For this competition, you can compete in one or all of the following three different "user roles":
Farmer
Minter
Validator
In order to enter the competition, you will need:
1. Stake at least 1 ACRE on Arable Mainnet, or provide liquidity of at least $1 and stake LP tokens on Arable Mainnet. The more you stake, the bigger your share of the prize pool!
2. Register for the contest with the correct form for your user role. If you want to register for multiple user roles, please make sure to submit both forms
For the validator role: https://docs.google.com/forms/d/e/1FAIpQLScCu4S395yI3ZYA8xRdxLVOQzIgESG_78UAOvIOtfN4jWd-Ug/viewform
Find initial Testnet funding on Fuji Testnet. They will be airdropped once the game starts.
Use Testnet Tokens for farming, minting or validating as described below.
Help the protocol while earning ACRE rewards!
We hope to reward loyal supporters of the project, including ACRE shareholders and liquidity providers on the Arable mainnet. To participate, you need to stake at least one ACRE or provide liquidity of at least $1, and stake LP tokens on Arable. Loyalty isn't that expensive after all!
You can compete in any single one or all of the user roles. Each user role covers a different type of activity and has a separate prize pool. Read the "How to Compete - User Roles and Rewards" section below to learn more about the different roles and bonus distributions.
Prize distribution
This time, the total prize pool is 1 million ACRE, divided into three different prize pools, one for each user role.
Farmer: 300K ACRE will be allocated to synthetic farmers.
Minter: 400K ACRE will be allocated to Minter.
Validator: 300K ACRE 300,000 ACRE will be allocated to validators.
You can compete for any or all of the prize pools. Must participate in either category!
Your participation in the Arable mainnet makes sense!
The share of the prize pool that each participant receives depends on two factors:
1. The number of rewards generated when interacting with MVP Testnet
2. The number of LPs and ACREs staked on Arable Mainnet.
These values are taken into account when determining the share of the total prize pool. The more ACRE and LP tokens you stake on the mainnet, the more rewards you generate on the MVP Testnet and the greater your share of the prize pool.
Validators also receive a reliability score that affects their potential profitability. Read more about it in the "How to Compete - User Roles and Rewards" section below.
We will take a snapshot at the end of the competition to determine the total asset value locked in the Arable protocol by each participant on the testnet and mainnet respectively.
When the snapshot occurs, the dollar value of all assets will determine the total asset value. The reward pool for the three user roles (farmer, miner, validator) will be distributed proportionally to each participant according to their share of the total assets.
The more LP tokens and ACRE you stake on Arable Mainnet, the higher your profits. So, what are you waiting for: stake, stake, stake!
The MVP contest will be held on the Arable MVP Testnet at: https://mvp.arable.finance.
To participate in the competition, you first need to set up MetaMask to support Avalanche FUJI Testnet (also called "Avalanche FUJI C-Chain").
Watch this guide on how to setup MetaMask with Avalanche FUJI Testnet: https://ddwwrqaf.gitbook.io/arabletutorials/adding-avalanche-fuji-network-to-metamask
Arable MVP Testnet runs on Avalanche FUJI Testnet, an independent network for developing Avalanche applications. It works just like the Avalanche network (also called Avalanche Mainnet) you are most likely familiar with.
Testnet only uses fake assets. All assets on Testnet are basically "game coins" that you can get for free. In the rest of the article, whenever we mention any asset like AVAX, USDT, or any synth like arUSD or arSOL, we always mean free money on Testnet.
When competing, you don't need to spend any real money! So please have fun. So please enjoy it :)
Farmer
At the start of the competition, we will give each farmer an initial Testnet funding. 1,000 USDT and 1,000 arUSD. If that's not enough, you can buy more arUSD at Pangolin. Just make sure to connect to Avalanche FUJI Testnet first.
As a farmer, you most likely want to put your arUSD to work and start yield farming. The following are the specific steps.
Switch Metamask to "Avalanche FUJI C-Chain" if you haven't already done so.
