Boxmining

Tag: lending

  • Sentiment Token Airdrop Guide: How to Qualify for Potential Snapshot

    Sentiment Token Airdrop Guide: How to Qualify for Potential Snapshot

    Sentiment is a lending and borrowing protocol built on Arbitrum. It does not have a token, but the team mentioned on Discord that they did not rule it out. As such, if the airdrop is confirmed, early users of the protocol can potentially earn massive token rewards. In this article, we will explain what Sentiment is and what you can do to position yourself for the airdrop.

    Sentiment Airdrop Step-by-step Guide

    Here’s how to receive a potential Sentiment token airdrop:

    1. Connect Your Arbitrum Wallet to Sentiment
    2. Mint a Margin Wallet
    3. Deposit Assets on Your Account
    4. Swap Tokens
    5. Lend Out Tokens
    6. Borrow and Repay Tokens
    7. Use the ETH Wrapper Feature

    See below for more details

    What is Sentiment?

    Sentiment is a liquidity protocol that enables undercollateralized borrowing and lending. This means that borrowers can create leveraged positions without the need for overcollateralization, which is the more common practice in DeFi. Despite providing capital efficiency and flexibility, the undercollateralized model is challenging in crypto due to the volatile nature of the market. In the event of a default, there is nothing to back the lenders’ fund.

    Sentiment aims to solve this issue by assigning a proxy contract that holds the borrower’s collateral and borrowed assets. This means that the borrower never has custody of the loaned assets in their wallet, but they are allowed full control over deploying these assets, as long as it meets the requirements of the system’s risk measures.

    Project Funding and Audits

    In September 2022, Sentiment successfully raised $2.4 million in a seed funding round led by Archetype Ventures, with participation from Castle Island Ventures, Maxtriport Ventures and numerous angel investors.

    Sentiment’s smart contract code has been reviewed and audited by Web3 security firms Arbitrary Execution and Sherlock. Additionally, the team is insuring the first $10 million of total value locked (TVL) on Sentiment in the case of any smart contract vulnerabilities.

    Does Sentiment have a Token?

    As of now, Sentiment does not have a token. However, the team mentioned in Discord that they have not ruled out the possibility of a token launch. Additionally, DefiLlama has listed Sentiment as one of the tokenless protocols that may have an airdrop.

    How to Receive Potential Sentiment Token Airdrop?

    The best chance to receive a potential Sentiment token airdrop is to interact with the protocol. On-chain activities are essential to be included in the snapshot for the airdrop. Here’s a step-by-step guide:

    1. Connect Your Arbitrum Wallet to Sentiment

      Go to arbitrum.sentiment.xyz and connect your Arbitrum wallet. If you have MetaMask, switch the network to Arbitrum.

    2. Mint a Margin Wallet

      Click “Mint A Margin Wallet” on the top right side of the screen. You will need some ETH to cover gas fees.

    3. Deposit Assets on Your Account

      Once you set up your wallet, you’ll see your account assets and debt on the main page dashboard. You can deposit some stablecoins, WBTC or ETH to begin using the protocol.

    4. Swap Tokens

      Once you deposited your assets, you can swap tokens at arbitrum.sentiment.xyz/trade. You can also select which protocol like Uniswap or Curve to use.

    5. Lend Out Tokens

      There are several liquidity pools at arbitrum.sentiment.xyz/invest. You can click “invest” to lend out your tokens for APR rewards.

    6. Borrow and Repay Tokens

      You can borrow and repay tokens at arbitrum.sentiment.xyz/borrow. There is a health factor which shows the safety of your deposited assets against the borrowed assets and its underlying value.

    7. Use the ETH Wrapper Feature

      You can wrap some ETH or unwrap WETH at arbitrum.sentiment.xyz/wrapper.

    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: Sentiment does not have a token, but the team mentioned on Discord that they did not rule it out.

    Airdropped Token Allocation: There are no token distribution information yet.

    Airdrop Difficulty: You will need some ETH on your Arbitrum wallet to cover gas fees. Other than that, the tasks are relatively straightforward.

