OP_NET (Bitcoin Testnet) Airdrop Guide

OP_NET is a Bitcoin metaprotocol designed to bring smart contract functionality directly to Bitcoin Layer 1. Unlike other solutions, it aims to achieve this without requiring Bitcoin Improvement Proposals (BIPs) or core protocol changes, and without relying on sidechains or bridges. It uses native BTC for transactions, emphasizing a direct integration with Bitcoin’s existing framework.

Key Features and Technology

• Smart Contracts on Bitcoin L1: OP_NET enables the creation and execution of smart contracts directly on the Bitcoin blockchain.

• Unified Accounts: This innovative feature simplifies interactions with Bitcoin by using tweaked public keys instead of traditional address strings, unifying all account types under a single identifier.

• OP_20 Standard: This is OP_NET’s equivalent to Ethereum’s ERC-20 standard, allowing developers to create and manage fungible tokens directly on Bitcoin. Key features of OP_20 tokens include fungibility, Bitcoin-native integration, low transaction costs (paid in satoshis), and customizability (minting, burning, allowances).

• WebAssembly (WASM): OP_NET utilizes WASM, which allows smart contracts to be written in multiple programming languages.

Ecosystem Components

OP_NET’s ecosystem includes several applications built on its protocol:

• Motoswap: A Decentralized Exchange (DEX) for permissionless trading of assets directly on-chain.

• OP_SCAN: A blockchain explorer providing real-time access to transaction data on the Bitcoin blockchain.

• Stash: A decentralized lending protocol enabling permissionless lending with loans paid out in USDs (an over-collateralized stablecoin).

• OP_FUN: A platform for launching coins on OP_NET that are instantly tradable, utilizing bonding curves to create a market.

• Opbrew: A no-code smart contract deployment tool for OP_NET, built by Bitapes Labs, allowing users to build and deploy OP_20 tokens directly in the browser.

• Bido: A decentralized liquidity staking protocol where users can stake assets and earn rewards in OP_NET tokens.

• MultiBit Bridge: A bridge designed to enable value interoperability with other networks through cross-chain methods.

• Fjord Foundry: A platform connecting innovative projects with engaged backers.

• Ichigai: A decentralized aggregator providing access to multiple DeFi platforms in one place.

Funding Information

Based on initial searches, OP_NET has raised an undisclosed amount of funding. RootData indicates that the project was founded in 2023. Further details on specific funding rounds or investors are still being researched.

Revenue Model Analysis

While specific details on OP_NET’s revenue model are not explicitly stated, we can infer potential revenue streams based on its design and ecosystem:

1. Transaction Fees: As a metaprotocol enabling smart contracts and DeFi on Bitcoin, OP_NET will likely generate revenue from transaction fees. These fees, paid in satoshis, would be incurred for various on-chain activities such as token swaps on Motoswap, staking operations on MotoChef, and other smart contract interactions.
2. Developer Tools and Services: Platforms like Opbrew (no-code smart contract deployment) could potentially offer premium features or subscriptions for advanced functionalities, catering to developers and businesses building on OP_NET.
3. Liquidity Provision and Farming: While not a direct revenue stream for the protocol itself, the ecosystem encourages liquidity provision and farming, which could attract users and indirectly benefit the protocol through increased activity and network effect.
4. Partnerships and Integrations: Future partnerships with other projects or integrations with existing financial systems could open up new revenue avenues through service fees or shared revenue models.
5. Value Accrual to Native BTC: Since OP_NET uses native BTC and does not have its own token, its success could lead to increased demand and value accrual for Bitcoin itself, which indirectly benefits early adopters and the broader Bitcoin ecosystem.

Team

OP_NET was founded by Danny Plainview (Founder) and Chad Master (Co-Founder). Chad Master has also been involved in the development of Motoswap, the Bitcoin-based decentralized exchange that is part of the OP_NET ecosystem.

OP_NET Testnet Airdrop Step-by-Step Guide

OP_NET’s airdrop campaign involves completing various on-chain tasks on its testnet, primarily through the Motoswap DEX and MotoChef farming platform. These tasks reset every 48 hours, encouraging continuous engagement. Points are awarded for completing tasks, and users can climb a leaderboard.

Important Note: To interact with the OP_NET testnet and participate in the airdrop campaign, you will need to download and connect the official OP_NET wallet.

Obtaining Testnet Tokens (Faucet)

Before performing any on-chain tasks, you will need testnet tokens. OP_NET provides a faucet for this purpose.

1. Access the Faucet: Visit the OP_NET Faucet at https://faucet.opnet.org/.
2. Request Tokens: Follow the instructions on the faucet page to request testnet tBTC and OP_20 tokens. These tokens are essential for performing the swap and staking tasks.

On-Chain Tasks

Once you have obtained testnet tokens, you can proceed with the following tasks:

Link OP_WALLET with X Account

1. Go to https://opnet.org/points?r=8b8K8W and connect your OP_WALLET.
2. Link your wallet with your X account.

Tasks on Motochef (https://farm.motoswap.org/):

1. Stake PILL-MOTO LP: Navigate to MotoChef and find the staking pool for PILL-MOTO LP. You will likely need to acquire PILL and MOTO tokens and provide liquidity on Motoswap first to get the LP tokens.
2. Stake tBTC: On MotoChef, locate the staking option for tBTC and stake your testnet tBTC.
3. Stake MOTO: Find the MOTO staking pool on MotoChef and stake your testnet MOTO tokens.

Tasks on Motoswap (https://motoswap.org/):

1. Swap 5 OP_20 tokens: Go to the Motoswap exchange. Perform a swap involving 5 units of any OP_20 token.
2. Swap 10 OP_20 tokens: Execute another swap involving 10 units of any OP_20 token.
3. Swap 20 OP_20 tokens: Complete a swap involving 20 units of any OP_20 token.
4. Stake MOTO: On Motoswap, navigate to the staking section and stake your testnet MOTO tokens.

Verification: After completing the tasks, return to the OP_NET points page (https://opnet.org/points) and click “Verify Completion” to register your activity and earn points. Remember that tasks reset every 48 hours, so you can repeat them to accumulate more points.