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We are in the last stretch of our system audit and to warm things up, we are excited to launch Layer2.Finance Testnet Carnival: a series of fun and engaging gamified testing campaigns for people to test layer2.finance with. We have three fun gamified competitions and $32,000 in prizes up for grabs! We hope to:
- Familiarize people with the key concepts of using layer2.finance
- Test the layer2 rollup system under heavy usage pressure to ensure stability
- Get UI/UX feedback to improve the experience accessing DeFi
The Layer2.finance testnet is now available and can be accessed at ropsten.layer2.finance.
The Layer2.finance testnet is deployed on the Ropsten testnet. To get started, you need to first complete the following steps:
- Download and create MetaMask wallet;
- Switch the MetaMask network to the Ethereum Ropsten Test Network;
- Visit ropsten.layer2.finance and click Connect Wallet
- Get some test ETH and other testnet tokens. Please see the above figure to click on the Faucets button and obtain some testnet tokens from the faucet.
Deposit to L2
After getting some test tokens, a user would be able to click the “Deposit to L2” button for each token and specify the number of tokens a user wants to move from layer1 Ethereum to the layer2 rollup chain of layer2.finance. A user will be able to see the deposit record in the History section once layer2 has picked up the deposit on L1. After the deposit is confirmed, a user will then see their token balance available on L2.
Operation on L2
With L2 balances, a user can deposit tokens into the various strategies in each token type and start to earn yield! One strategy can correspond to simple protocols like Compound and AAVE, but it can also be composed of multiple protocols together as a single strategy.
Instead of signing a layer1 transaction, a user will be asked to sign L2 transactions in Metamask to express his or her interests in the allocation of their funds to the various strategies. Once a user signs a Deposit or Withdrawal L2 transaction, his or her transaction will be placed in the pending L2 block and waited to be aggregated on L1.
The “Next aggregated fund reallocation in” clock countdown shows the approximate time before the user’s transaction is aggregated with all other users’ transactions as a single block and the protocol allocates the fund in L1.
Because the cost of L2 transactions is very low, there will be no fee associated with any L2 transactions in the initial stage of layer2.finance. Users can move between different strategies to seek the highest yield. Note that during a single aggregation interval, for any single strategy, one user can only deposit or withdraw once for that strategy. This restriction will be removed in later releases.
Withdraw back to L1
At any time, users can withdraw the available L2 balance back to L1. Note that this withdraw takes two steps:
- First, the user needs to initiate withdrawal on L2 by clicking the “Withdraw to L1” button
- Second, after the current block is confirmed and passed the certain time period (called challenge period), the user can confirm the withdrawal with an L1 transaction from the History section. Then they receive their tokens.
Yield Hunter Competition
To all the yield hunters, we invite you to participate in the yield competition to get the highest yield ratio among all of your peers. Move your testnet tokens from layer1 to layer2 and deposit them into the highest yielding strategies to maximize your return ratio. Please note that all of the strategies’ yields will change dynamically over time, so be sure to keep an eye on the latest yield numbers and allocate your funds wisely to optimize for the highest yield.
Duration of the Competition:
04/06/2021 00:00 UTC – 04/19/2021 00:00 UTC
We will rank users based on their Yield Score (The sum of all tokens’ Earning Ratios).
For each token type, Earning Ratio = (total amount of token available to withdrawal back to L1 at the end of competition period) / (total amount of token deposited to L2 during the competition) – 1
- Try out a variety of different strategies with different tokens because we will aggregate all of them when determining the score
- There is no need to get a large amount of test tokens because the score is calculated based on the earning ratio.
- Don’t be afraid to start depositing after the start of the competition,, you never know if high-ranked players will miss the next high-yield opportunity.
Stability Master Competition
If you are interested in tinkering around with a new system and examining how it performs under a heavy load, the Stability Master campaign is a perfect fit for you. In the Stability Master campaign, we’ll reward people based on the number of operations done in the system so that you are incentivized to put the system in a “pressurized” environment and help us to inspect any unexpected “leaks” in the system.
Duration of the Competition:
04/06/2021 00:00 UTC – 04/19/2021 00:00 UTC, with daily rewards.
This campaign will run on a daily basis and we will reward people everyday based on the score leaderboard of that day.
We will rank users based on their Usage Scores
Usage Scores = Number of Eligible Operations done during the period of testing.
An Eligible Operation is defined as the following:
- Deposit to L2 with a daily limit of 20
- Withdraw to L1 with a daily limit of 20
- Deposit and withdraw from strategy with no daily limit
- There is no need to make an excessive number of Deposits to L2 and Withdrawals to L1 operations due to the daily limit.
- There is no disadvantage to participating later because rewards are determined on a daily basis.
Rewards for this campaign are determined on a daily basis, but we will issue all the rewards at once at the end of the campaign.
|Daily Rank||Daily Prizes|
UI/UX Feedback Reward
Finally, we would like to seek the community’s valuable feedback on our UI/UX and also help us in identifying any bugs or glitches in the system.
Duration of the Campaign:
04/06/2021 00:00 UTC – 04/19/2021 00:00 UTC.
Layer2.finance introduces a new way to interact with the entire DeFi ecosystem. We strive to use the addition of layer2 to reduce costs for people and simplify the interaction with DeFi, but we also realize that layer2 UI/UX is the newest frontier for blockchain application design. Therefore, we would love to hear your feedback on the application looks and feels.
We have prepared a simple and free-form UI/UX feedback questionnaire for you to provide us with your input. Is there any wording in the UI that is confusing? What are the places we should add tooltips to help guide users through the application flow? Is there any functionality that should be added to make layer2.finance easier to use? Is there anything that is not clear or intuitive to follow? Although we always appreciate your kind words, let’s save the compliments and congratulations for after the official launch. We would very much appreciate your honest feedback on where we could do better and value your constructive criticism on how we can improve the future versions of layer2.finance.
You can submit feedback through the questionnaire anytime during the campaign period. We will randomly select 20 high quality responses to receive a $200 reward!
Notes on Beta Software
Layer-2 rollup technology is very new and layer2.finance is one of the very first products launched with this technology. Although we have done extensive internal testing, we want to set a realistic expectation here and stress that this is experimental beta software. It is possible during the testnet process, we identify issues that cause the user to experience difficulties and, though very unlikely, it is also possible that certain issues may cause redeployment of contracts and restart some of the campaigns as listed above. In the event of a software bug or configuration error causing the testnet to enter an irrecoverable failure state, the Celer team reserves the right to pause, restart or end the campaign.