MarginX 2.0 Testnet Now Live: Earn Rewards For Participating MarginX MarginX

Last month, on October 15th, our dedicated team at MarginX proudly unveiled the testnet of our platform’s milestone 2.0 upgrade. Following rigorous development and a notable showcase at Cosmoverse 2023, we’re thrilled to empower users to list their very own perpetuals in a fully permissionless perpetual market. Upholding financial freedom and decentralization as some of our core tenets, this achievement stands as a testament to our unwavering commitment to the cryptocurrency industry.

To further engage our community, we have also begun rolling out several campaigns to reward our users for testnet participation and for providing feedback on our features. If you’d like to find out more, dive into the article below!

What’s New In This Update?

New Landing Page

To kick things off, we’ve revamped our landing page in line with our latest upgrade. As we work to ship out new features and the mainnet for MarginX 2.0, this refreshed homepage has been designed to enhance user experience, ensuring intuitive navigation and a more relatable interface. Out with the old, in with the new!

https://marginx.io/

Right to the important part: Creating a New Perpetual Liquidity Pool

If you haven’t read into what MarginX 2.0 offers yet, here’s a quick primer:

Unlike conventional platforms with set trading conditions for perpetuals, MarginX 2.0 introduces the “Automated Limit Order Book Market Maker For Perpetual Market” (ALO) model. What this means is that our model lets our users actively shape and list their chosen perpetual pair and set their desired trading parameters according to their individual risk preferences. The outcome is a more equitable distribution of trading fees, profits, and losses, crafted around user-customized dynamics, offering a bespoke risk-reward experience.

MarginX 2.0 also uniquely merges Automated Market Maker (AMM) principles with Limit Order Book (LOB) exchanges. This fusion enables funds to be efficiently allocated to liquidity pools, with the generation of buy and sell limit orders guided by oracle price directives. By combining the order book model, MarginX caters to a wide range of market participants, from seasoned traders to arbitrageurs, ensuring greater flexibility in volatile crypto markets.

Also Read: MarginX 2.0 Upgrade Revealed: Get Ready for User-Powered Perpetual Listings & Trading

https://blog.marginx.io/marginx-2-0-upgrade-revealed-get-ready-for-user-powered-perpetual-listings-trading-e2dab5574992

To create a new perpetual liquidity pool, simply enter the token’s smart contract address and its ticker/name, such as KUJI, or choose from the pre-existing list of supported tokens. Next, select a strategy that aligns with your preferences and risk appetite. Finally, deposit liquidity in the form of LP tokens, stablecoins, or other tokens, and cover the necessary gas fee for creation. Voilà, you’re all set!

Adding Liquidity to an existing Perpetual Liquidity Pool

Not looking to create one, but want to try just adding liquidity? No problem, you will also have the option to add liquidity to your desired pairs available! Once you’ve completed the process, MarginX ALO will safely store these tokens on Coast, borrow CUSD, and funnel these funds into MarginX’s market-making pool. As mentioned in the FAQ, a predetermined strategy takes care of how the funds are used, and profits are settled away daily at UTC+00:00.

CUSD is a stablecoin issued by CoastDao. It is pegged to the US Dollar by overcollaterizing the underlying assets, similar to DAI.

Note: While liquidity providers stand to benefit from potential trading gains and a share of various fees, there are also associated risks, including trading and impermanent losses. As MarginX 2.0 introduces user-centric features, we urge providers to weigh potential rewards against these risks. Always conduct thorough research before any financial commitment. DYOR!

Here’s How You Can Earn While Participating In The Testnet

We have announced multiple campaigns to encourage, and reward our loyal community for engaging with our testnet:

Retweet MarginX 2.0 — ALO Beta Test

We’re excited to roll out our ALO Beta Test, offering our community the chance to participate and win! Every week for four weeks, 10 lucky winners will get 88 $FX tokens.

https://x.com/marginx_io/status/1713524284285702359?s=20

Retweet our post
Follow the listed accounts: @MarginX_io, @functionx_io, @agintender, @chinshinliang, @orbitant, @MarginX_W3T, @GemmyCrypto.
Tag 3 friends in the comments!

This campaign will run for 30 days, concluding on 15 November 2023.

2. Complete “Vaults” & Share on Twitter

Showcase your trades and win 188 $FX tokens, available for 5 winners!

– Add liquidity at least three times.
– Post a screenshot of your “Vaults” with a minimum of 3 trades on Twitter.

– Use the hashtag #MXALOVaults and tag @MarginX_io along with 3 friends.

Sample Post: Just added liquidity on #MarginX 2.0 ALO! 🚀 Exploring the future of #DeFi with @MarginX_io. Join #MarginXALO and generate yields with #MXALOVaults! 🎉 @cosmos @CosmosEcosystem @osmosiszone

[screenshot of vault attached]

This campaign also concludes on 15 November 2023.

3. Test & Suggest

Here’s a chance to win a whopping 1,888 $FX for 3 winners!

https://bit.ly/mxalobeta

– Test the “Create Liquidity Pool” & “Add Liquidity” features.

– Provide your @MetaMask wallet address.

– Fill out the suggestion form available above.

(Note: We’ll verify all transactions from the testnet chain.)

This campaign also concludes on 15 November 2023.

Community Responses

We are truly humbled and grateful for the unwavering support our community has shown us thus far since inception. The success of any decentralized finance project lies in the hands of its users and supporters, and the feedback we’ve received has been instrumental in our journey!

Here are some highlights we’ve spotted over the week:

https://x.com/syembara75/status/1714230032221307188?s=20

https://x.com/souljauh/status/1713536717414871098?s=20

https://x.com/ClaudioxBarros/status/1713843337503912096?s=20

https://x.com/surogage/status/1713592364034642207?s=20

As also quoted by a long-time Cosmos Ecosystem enthusiast, @speicherx:

‘’Love the new UI and simplicity of moving around! Great start to a new concept, looking forward to seeing, what else is in store for MarginX 2.0’s future!’’