Aark Digital is a decentralized perpetuals exchange built on Arbitrum. The team has mentioned on Discord that there will be an airdrop for the community in the future. In this article, we will briefly explain what Aark Digital is and what you can do to position for the airdrop.
Aark Digital Airdrop Step-by-Step Guide
Here’s how to get the Aark Digital token airdrop:
- Add Arbitrum Goerli to Wallet
- Get Galxe Role and Complete Tasks on Crew3
- Get Testnet Tokens
- Deposit on Aark Testnet Futures Account and Place Futures Orders
- Provide Liquidity
- Deposit into the Insurance Fund
- Deposit on Nitro LP (Mainnet Action)
- Get the Aark Digital Boarding Pass
See below for more in-depth details!
What is Aark Digital?
Aark Digital is a derivatives decentralized exchange (DEX) built on Arbitrum. It is the first Peer-to-Pool perpetuals DEX custom built for professional traders. It offers abundant liquidity with 50+ trading pairs and any whitelisted assets as collateral. Cross-margin trading is also available. For liquidity providers, it offers leveraged LP, delta neutral LP and insurance fund.
It is designed to provide a solution for the pain points of perp DEXs. Traders on the Aark platform are not required to sell assets they own to open a position. They can instead deposit these assets as collateral, which will be held until the user’s position is liquidated due to a loss.
Does Aark Digital have a Token?
$AARK is the native token of Aark Digital. The token is not launched yet, according to their Documentation, 31% of their token supply will be reserved for Community Rewards. So Aark Digital may do an airdrop. Currently, you can complete tasks to earn points, which will then be exchangeable for Mystery Tickets to eventually earn $AARK when the mainnet is launched.
How to Get the Potential Aark Digital Token Airdrop?
Time needed: 2 hours
Aark Digital have announced a Traders of the Galaxy campaign which will allow participants to get an exclusive NFT and a Mystery Ticket which could hold $AARK rewards. The Traders of the Galaxy will start on May 19th, 2023, 11:00 AM (UTC) and ends on 24th June 2023 at 9:00am (UTC). You will also need to interact with the Aark Digital Testnet OR deposit USDC in the mainnet liquidity pool in order to be eligible for a future token airdrop. Here’s a step-by-step guide:
- Add Arbitrum Goerli to Wallet
You can add Arbitrum Goerli via Chainlist on your MetaMask or other supported wallets. It is the testnet network for Arbitrum.
- Get Galxe Role
Connect your wallet to Aark Digital’s Galxe page. Complete the social tasks to get 1 entry.
- Complete Tasks on Crew3
Connect your wallet to Zealy (Crew3) and complete their social tasks.
- Get Testnet Tokens
Connect your Metamask to Aark Digital and click “Receive” on the right hand corner to get testnet tokens. You will get 10,000 mock USDC, 0.5 mock BTC and 5 mock ETH. Note that you can no longer get testnet tokens via their Discord as their faucet has dried.
- Deposit on Aark Testnet Futures Account
Go to Aark Testnet. Start by depositing some of your testnet tokens on your Futures account. Try not to deposit all as you will need some for the other features.
- Place Futures Orders
Now you can start trading on the Futures page. Choose a trading pair to trade located at the left side of the screen. Then, place a market order or limit order on the right of the screen. Set the leverage ratio by moving the slide bar.
You can see all of your created orders under the Position tab located at the bottom of the screen. Additionally, you can keep track of your previous orders under the Trade History tab. You will earn 1 point for every $100 of trading volume generated. You can also check your points earned here. - Provide Liquidity
Deposit some of your testnet tokens on your Liquidity Provider account. Then, go to the Liquidity page and open an LP position. Set the leverage ratio by moving the slide bar, and then place order to confirm.
- Deposit into the Insurance Fund
You can also deposit test USDC in the Insurance Fund page. This feature allows you to earn from liquidation fees.
- Deposit on Nitro LP (Mainnet Action)
If you wish to interact with more than just the testnet, you can provide liquidity to the Aark Digital Liquidity Pool on the Arbitrum mainnet. Connect your wallet to the Nitro LP page, and switch the network to Arbitrum One.
Once you’re in, scroll down and you’ll see different tiers of LP products. Select a tier and approve USDC to deposit. Learn more about the risk ratio in their Medium article. - Get the Aark Digital Boarding Pass
To get the Aark Digital Boarding Pass, you will need to earn over 90,000 testnet points. You can earn testnet points by trading on Aark Digital’s testnet (see step 6 above). Once you qualify, go to Aark Digital’s Galxe page and claim the NFT.
Airdrop Review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: Aark Digital’s documentation states that 31% of its token supply would be reserved for Community Rewards, which could mean an airdrop.
Airdropped Token Allocation: 31% of $AARK tokens would be allocated towards Community Rewards.
Airdrop Difficulty: The testnet is very user-friendly and easy to use. For interacting with the mainnet, please do your own research as it involves real funds.
Token Utility: $AARK is a fee-earning governance token of Aark Digital and entitles holders to various benefits.
Token Lockup: The 31% of $AARK tokens allocated towards Community Reserves were not distributed at Genesis, but will be distributed each year over a total of 4 years as follows: 12.8%, 8.3%, 5.8% and 4.1%
