Extra Finance: How To Join Testnet To Get Airdrop?
- Extra Finance is a decentralized loan and automated compound leveraged income aggregation mechanism based on Optimism.
- Users will be able to replicate trading, lending, and borrowing operations, as well as leverage yield farming tactics, throughout the project’s testnet campaign.
- The project offers a number of goods to consumers, including loans, up to three times leverage farming, long/short, neutral strategy, and strategy vault.
Extra Finance, a new leveraged yield farming protocol that allows users to apply customized farming tactics or deposits to lending pools to earn steady returns, is another project on Optimism that is expanding and has a lot of potential to attract users.
The project’s testnet campaign has begun. Users will be able to practice trading, lending, and borrowing operations, as well as leveraging yield farming tactics, throughout the campaign.
Extra Finance provided some free testnet ETH and USDC for testers to encourage them to check out Extra’s Testnet.
What is Extra Finance?
Extra Finance is a decentralized lending and automated compound leveraged income aggregation mechanism based on Optimism.
Extra Finance combines traditional DEX on Optimistic, providing users with additional DeFi chances to access a diverse selection of leveraged farming pools. Extra Finance gives consumers the freedom and power to accomplish their particular earning objectives by allowing them to execute customized farming techniques such as reinvesting, market-neutral, and long/short farming, as well as deposit assets into lending pools to earn consistent returns.
Extra Finance’s major feature is leveraged yield farming. Through framing with leverage, users will be able to increase their investment returns by borrowing extra cash to invest in the liquidity pool. The leverage will borrow stable/non-stable coins as collateral, which will be converted and invested in the same position as the collateral, raising the total value of the liquidity pool and delivering extra profits to the user.
Extra Finance enables customers to farm up to 3X leverage, allowing them to optimize their earnings in a safe and secure environment. The software also provides a number of liquidity pools from which to pick. Users may grow their revenue multiple times without regular active management by staking LP in Extra, or they can deposit assets in the lending pool to earn a steady income without risk.
Extra Finance will be the first in the ecosystem to incorporate the mainstream DEX Velodrome, and it will be the first full-featured leveraged income augmentation protocol based on Velodrome. Uniswap V3, Beethoven, and other popular DEX are also in the works for the future.
Extra Finance leveraged farming to improve agricultural efficiency while limiting market risk, as shown by market testing. As prices climb, you may take a long profit, and the strong profits of leveraged farming can compensate for any price volatility.
Moreover, the site offers a lending component that requires users to contribute assets to the lending pool, which are subsequently borrowed by leveraged yield farmers to undertake yield farming. Lenders on Extra Finance may lend different assets (e.g., ETH, USDC) to earn the lending APY. Since the assets are employed inside the protocol, they will be used more often and provide greater returns than the traditional lending protocol.
Extra Finance utilizes the same amount of gas as a similar transaction on Ethereum since it is based on Optimistic. Optimism, on the other hand, has a typical cost for a unit of gas of just 0.001 gwei, which is several times less than Layer 1. This will enable a high-frequency auto-compound (interest re-investment) to increase the APY.
Tasks to do on Testnet to participate in the airdrop
The Extra Finance test network is now operational. On Galxe, a test network activity was initiated at the same time. On March 23, Extra Finance’s testnet was launched, while testnet operations were conducted concurrently on Galxe.
The event will take place between March 23 and April 12, with credentials available on a first-come, first-served basis. After completing all duties, OAT holders will be eligible for possible incentives. To acquire OAT, take the test and finish the task.
On an FCFS basis, there will be a total of 4,000 OAT. After completing all objectives, all OAT holders will be eligible for possible perks (e.g., Airdrops or Whitelist). The more OAT you have, the more likely you are to be qualified!
To get it, you just simply follow, like, and retweet, join Discord, engage in the test, and submit messages in the relevant channel. The project party pays all of the OAT minting expenses, and participating users do not have to pay any gas fees. OAT has a limit, and the project goods have been released. Moreover, the project is based on the popular L2 public chain Optimist, and the gold content remains high. Participation is encouraged.
Moreover, depending on the quality and effect of their insights, the top 20 testers who give the most important input on the Testnet will be granted unique OG positions as well as a bonus of 20 USDC apiece.
How to Take Part:
- Visit ExtraFi’s Teste Campaign’s Galxe page.
- Follow Extra Finance on Twitter – Retweet or like.
- Join the Discord server.
- Extra Finance is giving out free testnet ETH and USDC to testers; claim it first on the Testnet.
- Open or close a position on the Testnet; farming and lending opportunities are both eligible.
- Do the task on Galxe.
Users must do the following to be eligible for the 20 OG positions on Extra Finance’s Discord:
- Provide legitimate test feedback in the #Feedback channel of Discord.
- Please provide any useful recommendations that might better the product.
- When providing feedback, provide images of the location and your wallet address.
A few points to note is that the wallet you used for Testnet should also have been used for Galxe. Since all transactions on Extra Finance’s Testnet do not involve actual tokens, there is no danger in participating.
Extra Finance has its own lending pool, users may earn a consistent income by lending a single item, and borrowers can utilize leverage to boost their revenue. Lending funds are utilized selectively and may only be used in leveraged pools; the funds do not leave the agreement, reducing the risk of lending and the agreement.
There are hazards involved with using leverage. Liquidation risk is a distinct risk caused by the usage of leverage. At Extra Finance, this risk is manageable.
Extra Finance is a user-driven platform that prioritizes user input and feedback. Users may utilize the platform to execute personalized agricultural plans and deposit to lending pools for consistent yields. If we join for the opportunity to get an airdrop, this may be a really intriguing endeavor.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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