Tag: polygon

Polygon zkEVM (MATIC) Token Airdrop Guide: LIVE NOW!
Polygon recently launched its own zkEVM mainnet, and co-founder Sandeep Nailwal hinted on Twitter that there could be a MATIC airdrop for users! In this article, we will briefly explain what Polygon zkEVM is and what you can do to position for a potential airdrop.

Polygon zkEVM Airdrop Step-by-Step Guide

Here’s how to get the Polygon zkEVM Airdrop:
1. Add Polygon zkEVM to MetaMask
2. Bridge to Polygon zkEVM
3. Interact with Polygon zkEVM DApps
4. BONUS: trade on Satori Finance
5. DOUBLE BONUS: Join in the zkEVM saga with Intract x Polygon to get free NFTs
See below for more in-depth details!

What is Polygon zkEVM?

Polygon zkEVM is a Layer-2 scaling solution for Ethereum that leverages the scaling power of zero-knowledge proofs while maintaining Ethereum compatibility, similar to zkSync and Linea. Developers and users on Polygon zkEVM can use the same code, tooling, and apps that they use on Ethereum, but with much higher throughput and lower fees. This allows Ethereum-based DApps to scale more efficiently, which is critical for mass adoption of DeFi.

What’s the Difference Between Polygon zkEVM and Polygon?

The original Polygon functions as a sidechain that runs parallel to the Ethereum mainnet, whereas Polygon zkEVM uses a ZK-Rollup architecture that is built on top of Ethereum. The key distinction is that Polygon is EVM compatible but Polygon zkEVM has total EVM equivalence. The latter is focused on being a near-perfect replica of Ethereum’s execution environment, which means it uses ETH instead of MATIC for gas fees.

Is There an Airdrop for Polygon zkEVM?

Yes, it is very likely there will be an airdrop for Polygon zkEVM users. Sandeep Nailwal, co-founder of Polygon, strongly hinted on Twitter that there will be a huge MATIC airdrop for zkEVM users. He also compared the current development of Polygon zkEVM to Arbitrum, which took more than a year to mature. This means that we are currently at the early stage, allowing users plenty of time to perform on-chain activities that would qualify them for the airdrop!

How to Get the Polygon zkEVM Airdrop?
The best way to get the MATIC airdrop is to interact with the Polygon zkEVM mainnet. Here’s a step-by-step guide:
1. Add Polygon zkEVM to MetaMask
  Go to ChainList and add Polygon zkEVM to MetaMask. It is launched on Mainnet Beta, which means you will need ETH for gas fees.
2. Bridge to Polygon zkEVM
  If you have funds on the Ethereum network, you can bridge ETH from Ethereum to Polygon zkEVM via the Native Bridge.
  
  Alternatively, if you have funds on Arbitrum and/or gas fees are too high, you can also use other third-party bridges recommended by Polygon, such as Orbiter Finance. Using Orbiter Finance, in particular, refunds 60% to 70% gas fees back to you.
3. Interact with Polygon zkEVM DApps
  Here are the top DApps in Polygon zkEVM ranked by total value locked (TVL). Try to perform transactions consistently every week as frequency of smart contract interaction is an important criterion to qualify for the airdrop:
  
  Decentralized Exchanges (DEXs):
  1. Quickswap
  2. Kokonut Swap
  3. Dove Swap
  4. Mantis Swap
  
  Lending Protocol
  1. 0vix
4. Interact with Quickswap
  Here’s how to interact with Quickswap. First, connect your wallet to Quickswap Exchange. Make sure you have switched the network on Polygon zkEVM. Then, go to the Swap section and (1) Swap ETH for USDC; and (2) Swap the same amount of ETH for WETH. Afterwards, go to their Pool, select ETH and USDC tokens as the token pair, approve the tokens and add liquidity.
5. Interact with Kokonut Swap.
  Here’s how to interact with Kokonut Swap. First, connect your wallet to Kokonut Swap. Make sure you have switched the network on Polygon zkEVM. Then, go to their Swap page and swap ETH to USDC.
6. Interact with Dove Swap
  Here’s how to interact with Dove Swap. Connect your wallet to Dove Swap and make sure you are on the Polygon zkEVM network. Then, swap ETH for USDT.
7. Interact with Mantis Swap.
  Interact with Mantis Swap by going to their website. Then, connect your wallet and make sure you are on the zkEVM network. Finally, swap USDC to USDT.
8. Interact with 0vix
  To interact with 0vix, connect your wallet to their website and make sure you are on the Polygon zkEVM network. On the Supply Markets, supply a small amount of ETH and click “Supply”.
9. BONUS: Trade on Satori Finance
  Satori Finance is a protocol on Polygon zkEVM (as well as zkSync, Linea and Scroll). To trade on Satori Finance, connect your wallet to https://satori.finance/, making sure that you are on the Polygon network. Then, go to “Portfolio” and deposit some trades. Next, go to the “Trade” tab and do some trades.
10. DOUBLE BONUS: Join in the zkEVM saga with Intract x Polygon to get free NFTs
  Connect your wallet to the Quest Page and complete the tasks to get a free NFT. Tasks include signing messages, following social accounts and posting Tweets. Finally, click “Get your NFTs” and follow the instructions on your wallet to mint your free NFT. Note you will need to pay gas fees in ETH
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 not confirmed, it is very likely there will be a MATIC airdrop for Polygon zkEVM users, according to Sandeep Nailwal.

