Incentivized testnets are one of the cheapest airdrop campaigns. This is because the assets and fees needed to execute transactions on the test network are all free and will be supplied by the project. 

It is actually fun—as participants will have the chance to try the platform’s features and services for free, while reaping rewards through airdrop campaigns. 

Another incentivized testnet campaign has been launched, it is from Elys Network. 

Elys Network Introduction

Elys Network (https://elys.network/) is a Cosmos SDK-built layer 1 blockchain that claims to be the only decentralized suite of financial applications in the Cosmos ecosystem with multiple unique features.

“NextGen oracle-based Decentralized Perpetual Trading and Leverage Lending platform, featuring ETF style multi-asset Index Pools. Highly Scalable, Interoperable and Secure with premier UX, high TPS and low Transaction Fees,” the blockchain’s introduction about itself on its website. 

Basically, the network allows users to create an account using an email address and other social media accounts, earn yield through perpetual trading and staking on liquidity pools, and even buy and sell assets directly through credit cards and bank transfers. 

“To create a self-sustaining, open-sourced, decentralized suite of applications and tools that allow anyone to access financial services, is our mission,” the developers added. 

Once the mainnet is officially launched, Elys Network is expected to have:

• A non-custodial atomated market maker (AMM)-style decentralized exchange (DEX) powered by liquidity providers and liquidity pools.
• Oracle-based multi-asset Index pools.
• Native margin trading capabilities including a universal cross collateral vault.
• Native bridging capabilities to Ethereum Virtual Machine (EVM) chains and  Inter-Blockchain Communication (IBC) enabled blockchains.

On/Off ramps for major fiat currencies.

“Elys Network is built on the principles of sustainability that will ultimately shape the new era of DeFi. The platform will generate non-inflationary yield from multiple sources, which will be distributed via a revenue sharing model to the network participants, like Liquidity Providers and Stakers. This means that all participants in the network will be rewarded using sustainable mechanisms from the beginning,” the blockchai advertised. 

“Elys is designed from the ground up to not be reliant on inflationary reward mechanisms other than the initial bootstrapping phase. All participants in the network, including Liquidity Providers, Node Operators, Delegators, and the protocol itself have clear paths to long-term value accrual.”

Elys Network Airdrop

Elys Network has already confirmed its “incentivize program” on X. 

This airdrop program seems to follow a task system that has listed tasks for participants to do for a certain points or multiplier. 

As of this writing, the blockchain’s incentivized testnet is now live, where participants will have two activities to join‌. 

The first one is using the testnet itself. To join: 

• Step 1: Go to https://testnet.elys.network/. 
• Step 2: Create an account. 
• Step 3: Obtain testnet tokens. 
• Step 4: Execute swaps. 
• Step 5: Stake the testnet tokens. 
• Step 6: Do it consistently. 

The second one is true quests. To join: 

• Step 1: Go to https://elys.bonusblock.io/. 
• Step 2: Do the daily tasks to earn points. 
• Step 3: Refer new users. 
• Step 4: Do it consistently. 

Take note that this incentivized testnet campaign will be a multi-phase activity. It is not yet sure when each phase will end, when the rewards will be distributed, and if $ELYS, the native token, will be used as rewards. 

This article is published on BitPinas: Elys Network Starts Incentivized Testnet Campaign for Upcoming Airdrop

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