Key Takeaways
- Elys Network is a blockchain platform built on the Cosmos ecosystem.
- The project is developing a decentralized suite of financial applications, including an Oracle-based perpetual decentralized exchange and a lending platform.
- There’s a possibility of receiving an airdrop of the mainnet tokens (when launched) based on your testnet activity.
What Is Elys Network?
Built on the Cosmos SDK, Elys Network is a Layer-1 blockchain aiming to be the premier DeFi hub within the Cosmos ecosystem, offering a unique suite of financial applications.
The platform enables users to register using an email address or other social media profiles, generate returns via continuous trading and staking on liquidity pools, and facilitate direct purchases and sales of assets via credit cards and bank transfers.
Once the mainnet is officially released, the platform is anticipated to feature the following:
- A decentralized exchange (DEX) with a non-custodial automated market maker (AMM) model, fueled by liquidity providers and pools.
- Multi-asset index pools that rely on oracles for their operations.
- In-built margin trading functionalities, including a universal cross-collateral vault.
- Native bridging functionalities to connect with Ethereum Virtual Machine (EVM) chains and blockchains enabled with Inter-Blockchain Communication (IBC).
How To Qualify For An Airdrop?
Elys Network recently confirmed their incentivized testnet program on X. Participants can complete listed tasks to earn points or multipliers that increase their rewards.
Their incentivized testnet is currently live and participants can join in two ways.
Testnet
👉 STEP 1: Head over to https://testnet.elys.network/.
👉 STEP 2: Create your account.
👉 STEP 3: Get some testnet tokens.
👉 STEP 4: Execute some swaps.
👉 STEP 5: Stake your testnet tokens.
Quests
👉 STEP 1: Head over to https://elys.bonusblock.io/.
👉 STEP 2: Finish daily tasks to earn points.
👉 STEP 3: Refer new users.
Note: Do these steps regularly to increase your chances of receiving an airdrop.
Final Thoughts
Do note that this testnet campaign will have multiple phases, and the exact timing of each phase’s conclusion, reward distribution, and whether the native token $ELYS will be utilized as rewards remains uncertain.
That’s about it for this airdrop guide! If you have any questions, please do not hesitate to contact us on our official social media channels. Good luck!
