BEIJING, April 30, 2021 (GLOBE NEWSWIRE) -- Qilin Testnet trading competition started on Monday, the 26th of April at 14:00 UTC, and it will end on Monday the 3rd of May at 14:00 UTC. The public testnet was officially live on the 19th of April. Qilin created a new mechanism that allows users to trade derivatives, create derivation trading pairs, provided liquidity through Qilin Protocol permissionless, and bring derivatives to the long-tail market for the first time.
What's Qilin?
Qilin is a non-custodial risk-mitigating liquidity protocol for derivatives trading. It solves the liquidity problems in derivates trading using the peer-to-pool model. The market marker risk in the liquidity is controlled with the on-chain risk- control mechanism.
Features to Be Tested
There are features launched for the Qilin Protocol V1 for the ETH/ USDC pair. Some of these features include liquidations, LP Rewards, and Initial Liquidity Offerings.
Who Can Participate in Qilin Testnet?
The Qilin testnet is now open to the public and anyone interested in testing Qilin's decentralized derivatives trading.
How to Win The Trading Competition?
There are several ways one can participate to win. They can either pose as Liquidity providers (LPs), liquidators, or traders. The participants will be ranked depending on the corresponding criteria for each role during the competition.
The criteria used to rank the top 10 traders are the PnL, for the top 10 LPs is the LP APY, while the 10 liquidators would be ranked depending on the number of liquidations. Depending on one's ranking in the Trading Competition as well as the participation in the Bug Hunting Program, they will have an opportunity to win the limited edition of the Qilin NFTs.
Only accounts that have claimed tokens ONCE and have no other transfer operations will be eligible for the rewards.
The Rewards
There are three different levels of NFTs that are set up as rewards. These are Common, Rare, and Legendary. The different levels of NFT will be correspondent to different airdrops and other bonuses.
The specific reward system file will be uploaded on the chain for the participants to check. The original document used for hash calculation will be published once the competition ends.
How to Participate
To participate, one has to visit the trading Competition website and register their wallet to the Kovan Testnet. After that, they will have to register on the Faucet page to get the testnet USDC and finally start trading.
Using MetaMask during Testing
Users should install the MetaMask Plugin, which can only be used in the chrome browser. They need to open the installation address and click add to chrome to add it as an extension. Afterward, they would need to import an existing Ethereum wallet or click create a wallet to generate a new Ethereum wallet.
Once the wallet is created, they should click on top of the browser to manage the extension and find the MetaMask. They can directly view the plug-in wallet. The last step is to enter the QILIN website address, then click on the upper right corner of the page 'connect wallet.'
After completing the wallet authorization operation according to MetaMask prompt, they can connect to the wallet. Users should switch to Kovan Testnet when testing.
Qilin Bug Hunting Program
With the Qilin Public Testnet now live, there will be various issues that participants will experience when acting as LPs, trading, or liquidating on the platform. To address the issue better, especially in the DeFi, the community is important, which in this case is the user. That is the introduction of the Qilin Bug Hunting Program.
To become a Qilin bug hunter, one can participate in 4 simple steps. First, they need to go to the Qilin testnet page and use the testnet. They then report the bugs they find through Qilin Google Form. Lastly, they need to join the Qilin telegram group to be updated concerning the program.
How Eligible Bugs Looks Like
The bugs are categorized into three categories which are high, medium, and low, depending on the risk they possess. High bugs can lead to the loss of a user's assets. Medium bug includes data display error, secondary functions that aren't executed well, defects that damage UX, and essential functions that aren't implemented or fail to be executed.
A low bug may include proposals, literal errors, interactive experience problems, interface and instruction irregularities, and ambivalent auxiliary descriptions.
Reporting a Bug
To report a bug, the user should submit the bugs they find through Qilin's google form. An excellent bug report needs to contain key information so that Qilin's team can reliably produce the bugs themselves. The information needs to be detailed, with screenshots or sample code if relevant.
If the same bug is reported more than once, only the first one will be considered legible. There's total discretion on what level the bug is.
Media contact
Company: Qilin Protocol
Contact: Media Team
Twitter: https://twitter.com/QilinProtocol
E-mail: business.contact@qilin.fi
Website: https://qilin.fi/
SOURCE: Qilin Protocol
"Trading" - Google News
April 30, 2021 at 11:18PM
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