In the past few weeks, the Elysium Network introduced its testnet phrase 2 on their current product, and anyone who participates will get rewarded based on their activities. The Elysium Network announced a seed funding round in which they raised $2.5 million from various strategic investors.
Moreover, Ethereum was a pioneer in rewarding users for testing its network. The Olympic testnet, launched in early 2015, was the first public test version of Ethereum. Its goal was to identify and fix issues before the main network went live. Participants received test Ether to experiment freely, helping to strengthen the platform.
Building on this success, the Goerli testnet was introduced in 2019. This community-driven network allowed developers to test decentralized applications (dApps). Users who actively participated in these testnets were often rewarded with tokens in future airdrops. This incentive encouraged user involvement and provided valuable feedback for improving the network’s performance and stability.
In this guide, we’re going to walk you through how you can participate in the Elysium Network Phase 2 testnet for potential rewards. Before we do so, let me explain what testnet is for the sake of those hearing it for the first time and brief you on the Elysium Network.
What Is A Testnet?
A testnet is a practice version of a blockchain, like a training ground for developers. It allows them to experiment with new features and applications without affecting the real blockchain, which is called the mainnet.
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Why Use A Testnet?
Think of it like testing a new video game before releasing it to the public. Testnets serve a few important purposes:
- Finding Bugs: Developers can identify and fix problems with new features before they impact real users on the mainnet.
- Trying Out Upgrades: Testnets allow developers to test network upgrades and see if they work smoothly before implementing them on the mainnet.
- Safe Experimentation: Developers can freely try out new ideas and functionalities without risking real-world money or assets.
How Does a Testnet Work?
Testnets use special coins that have no real value. This lets developers simulate transactions without any financial consequences. This is crucial for ensuring the stability and security of the main blockchain before any updates or new projects are launched.
| Purpose | Coins | Benefits | Vulnerability |
| To allow testing and experimentation without risking real funds or the main chain | Testnet coins are separate from mainnet coins, have no monetary value, and can be obtained freely from faucets | Enables the development of blockchain applications without the fear of financial loss | A bug in Bitcoin Core software allowed miners to disrupt critical parts of the Bitcoin infrastructure using ‘bad’ blocks |
Benefits of Testnets
By using testnets, developers can gather feedback from users, improve their applications, and ultimately create a better experience for everyone on the mainnet. In short, testnets are a vital part of blockchain development.
What Is The Elysium Network?
Elys is a DeFi platform built on the Cosmos blockchain. It aims to bridge the gap between traditional finance (Web2) and decentralized finance (Web3) by offering a user-friendly experience similar to centralized exchanges (CEXs) while maintaining the benefits of decentralized exchanges (DEXs).
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Key Features Of Elys Include
- Fast and smooth trading: Elys prioritizes speed and efficiency, offering a trading experience comparable to traditional exchanges.
- Bitcoin integration: Users can stake, trade, and earn rewards on Bitcoin directly within the Elys platform.
- Easy staking: Users can stake their crypto assets with just one click to earn passive income.
- Decentralized exchange: Elys operates as a DEX, allowing users to trade cryptocurrencies without relying on intermediaries.
- Diverse investment options: The platform offers index pools and perpetual trading for various assets.
- Leverage trading: Users can increase their potential returns by trading with borrowed funds.
- Fiat on/off ramps: Elys provides easy access to convert traditional currencies into crypto and vice versa.
In essence, Elys strives to provide a comprehensive DeFi platform that is both accessible to newcomers and powerful for experienced traders.
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Step-By-Step Guides On How To Participate On Elysium Network Testnet Phase 2
Here are step-by-step guides on how to To Participate On Elysium Network Testnet Phase 2
- Install a wallet: You’ll typically need a crypto wallet that is compatible with the blockchain network that the DeFi platform is built on. In the case of Elys, the text you provided mentions Keplr or Leap Wallet, so you can choose one of those.
- Fund your wallet: Testnets usually use fake currency specifically for testing purposes. You may be able to get some test currency from a faucet (a system that distributes small amounts of cryptocurrency for free) or from the testnet itself.
- Connect your wallet to the testnet: Once you have your wallet set up and funded with test currency, you’ll need to connect it to the Elys testnet. This will involve going to the Elys testnet website and following the instructions there. The provided webpage says to connect your Leap or Keplr wallet, so presumably there should be instructions on the website for how to do that.
- Start using the testnet: Once your wallet is connected, you should be able to start using the Elys testnet to explore its features and functionality. This may involve staking, trading, or using other DeFi features offered by the platform.
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Conclusion
Elys positions itself as a groundbreaking DeFi platform designed to bridge the gap between traditional and decentralized finance. By offering a seamless user experience, rapid trading, and innovative features like Bitcoin integration and one-click staking, Elys aims to attract both crypto novices and seasoned investors.
The platform’s focus on creating a liquidity flywheel through its unified product suite is strategic in driving growth and enhancing user value. While the promise of a high-performance DeFi ecosystem is enticing, the platform’s success will ultimately depend on its ability to deliver on its promises and compete effectively in the dynamic DeFi market.
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