The text below is an advertorial article that was not written by Cryptonews.com journalists.
The Defi industry has grown so much these 2 years that it is almost impossible to follow all the projects and their latest achievements. For that reason, the best solution is to focus on a couple of promising ideas with a strong team and loyal community.
For example, let’s take a look at the Polars platform which allows a user to make predictions and earn on the change in the price of polar tokens. Recently, the Polars team has launched beta testing of the protocol on the Ethereum rinkeby testnet.
The final round of testing will be divided into multiple stages to make the process of familiarization with the platform faster. At the moment an astonishing number of over 25k users are participating in the beta testing of the platform. Such a high interest could be explained by the fact that testers are eligible for rewards! But before going any further, one needs to understand what is the idea behind polar tokens and what are the long-term goals of Polars developers.
In a few words, there are two opposing teams within the Polars model, just like yin and yang. On one side we have a White team with tokens and on the other side Black team with black tokens. Both teams bet on exchange rates, results of sports events, political events, etc., and the winner’s token goes up, whilst the loser’s down. It is also worth mentioning that the aggregate price of both tokens doesn’t change. Quite simple, isn’t it?
What makes Polars different from its competitors? The platform solves the long-time problem that has been bothering the prediction market – low liquidity. Within the framework of one pair of polar tokens, the interests of several stakeholders intersect at each moment, thus the liquidity grows. Finally, to stimulate the activity Polars team has introduced a commission distribution system as well as Yield Farming mechanisms.
Now, let’s get back to the beta testing process. How to become a tester?
- Sign up for the testers whitelist (you can find the link in their telegram).
- Now you are ready to go through STEP 0 where you will receive 6,000 Test USDC (TUSDC), which will be used in the next steps when interacting with the Polars platform.
- On STEP 1 you will need to interact with the base pool, while generating the liquidity of the BWT token (the token of the aggregate price of the polar tokens BLACK and WHITE).
- On STEP 2 you will be invited to interact with the secondary pool (Liquid Pool). To be more precise, you will put the tokens received in the basic pool of BWT, while generating WHITE and BLACK tokens separately. Additionally, you will be able to test the buying and selling polar tokens function.
- On STEP 3 developers will test the change in the price of the polar tokens (WHITE and BLACK).
- On STEP 4 you will be interacting with the trading pool, which is a fork of the Balancer pool.
- On STEP 5 it will be time to interact with the farming contract, putting a pool of tokens from the secondary and trading pools there. Thus, you will be able to receive rewards in test POL tokens. Finally, the received POL tokens can be put into the Incentives contract, the tokens of which the user will put in the staking smart contract and will receive a part of the commissions of the Polars platform.
After completing all 5 steps comes the conceptual stage of MVP beta testing. At this point, the test network is full of events users can bet on. Users will be encouraged to participate in a testnet competition. Those testers who end up with the most test funds within a week will receive real allocations of POL control tokens.
A couple of additional benefits from participating in the beta testing are:
- Access to the pre-sale of POL management tokens
- Eligibility to airdrop in POL control tokens after listing on Uniswap and launching the mainnet
Once again, it should be remembered that the Polars Protocol Control Token (POL) allows holders to participate in voting on the platform, to stake tokens to receive incentives to receive Polars tokens, which entitle you to 30% of platform fees, as well as create your custom polar tokens.
Despite the huge crowd of testers you still can participate in the beta testing and check all the features the POLARS platform offers. So, go check it now!