Go to https://mvp.arable.finance
Select "M.Swap" in the menu on the left to enter the Arable synthetic DEX.
Exchange arUSD for any synthetic asset ("synth"), such as arSOL.
Select "M.Farms" from the menu to get an overview of all available synthetic farms.
Stake synthetics on any of the available synthetic farms for farming rewards.
Farm rewards can be claimed every 8 hours.
When calculating a farmer's share of the prize pool, consider the following:
1. Synthesize all staking assets in the farm. Any pending farming rewards do not count.
2. Any synthetic assets held.
3. Any USDT holdings.
Farmers can also provide liquidity in Pangolin (make sure you are connected to Avalanche FUJI Testnet in MetaMask) and stake LP tokens in Arable. Any LP staked reward can be claimed once a day.
Liquidity mining does not directly count towards your winnings in competitions (see above). However, you can use this as part of a strategy to get more money, which you can then use to farm more synthetics. The same applies to betting on ACRE.
For liquidity mining, the following token pairs will be supported.
ACRE/USDT
AVAX/USDT
AVAX/ACRE
AVAX/arUSD
USDT/arUSD
At the start of the competition, we will build a fully funded pool for USDT/arUSD on Pangolin on Testnet.
Minters
We will provide each miner with initial funds at the start of the competition. The amount offered is Testnet 1,000 USDT and 1,000 arUSD.
Minters mint arUSD by staking ACRE, WAVAX, USDT, or Arable Kingdom tokens, and they immediately start earning ACRE rewards and profit from farmers’ transactions on the Arable DEX.
The prize amount is calculated based on the amount of arUSD minted by individual miners before the end of the competition.
Important rules:
Minters must ensure that sufficient collateral is maintained at the end of the competition. If the miner's risk ratio (read below for the definition of risk ratio) exceeds 100% at the time of the snapshot, they will be disqualified from the miner's pool. However, they can still earn rewards for participating in other user roles.
Miners incur debt to the system by minting arUSD, which must be backed by sufficient collateral. The maximum amount of arUSD that can be minted based on the value of the collateral is referred to as the "Maximum Issuable" arUSD.
The ratio between the current debt and the maximum issueable arUSD is called the "risk ratio" and is expressed in %. By minting arUSD, you are essentially lending arUSD from the protocol, and your collateral backs the loan.
The hazard ratio expressed as a percentage is calculated like this.
(Current Debt/Maximum Issuable arUSD) * 100
Miners must keep the risk ratio at or below 100% to remain fully collateralized. Otherwise, their positions will be flagged and even liquidated.
If the risk ratio exceeds 150%, a miner will be flagged. Immediate liquidation is possible if the risk ratio remains above 150% for more than three days.
If the risk ratio is 200% or more, miners have the potential to be liquidated immediately.
Validators
The validator ensures that the pricing data for the synthesizer and the APR data for the farm are correct and will handle the clearing task.
Validators receive an individual score based on their reliability, which determines their share of the validator prize pool.
Runtime of validator scripts: oracle, liquidation, price stabilization bot for arUSD.
"Mark" counts. If a miner's risk ratio exceeds 150%, they are eligible to be flagged. Marking will trigger an on-chain warning.
The validator ensures that the pricing data for the synthesizer and the APR data for the farm are correct and will handle the clearing task.
Validators get an individual score based on their reliability, which determines their share of the validator bonus pool.
Runtime of validator scripts: oracle, liquidation, price stabilization bot for arUSD.
"Mark" counts. If a miner's risk ratio exceeds 150%, they are eligible to be flagged. Marking will trigger an on-chain warning.
Liquidation count. If a miner's risk ratio exceeds 200%, they are eligible to be liquidated without being flagged.
If validators act maliciously and deliberately set incorrect price data for oracles, they will be immediately disqualified.
At the start of the competition, validators will receive initial funds. These funds can be used for transaction fees for clearing tasks or as funds for buy/sell operations for the arUSD price stabilization bot. Validators are not allowed to use these funds for purposes other than liquidation tasks or price stability actions. The amount offered for each validator is 10KarUSD and 5KUSDT.
