Elys Network is a blockchain platform that supports a decentralized suite of financial applications using nuclear fusion technology and Cosmos ecosystem. The project is at a VERY EARLY stage such that their testnet is still not even out yet. The Elys Network incentivized testnet, known as the Elys Network Odyssey is now LIVE, which means they WILL do a token airdrop! This is our Elys Network ($ELYS, $EDEN) token airdrop guide!
Check out our Elys Network airdrop guide!
What is Elys Network?
Elys Network is a distributed ledger system that enables a variety of decentralized finance solutions powered by nuclear fusion and Cosmos network. Here are some of the main features of Elys Network
- NextGen oracle-based Decentralized Perpetual Trading and Leverage Lending platform: Elys Network is a platform that allows users to trade and lend various assets with leverage, using oracles to provide reliable data feeds for the market prices and other parameters.
- ETF style multi-asset Index Pools: Elys Network offers a feature that enables users to create and invest in diversified portfolios of assets, similar to exchange-traded funds (ETFs), which are designed to track the performance of a specific index or sector.
- Highly Scalable, Interoperable and Secure with premier UX, high TPS and low Transaction Fees: Elys Network claims to have a high-performance, user-friendly, and secure blockchain network that can handle a large number of transactions per second (TPS) and interoperate with other blockchains, while charging low fees for the users.
- Built in the Cosmos ecosystem: Elys Network is a part of the Cosmos network, which is a decentralized network of independent blockchains that can communicate with each other using a standard protocol called Inter-Blockchain Communication (IBC).
What is the Elys Network ($ELYS, $EDEN) tokens?
Elys Network will have 4 tokens in its ecosystem, ELYS, ELYS-LP, EDEN and EDEN-Boost. Here are some of the features of the Elys Network tokens:
Here is a summary of the tokens and their uses based on the information on this page:
- ELYS: The staking & governance token of ELYS Network. It has a low supply and rewards users who deploy it with inflationary and non-inflationary rewards. It may become deflationary over time as the ecosystem grows and burns ELYS.
- ELYS-LP: The liquidity provider tokens that can be either Pool Tokens or Molecule Tokens. Pool Tokens are assigned to a specific AMM pool, while Molecule Tokens are assigned to a multi-asset index within a sector. Both types of tokens allow users to provide liquidity and earn rewards.
- EDEN: The vesting ‘inflationary reward’ token that is earned by both stakers & liquidity providers. EDEN can be ‘committed’ to earn extra rewards and participate in governance.
- EDEN-Boost: The multiplier token that is earned while ELYS is ‘staked’ or EDEN is ‘committed’. Its purpose is to reward long-term users and increase their rewards.
What is the Elys Network Odyssey incentivized testnet?
The Elys Network Odyssey incentivized testnet is a public testnet by Elys Network that is currently live. It is structured into 9 phases. We are currently in phase 3 and phase 4 is set to start in the week of 31st March 2024. This incentivized testnet aims to engage participants to complete various tasks such as swapping tokens, staking, and delegating to validators on the Elys Network platform. Participants will have the opportunity to earn testnet tokens and potentially collect NFT rewards for completing tasks in each phase. Once you have collected at least 5 NFTs, you can combine them into a gold NFT. This may be key to a potential airdrop at the end of the Elys Network Odyssey.
How to get the Elys Network token airdrop
Time needed: 1 day
Here’s how to get the Elys Network token airdrop
- Sign up at Elys Network
Go to https://tally.so/r/mVQBev and complete the survey to sign up for the waitlist.
- Complete Zealy Questboard tasks
Go to Elys Network’s Zealy Questboard. Tasks include social tasks such as joining and getting roles on their discord.
Here are the answers to the Elys Network Zealy quizzes:
A (Yes), B (proof of stake), A (validators), B (Voting), C (none of the above), C (Osmosis), A (Neutron), C (Stride), B (Stargaze), C (Akash), B (Mars), C (Elys Network), A (Yes), A (Inter-Blockchain Communication), B (February 18, 2021), B (Bridge assets), A (Using a smart-contract), A (Using a smart-contract), A (Yes), A (ELYS), B (EDEN), C (Reward and vesting token), B (No), B (A basket of assets), A (65% of non-inflationary revenue from the assets in the specific Molecule, paid in USDC + EDEN), A (Perpdex), A (LP leveraging), A (Yes), A (Yes).
Fill in some information about yourself and your motivations to become a Cadet. Then, in a few sentences explain: (1) What type of project Elys Network is? (Blockchain? Application? Both?); (2) What is the native token and its role?; (3)
What is the purpose of IBC? - Sign up at Elys Network testnet and claim tokens.
Sign up for the Elys Network testnet with your email or wallet at https://testnet.elys.network/. Click “Deposit” and “Claim testnet tokens” to claim 1 testnet $ELYS and 2 testnet $USDC tokens. You can repeat this claim every 24 hours.
- Swap $ELYS for $USDC or $ATOM
Go to the “Swap” tab and swap $ELYS for $USDC or $ATOM. Make sure to save some $ELYS for gas fees. Note if it still does not work even after a few hours you can let the team know on their Discord channel. Do one of these transactions every day to maintain your streak.
- Stake $ELYS on ELYS Staking
Go to the “Earn” tab and click “Simple staking”. Go for the ELYS Staking option by clicking “Manage”. Choose a validator you want to delegate your $ELYS tokens to. We chose the High Stakes validator because to our understanding, they have an incentive program where if you delegate any Cosmos IBC tokens to them they would give you extra yields. Note it may take 30 minutes for the transaction to be processed. Staking $ELYS on ELYS Staking gives you $EDEN and EDEN BOOST rewards.
- Stake USDC on USDC earn
On the staking page, click “Manage” under the USDC Earn pool. Select the amount of USDC you wish to stake and click “Stake USDC”. You will earn rewards in $EDEN for this.
- Stake $EDEN on Commitment
On the staking page, click “Manage” under the Commitment staking pool. Stake your $EDEN and multiply with EDEN BOOST for even more rewards.
- Check your progress on Elys Bonusblock
Connect your wallet to https://elys.bonusblock.io?r=G9quTM2k and check your task progress. Note that some tasks may take a while to process so you may not see the check mark immediately.
Elys Network 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: Elys Network have confirmed they will an incentivized testnet.
Airdropped token allocation: The Elys Network airdrop allocation is unknown.
Airdrop difficulty: The Elys Network incentivized testnet has not even been launched yet, so all you need to do is to sign up for the waitlist. However, they have Zealy quests to complete, and their quizzes require you to wait 1 hour to try again if you get the answer wrong. This makes Elys Network one of the most time-consuming and hardest airdrop tasks we have done.
Token utility: The $ELYS and $EDEN token utility is unknown.
Token lockup: There is no information on the $ELYS and $EDEN token lockup yet.