Airdropped Token Allocation: There is no confirmation on the token allocation, but Nailwal said that it would be a “massive” airdrop.

Airdrop Difficulty: Simply bridge to Polygon zkEVM and interact with QuickSwap and other high TVL DEXes. You will need real ETH to perform these tasks.

Token Utility: MATIC is the native token of the Polygon blockchain. Although Polygon zkEVM uses ETH for gas fees, it is likely MATIC will be airdropped as rewards.

Token Lockup: No mentions of token lockup.
December 6, 2023
Davos Protocol ($DGT) Token Airdrop Guide: LIVE NOW!
Davos Protocol is a new type of stable asset protocol that allows users to earn yield from staked assets with low collateral risk. Its mainnet was recently launched on Polygon, and early users could qualify for a potential airdrop. In this article, we will briefly explain what Davos Protocol is and what you can do to position for the airdrop.

Davos Protocol ($DGT) Airdrop Step-by-Step Guide

Here’s how to receive the $DGT airdrop:
1. Connect Your Wallet to Davos Protocol
2. Deposit $MATIC as Collateral
3. Stake $DAVOS to Earn $DGT
4. Deposit on Gamma Boosted Vaults
5. Provide Liquidity on Uniswap or QuickSwap
See below for more in-depth details!

What is Davos Protocol?

The Davos Protocol is a new type of stable asset protocol that solves the problem of locked-up liquidity in a sustainable way. It achieves this by using liquid staking and over-collateralization to enable a real yield extracted from liquid staking rewards for Davos stable assets on proof-of-stake (PoS) networks.

The monetary policy of Davos regulates the price stability of the stable asset $DAVOS. Through a revenue distribution system, Davos rewards liquidity providers with a stable yield. It accepts coins from multiple PoS networks as collateral to borrow $DAVOS stable assets and runs diverse low-risk strategies to generate yield from the collateralized assets. The generated yield is then redistributed to $DAVOS stakers and DEX liquidity providers.

Does Davos Protocol Have a Token?

Yes, Davos Protocol uses a dual token model consisting of $DAVOS and $DGT. $DAVOS is the stable asset backed by staked MATIC as collateral, allowing users to yield farm. On the other hand, $DGT is used for platform governance, participants incentivization, and voting on upgrades such as adding a new vault or changing protocol parameters and fees.

$DAVOS is already live and in use, but the $DGT token will launch in the future.

How to Get the Davos Protocol ($DGT) Token Airdrop?
The best chance to get the $DGT token airdrop is to interact with the Davos Protocol mainnet. Here’s a step-by-step guide:
1. Connect Your Wallet to Davos Protocol
  Connect your MetaMask or other supported wallets to the Davos Protocol app. Switch the network to the Polygon mainnet.
2. Deposit $MATIC as Collateral
  Go to the borrow page, provide $MATIC as collateral to borrow $DAVOS tokens.
  
  The Davos team recommends keeping the borrowing amount under 75% of the maximum limit to prevent loan liquidation, which could occur due to changes in the collateral’s value.
3. Stake $DAVOS to Earn $DGT
  Go to the earn page, stake your $DAVOS to earn $DGT rewards which could translate to the token when it is launched.
  
  If you unstake your tokens, you will need to repay the debt you owe in $DAVOS tokens to close your position.
4. Deposit on Gamma Boosted Vaults
  On the same page, you can deposit USDC/DAVOS pair on Gamma via Uniswap or QuickSwap.
5. Provide Liquidity on Uniswap or QuickSwap
  You can also directly provide USDC/DAVOS liquidity on Uniswap or QuickSwap.
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: Davos Protocol has not launched its $DGT token yet, but early users can potentially qualify for an airdrop.

Airdropped Token Allocation: Token allocation for airdrops is not confirmed yet.

Airdrop Difficulty: The steps are straightforward. Just provide $MATIC as collateral to borrow and stake $DAVOS. However, keep in mind that real funds are used, as it is deployed on the Polygon mainnet.

Token Utility: $DAVOS is the stable asset backed by staked $MATIC, whereas $DGT is the governance token of the protocol.

