Introducing The First Xend Finance Incentivized Testnet!

Abafor Chima
Dec 15, 2020 · 5 min read

Welcome to the incentivized testnet for the world’s first DeFi credit union and cooperative platform! We are very proud of the fact that we have made so much progress just over one month after our public launch in conjunction with one of our backers, Binance. On top of being a Binance-backed project, amongst others, we are also building our protocol on Binance Smart Chain — the first company to do so out of Africa. (Read why we chose Binance Smart Chain here.) We are proud to be ambassadors and representatives of the African landscape and ecosystem, where blockchain and crypto-adoption has one of the fastest growth rates in the world. We believe that blockchain and crypto can have profound effects for stabilizing the continent and fluctuating valuations of local currencies.

With all that said, let’s get back to why you’re here! We prefer that you come to test out our product for bugs ahead of our future mainnet launch, but we know earning the future $XEND token ahead of its release could be enticing as well. 😉 Regardless, we’re glad you’re here. There’s a total of 200,000 $XEND up for grabs and there’s numerous ways to earn them. Testing, tweeting, tasking, telegramming… they’re all connected in some way!

To get started, you’ll head to our testnet section here: https://testnet.xend.finance/. However, you may need some help figuring out what it is you’re supposed to do. Click here for step-by-step details in getting started. Also, you may know that we made a press announcement regarding this launch in partnership with Binance and CZ. His quote on our testnet launch is also in that release, so go ahead and read it here!

Below are the details, terms, rules, and basically all the ways you can earn $XEND. We are excited as you are to see how our early beta version of our product holds up to your “testing” and what problems may arise. Remember, this is a testnet, so there WILL be problems. Finding out about them before our mainnet launch is the key here. Thanks for participating and happy hunting!

Sincerely,
Xend Finance team.

Participation and Reward for Xend Finance Testnet

Duration: 15th Dec. 2020–15th Jan.2021

Rewards: 200,000 $XEND Token

We have two rewards categories.

1. Leaderboard

2. Weekly Winners

For the leaderboard, users have to complete tasks to earn points under the following categories:

  1. Technical Testnet Campaign
  • Platform Explorer
  • Bug Bounty Hunter

2. Media Testnet Campaign

The Leaderboard will be updated daily.

Platform Explorer

  1. Personal Savings Operations — 10–50 points
  • Complete a Personal savings operation on the testnet and submit screenshots of your completed task.

2. Esusu Savings Operations — 10–50 points

  • Complete an Esusu savings operation on the testnet and submit screenshots of your completed task.

3. Cooperative Savings Operations — 10–50 points

  • Complete a Cooperative savings operation on the testnet and submit screenshots of your completed task.

Bug Bounty Hunter (find bugs)

Find and report a bugs to get points

  1. Minor (No so technical serious bug, typos) — 10–50 points
  2. Serious technical bugs (can cause little damage or fraud) — 50–100 points
  3. Very serious (serious logical, big damage) — 100–500 points

To participate in the Platform Explorer and Bug Bounty Hunter campaigns, submit your works here: https://bit.ly/XendFinanceTechnicalReport

Telegram Campaign

Rewards:

1. Promote us in Group Channel (this is for people who own groups with minimum 1000) ( 70 points )

2. Create and post Xend Finance Stickers/Memes ( 50 points )

Rules:

1. Join official community group at: https://t.me/xendfinance

2. Invite your friends to join the channel

3. Extra tokens are awarded for activity on telegram

4. Telegram account must be real (bots will be disqualified)

5. NO spamming, advertising, trolling or abuse will be tolerated. If you do not obey these rules you will be removed, banned and reported.

6. Xend Finance reserves their right to change these terms or apply new ones.

7. Users NOT complying with the terms will be disqualified.

Twitter Campaign

The rewards will be given on a weekly basis.

Rewards:

1. Have more than 20–100 followers: 10–30 points/week

1. Have more than 200 followers: 30–50 points/week

2. Have more than 501 followers: 50–75 points/week

3. Have more than 1001 followers: 75–100 points/week

4. Have more than 2001 followers: 100–150 points/week

5. Have more than 5,001 followers: 100–200 points/week

Rules:

1: Twitter account must have over 20 Followers

2. Must follow, like and retweet our page content at:https://twitter.com/xendfinance. Use hashtag below each post : #Xendfinance #Defi etc

3: At least 5 tweets/retweets per week

Video Campaign

These rewards will be given per video content created

Rewards:

1. Normal quality: 15 points

2. Medium quality: 30–50 points

3. High quality: 50–100 points

4. TOP quality: 150–300 points

Rules:

1. Describe Xend Finance and its features

2. Upload them on YouTube or Vimeo

3. Must have at least 50 subscribers

4. Duration should not be less than 2 minutes of actual content

5. points will be allotted on the basis of the quality and audience of the video. The amount of points assigned is non negotiable.

6. Plagiarism or use of another’s material will be considered as an invalid submission.

7. In the description of the video, there must be at least one link to the website , twitter, telegram and/or whitepaper.

Media/Blog Articles Campaign

These rewards will be given per blog content created

Rewards:

Good Quality: 30 Points

Better Quality: 100 Points

Best Quality: 300 Points

Rules of Media/Blog Articles:

*Content Must be original

*Article/blog will be about Xend Finance and should be Blockchain/DeFi related

*The platform through which you publish must be relevant and there must be an audience

*Article/blog must be at least 400 words

*Content can be in either English, Chinese, Korean or Russian

*Must include Xend Finance Website, Telegram and Twitter links in content

To participate in the Media Campaign submit your works here: https://bit.ly/XendFinanceMediaReport2

Weekly Winners

- Post with highest retweets that also has Xend Finance hashtags

- One person from the community picked at random for promoting Xend Finance

Note** Users participating have to fill the Google forms to tell us what tasks they have completed.

Prize scale on Leaderboard

1st: $1,000 + 15,000 $XEND tokens| 2nd: $750 + 10,000 $XEND tokens| 3rd: $500 + 5,000 $XEND tokens | 4th — 10th: $150 + 3,000 $XEND tokens |11th — 50th: 2,000 $XEND tokens

Weekly Winners: $150 + 2,500 tokens

The Leaderboard will be updated daily, and winners will be announced at the end of the Test Duration.

Xend Finance

Xend Finance

Xend Finance is a decentralized Credit Union protocol built to optimize, improve and add value to the core operations of credit unions globally. Xend Finance is decentralizing savings, lending, borrowing and investment operations of credit unions.

Abafor Chima

Written by

Just my opinion about stuff, mostly tech stuff. Take it with a pinch of salt.

Xend Finance

Xend Finance is a decentralized Credit Union protocol built to optimize, improve and add value to the core operations of credit unions globally. Xend Finance is decentralizing savings, lending, borrowing and investment operations of credit unions.