Validators can participate in synthetic farming and coinage, but cannot use arUSD or USDT provided for validation purposes.
Validators can also self-delegate and receive ACRE rewards. These rewards count towards the reward pool for the 'Farmer' user role. If validators want to farm and mint, they must apply for these roles individually.
be prepared
To get a head start, we recommend that you study our documentation and guidelines, https://about.arable.finance/, and try out the MVP app on Testnet, which is live
Don't forget to sign up for the contest!
After talking about so many official rules, for most of us, we can mainly do the first farm, the second miner can try, and the third Validators do not recommend tossing for people without skills.
1. Add funds to your wallet (recommended to create a new wallet)
There are two cases here: AVAX chain has funds and no funds, I have no funds, so I can choose to cross-chain from exchanges or other chains.
1. To buy AVAX from the exchange, it is recommended to use: https://accounts.binancezh.jp/cn/register?ref=57122984 to buy AVAX, if your exchange has USDT, you can directly buy and withdraw; if there is no USDT, C2C It takes 24 hours for the purchase to be withdrawn.
To transfer funds across the chain to the AVAX-c chain, the cross-chain fee is between 1-2 dollars (I saw 2.7 from the 0.7 fee, which has risen very fast).
It is recommended to use a cross-chain bridge:https://app.rango.exchange/swap/BSC.BNB/TERRA.Luna/
Reason for using Rango: This cross-chain bridge is conducting cross-chain transaction airdrop activities, and the cross-chain bridge supports all chains compatible with Ethereum, including Terra, Osmosis, sifchain, BTC mainnet, DOGE mainnet, CRO mainnet, LTC Mainnet, BCH Mainnet, AKT Mainnet, Iris Mainnet, ChiHuaHua Mainnet, Sentinel Mainnet, Regen Mainnet, etc.
Reason for using Via.exchange: The project has completed grant13 donations in Gitcoin, and supports dozens of chains for asset transfer. It is speculated that there will be airdrops.
Therefore, the interaction of two cross-chain bridges for large-scale funds transfer is likely to be airdropped when the project launches tokens.
2. Register the ArableProtocol testnet form.
1. For validators, please fill out the form below
2. For farmer or minter, please fill out the form below
3. Access the mainnet, pledge at least one ACRE or provide liquidity of at least $1, and pledge LP tokens in Arable.
1. Open the Arable Protocol mainnet backup, link your metamask wallet, if there is no avax mainnet RPC in your wallet, it will be added automatically, and you can authorize it.
2. Visit Pangolin to buy ACRE tokens, WAVAX, USDT.e
3. Return to the Arable mainnet for staking.
Click POOL to enter the pool, click "stake racr"
Click to start pledge, enter the pledge amount and authorize the wallet operation.
Providing liquidity is the same operation, you can look at previous articles.
Note: The larger the funds pledged and provided liquidity, the larger the airdrop base.
4. Conduct test network interaction
1. Visit the Arable Protocol test network (starting with mvp)
Note: After filling in the form and registering, test tokens will be sent to you. There are two types of test tokens: 1,000 USDT and 1,000 arUSD. I haven't received my account yet, so I will talk about the interaction.
2. Pledge and provide liquidity operations
3. Nominate validators
4. Perform "swap" interaction
5. Perform single-coin mining
6. Casting
Note that minters who mint must ensure sufficient collateral is maintained at the end of the game. If the miner's risk ratio (read below for the definition of risk ratio) exceeds 100% at the time of the snapshot, they will be disqualified from the miner's pool. However, they can still earn rewards for participating in other user roles.
Note that the testnet airdrop is related to your interactive operation income. The greater the income, the more airdrops.
Deadline: Wed 30 March 2022 01:00:00 GMT+0000 Start of competition, competition will end Wed 19 April 2022 01:00:00 GMT+0000.
This article does not constitute any investment advice!
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