other degens apeing into the pools. Be a sniper and wait for your opportunity.
- Combine the swap service and borrowing to short tokens if you feel a specific token has a bearish outlook for the week.
- Borrow from pools with lower interest rates and lend into pools with higher interest rates.
- See an undercollateralized pool? Leverage up and default if that is the maximum EV trade.
There are countless strategies that can be implemented as part of the game, we are looking forward to hearing all the innovative strategies cooked up by Time Travelers on our discord. Come hang out in the gamified testnet strategy channel on discord with other degens, share alpha and win together!
To the Moon!
We hope that you are excited as we are. Dive deep into the simulated world of permissionless lending and borrowing to get a taste of DeFi 2.0 and shoot for the moon!
Let the games begin!