Token Lockup: There is no information on token lockup yet.
April 18, 2023
Polygon ($MATIC): can it solve Ethereum’s scaling challenges?

The Ethereum network has immensely pushed the boundaries of blockchain technology more than Bitcoin ever had, especially in the decentralized finance (DeFi) sector, where hundreds of different projects have been able to leverage the flexibility and effectiveness of the host blockchain.

Unfortunately, the slow transaction speeds and high costs are significantly limiting the performance of Ethereum-based projects to the point that some of them are migrating to alternative chains like Solana and Binance Smart Chain. Yet the vast majority of applications still hold on to Ethereum, waiting for Ethereum 2.0 to fully scale the network.

Ethereum is in dire need of a scaling solution that can speed up the blockchain’s throughput. Thankfully, Polygon is working on one of such solutions that would see the load on the Ethereum blockchain eased on parallel child chains.

Background

Polygon started out as Matic Network, a blockchain solution intended to speed up blockchain transactions and make them more accessible to the general public. Later on, the company refocused its objectives on the Ethereum network to furnish it with layer two scaling solutions. The name Polygon came along with the branding.

The startup was founded by four Indian technologists, Jaynti Kanani, Anurag Arjun, and Sandeep Nailwal, who had a similar vision of a future where machines and humans interacted freely. The three entrepreneurs agreed that blockchain technology is a vital tool for achieving such a society.

The trio was later joined by a Serbian tech maximalist and Ethereum enthusiast, Mihailo Bjelic. In a seed round announced on the 1^st of August, 2019, Polygon received funding from MiH ventures through Crunchbase. Version 1 of Polygon’s SDK was scheduled to be released in March of 2021.

What is Polygon ($MATIC)?

Polygon is a framework that allows Ethereum-based applications to bypass the low throughput, high gas fees, and poor interface of Ethereum while still enjoying its support

Polygon’s main component is its software development kit (SDK). The SDK is a flexible structure that allows projects to develop different sidechains that suit their needs. Necessary support is provided so that the alternate chains can interact effectively with Ethereum’s main chain.

By arming developers with flexible and easy-to-use tools, Polygon accelerates the transformation of Ethereum into a multi-chain ecosystem. Its users would be able to create Optimistic rollup chains, ZK rollup chains, and other types of sidechains.

But beyond being a mere framework, the Polygon platform is focused on connecting blockchains with one another, as well as the Ethereum blockchain itself.

Advantages of Polygon

The major benefit of Polygon is scalability, which the crypto space is in dire need of today considering that it takes forever for transactions to be verified on the Ethereum network, especially if you try to decrease the gas fees. Dapp developers have to pay so much in gas fees that it curtails their development and affects their offering to users.

And this is the pain point that Polygon aims to ease, and they are on their way to scale the Ethereum network.

Polygon’s solution to the challenges facing Ethereum (Image credit: Polygon)

Polygon for Developers

Developers can build a network of scalable side chains to the Ethereum blockchain through Polygon; one with independent consensus algorithms on a more developer-friendly, Web Assembly (WASM) environment.

Developers would be encouraged to build more and advance the general direction of the crypto industry, especially the DeFi sector. Polygon’s SDK does not require developers to have blockchain expertise. In fact, knowledge of these protocols is unnecessary in building from its SDK.

Users would also benefit tremendously with more easy-to-use interfaces, near-instantaneous transactions, and low costs. If well-executed, this will likely propel the growth of Ethereum dapps to astronomical levels and will push the boundaries of crypto to include the masses outside the industry.

Support, Flexibility, and Security

Polygon permits incredible flexibility for the development of chains.

Its modular nature allows developers to assemble products at unrivalled speeds. The easy assembly will also accelerate dapp development, effectively shortening the interval between the conception and deployment of blockchain products.

Support would also be provided for easy interaction with users, as well as external systems. Token exchange, contract calls, and communication with oracles are also supported on Polygon. Furthermore, the products would be easily upgradeable.

All these and more will be possible on Polygon without compromising on security. In fact, developers would be free to choose their approach to secure their platforms, using the modular “security as a service” feature on the Polygon framework.

Above all, all products developed on Polygon would be compatible with Ethereum.

Polygon Chains

During the days of Polygon’s Matic network, an Ethereum sidechain that uses the Plasma framework was the landmark of its offering. The Plasma framework allowed sidechains to run independently, only interacting with the main blockchain when it was necessary.

Polygon’s new platform sees it advance with the demands of the market by offering different chain networks that are attuned to Ethereum’s blockchain. And these are: stand-alone chains and secured chains.

Stand-alone Chains

Stand-alone chains have security autonomy, with each chain being responsible for its own security. Such chains have the freedom to choose their own validation methods. They can establish a personal pool of validators who ensure the authenticity of transactions directly on the blockchain.

