Equito Finance, a Decentralized Exchange on the Algorand blockchain, has announced that it will launch its Testnet 2.0 in August. Furthermore, the cross-chain-supported exchange revealed that the highly anticipated incentivized Testnet 2.0 would go live on the 1st of August, 2022.
According to the team, the Testnet will include incentives for the first 3,000 testers with opportunities to earn even better incentives for participation.
In explaining the incentive model, the Equito Finance developers revealed that testers would be rewarded with special Equito Finance NFTs with unique value. Holders of these NFTs will automatically be eligible for Equito Finance’s EQI governance token, which is scheduled to be released later this year. That said, each holder will receive their EQI at launch. In addition, the owner can sell their NFT, and anyone can purchase more from Equito’s collection on the ALGOxNFT marketplace.
The Testnet 2.0 Incentives
The special incentives are designed to reward testers for taking part in the Testnet. The rewards will then be distributed and assigned in a strategic way based on their level of commitment to the project.
The first tier of incentives consists solely of a common NFT. This will be made available to the first 3,000 testers. Users who are not part of the first 3,000 testers will still have a chance to receive one or both of the next two tiers.
Equito will only pay the tier 2 winners and the best average overall. The tier 2 winners will be rewarded Tier 2 winners will receive $150 USDC each and the tier 3 winner will receive $550 USDC. Again, only the tester who bridges the most liquidity, adds the most liquidity to the liquidity pool and swaps the most will receive these rewards.
About Equito Finance
Equito Finance is a cross-chain Decentralized Exchange on the Algorand blockchain ecosystem where users can swap and earn on a true cross-chain Dex. Behind the project is a highly motivated community of developers.
One of their primary goals is to constantly seek social innovation in the financial market by adapting the best technological solutions to major market problems such as accessibility, security, and liquidity.
Equito Finance aspires to be an open protocol for issuing, managing and accessing securities and crypto assets on the primary and secondary markets.
The initiative is motivated by a desire to create a strong, open, and trustless financial market where bids and asks meet without the involvement of third parties.