SynFutures, Subsquid, Olive Finance: Testnet Guides
Exploring possibilities as various crypto projects distribute tokens to participants on their testnets. You can earn rewards by engaging in activities like test token transactions, conducting in-network exchanges, and participating in farming.
Engaging with testnets is not just a lucrative venture without any upfront investment, but it's also a perfect way to familiarize oneself with the wider crypto DeFi landscape.
Today, we'll review three testnets: SynFutures, Subsquid, and Olive Finance. The promise of rewards from each of these projects adds a significant incentive for task completion.
SynFutures
SynFutures is a decentralized derivatives platform, currently running on Ethereum's Goerli testnet. The company recently closed an investment round, successfully securing an additional $22 million.
According to data from Crunchbase, the total investment in SynFutures now stands at $37 million, with renowned crypto investors such as Pantera Capital, HashKey Capital, Bybit, Parachain Ventures, and Kronos Research backing the initiative.
Currently, SynFutures is in its third testnet iteration, with plans to launch on the mainnet by the end of 2023. For those interested in participating in the testnet, the process involves:
- Complete a specific form, allowing the project to add your address and Gmail to a waitlist.
- Add the Ethereum Goerli network to your Metamask wallet, a step that can be done through Chainlist.
- Claim test ETH from the available faucets.
- Obtain test USDC directly on the platform by clicking on “Mint” situated at the top right of the interface.
- Engage in various transactions, open token positions, and contribute to liquidity pools.
- Maintain an active presence in the project's official Discord channel.
SynFutures interface. Source: testnet.synfutures.com
Given its robust liquidity, the platform is more than just a space for potential rewards—it's also an invaluable tool for refining one's trading skills. A more in-depth exploration of such platforms is available in our separate feature article.
Subsquid
Subsquid is a project designed to extract and transform data from the blockchain into a GraphQL API format. It's powered by its own SDK named Subsquid, which outlines how data is handled and structured.
Backed by the Coinlist accelerator, Subsquid launched a testnet where users will share 26.6 million SQD tokens. From this pool, 133 node holders will receive 50%, while the remaining 50% is designated for 4,000 developers and community members.
Although a significant amount of the rewards focuses on the testnet's technical side, around 5 million tokens are set aside for general users. To participate in the testnet, one must:
- Create an account on their website, using Gmail or GitHub for registration.
- Add the Arbitrum Goerli network to Metamask via Chainlist. When connecting their wallet to Subsquid, the system will offer to auto-add this network.
- Sign into the platform and undertake various “Community” quests. These tasks mainly involve social media and active engagement within the project's Discord community.
- Participate in challenges on the cryptocurrency quest platform, Zealy.
Tasks available on Subsquid. Source: app.subsquid.io
By completing the majority of the “Community” tasks, users have a good chance to be among the first 4,000 participants. However, it's essential to maintain activity levels to secure one's position until the testnet's end.
Olive Finance
Olive Finance is a DeFi protocol tailored for multi-chain financing. It provides users with leverage options and operates on networks like Ethereum, Arbitrum, and Polygon. Although the platform is now live on the Mainnet, its Testnet remains active and offers numerous tasks.
If you're looking to participate in Olive Finance's Testnet, follow these steps:
- Integrate the Arbitrum Goerli network to your Metamask using Chainlist.
- Connect their wallet to the website and input an invitation code. This code can be sourced from the project's official Discord channel or by sending an appropriate request to a specified profile on X (Twitter).
- Claim the test tokens using the “Faucet” option.
- Conduct transactions, contribute to liquidity pools, use the leverage, and claim rewards among other actions.
- Try the “Olive Drops” roulette feature.
Olive Finance interface. Source: oliveapp.finance
For a step-by-step guide on navigating the testnet, Olive Finance has provided a detailed manual for users' reference.
Testnets: Worth the Effort?
While most testnets don't conclude with rewards, participating in them can often feel like a simple time sink. When it comes to free initiatives, sometimes it's more beneficial to engage in ambassador programs than in testnets, given the potentially higher returns.
Yet, activity in platform test versions can be intriguing, especially with their unique interfaces. Testnets often provide a hands-on experience with foundational cryptocurrency mechanics. And if a project officially declares rewards, there's an opportunity to monetize the effort.
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