    Token Utility: Token utilities are unknown.

    Token Lockup: There are no available tokenomics yet.

  • Nexon Finance ($NXN) Token Airdrop: LIVE NOW!

    Nexon Finance ($NXN) Token Airdrop: LIVE NOW!

    Nexon Finance’s testnet is now live on zkSync, and users of the protocol can potentially qualify for an airdrop. In this article, we will explain what Nexon Finance is and what you can do to position yourself for the airdrop.

    Nexon Finance ($NXN) Airdrop Step-by-Step Guide

    Here’s how to get a potential Nexon Finance ($NXN) airdrop:

    1. Connect Your Wallet to zkSync Era Testnet
    2. Bridge ETH Goerli to zkSync
    3. Claim Testnet Tokens on Nexon Finance
    4. Use the Supply, Borrow, Withdraw, and Repay Features
    5. Complete Crew3 Tasks

    See below for more details.

    What is Nexon Finance?

    Nexon Finance offers a collection of DeFi lending services that enhance the efficiency of lending and borrowing crypto assets for users. These services are supported by zkSync, a highly secure ZK-rollup that supports almost all tokens and offers instant, low-cost transactions.

    By taking advantage of zkSync’s low network congestion, Nexon is able to reduce the impact of high Ethereum gas fees while maintaining security and user control. The Nexon ecosystem includes various products such as pooled lending and peer-to-peer lending, with the goal of creating a comprehensive suite of offerings.

    Does Nexon Finance have a Token?

    Yes, Nexon Finance confirmed in its whitepaper that there will be a $NXN token. The token offers governance capabilities, enabling stakeholders to make important decisions related to user incentives, grants, and protocol parameters. Additionally, the token provides revenue sharing opportunities, allowing users to earn a portion of the protocol’s revenue by holding the rbNXN token. This incentivizes long-term supporters of the project to continue backing it.

    According to its tokenomics, $NXN has a total supply of 97 million tokens. 61% of it will be allocated to community incentives, which usually means an airdrop-opportunity.

    How to Receive Potential $NXN Airdrop?

    The best chance to receive the $NXN airdrop is to interact with their testnet to be included in the snapshot. Here’s a step-by-step guide:

    1. Connect Your Wallet to zkSync Era Testnet

      Go to testnet.nexon.finance and connect your MetaMask wallet. Switch the network to zkSync Era Testnet (or Alpha Testnet if you added the RPC last year).

    2. Bridge ETH Goerli to zkSync

      Claim some Goerli ETH for gas fees from faucets such as goerli-faucet.pk910.de or goerlifaucet.com. Then, bridge them to zkSync using the zkSync Bridge. It will take a few minutes for the assets to pop up in zkSync.

    3. Claim Testnet Tokens on Nexon Finance

      Click on “Claim Tokens” on the top right hand corner of the screen, then click on “Tweet & Proceed” to start using the testnet.

    4. Use the Supply, Borrow, Withdraw, and Repay Features

      Select any asset and enable the “collateral” button on the right side of the tab. You can choose to supply, borrow, withdraw, and repay these assets.

    5. Complete Crew3 Tasks

      Nexon Finance has a Crew3 page with various tasks. Connect your Discord account and complete these tasks for a higher chance of receiving an airdrop.

    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: Although Nexon Finance has not officially confirmed the $NXN airdrop, their tokenomics show a large portion of the tokens will be allocated for community incentives. This usually indicates an airdrop for testnet users.

    Airdropped Token Allocation: $NXN has a total supply of 97 million tokens. 61% of it will be allocated to community incentives (e.g. airdrops)

    Airdrop Difficulty: It is very easy to qualify for the airdrop. All you have to do is connect to the zkSync testnet network in your MetaMask, claim testnet tokens, and start supplying and borrowing assets.

    Token Utility: $NXN is a governance token that also has revenue-sharing capabilities, incentivizing long-term supporters.

    Token Lockup: 12% and 2% of the total supply are allocated to team members and advisors, respectively. There will be a 6-month lockup and 3-year linear vesting for each.