Polygon stand-alone chains (Image credit: Polygon lightpaper)

Secured Chains

On the other hand, secured chains involve outsourcing the platform’s security to a third party. The third-party can be Ethereum itself, with its fraud-proof and validity proof pools. There are other independent, professional pools of validators that offer security as a service as well.

Overall, secured chains often enjoy more reliable and tighter security even if they might have to sacrifice some independence.

Polygon secured chains (Image credit: Polygon lightpaper)

MATIC token

MATIC is the only native token of Polygon, it is used to pay transaction fees and participate in Polygon’s proof-of-stake consensus mechanism.

Conclusion

Polygon’s vision is to launch whole blockchains that are scalable, secure, and have amazing interfaces, allowing decentralized applications to have an alternative platform to carry out transactions while enjoying the security and support of the Ethereum network.

Meanwhile, the Ethereum dev community is also continuously working on the Ethereum 2.0 project (Serenity), which seeks to ultimately scale its blockchain to unimaginable capacities even beyond Visa and Mastercard.

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

January 1, 2023
Understanding Layer 2 & Scaling Solutions: Arbitrum, Boba, Optimism, Polygon, Ethereum 2.0
One of the core problems with the Ethereum network today is scalability. As more and more decentralized apps (dApps) are built on the network, the number of users and transactions increases. This has slowed down the speed of transactions and driven up the cost of using the network, creating the need for scaling solutions.

At its full capacity, the Ethereum network is only able to process 15 transactions per second. To put Ethereum’s scaling limits into perspective, consider that Visa handles around 1,700 transactions per second on average. Therefore, increasing the network capacity in terms of speed and throughput is fundamental to the meaningful and mass adoption of Ethereum.

There are multiple solutions being researched, tested and implemented that take different approaches to achieve similar goals. Two solutions that we will explore in this article are known as sidechains and optimistic rollups.

Check out our explainer video on layer 2 solutions such as Arbitrum, Boba, Optimism, and Ethereum 2.0

Layer 2 solutions explained (Arbitrum, Boba, Optimism, Ethereum 2.0)

What is Layer 2 and How Does it Work?

The Ethereum main chain is known as Layer 1. Layer 1 applications and smart contracts interact directly with the native chain. Layer 2 refers to a series of different protocols that facilitate the creation of smart contracts and decentralized applications (dApps) on top of the core Ethereum blockchain.

Operating on Layer 2 frees up Layer 1 by taking transactions off the main chain, offloading it to Layer 2, enabling them to interact, and then recording the remainder of the whole transactions back to Layer 1. Due to transactions being processed off-chain on Layer 2, Ethereum benefits from higher transaction processing capacity, faster confirmation times, and lower gas fees.

In fact, many believe that Layer 2 solutions will be how Ethereum wins over mainstream users. It is estimated that 2,000 – 4,000 transactions per second can be processed in Layer 2, which is already in line with Visa’s processing capabilities. By combining the scaling of Layer 1 with Ethereum 2.0 and Layer 2, Ethereum is set to obtain a powerful economic bandwidth.

Sidechains: Polygon Network

Sidechains are a Layer 2 solution utilizing separate blockchains that run in parallel to the Ethereum main chain but operate independently, hence increasing its scalability.

Polygon is the most popular sidechain that aims to scale Ethereum by building and connecting Ethereum-compatible blockchain networks. Polygon operates on its own consensus mechanism and also has its own native token known as $MATIC.

Because sidechains run on a separate blockchain, they do not inherit the security of Layer 1. If a sidechain is hacked or compromised, the damage will be contained within that chain and will not affect the main chain. Conversely, should the main chain become compromised, the sidechain can still operate.

Sidechains also provide room for a lot of flexibility, allowing developers to experiment with new features or software updates before pushing them onto the main chain.

Rollups Explained: Optimistic Rollups & Zero Knowledge Rollups

Rollups are another Layer 2 solution intended to solve Ethereum’s scalability and complement the network. Rollups interact with the main chain, therefore inheriting Layer 1’s security features as well as its secure consensus mechanism. The term ‘rollup’ refers to the way that the chain bundles many transactions to be submitted to the main chain.

Because rollups use smart contracts that reside within Ethereum, they do not require a native token like Polygon, but instead use $ETH as their currency. Rollups seem to be the most sound scaling solution for Ethereum as it does not compromise the security and sovereignty of Layer 1.

There are basically two types of rollups: Optimistic Rollups and Zero Knowledge Rollups (ZK Rollups). Both aim to scale Ethereum by processing transactions on Layer 2 before submitting the results back to Ethereum. However, the difference is in how they validate transactions.

In simple terms, Optimistic Rollups assume that transactions are valid — hence an optimistic outlook. However, it also allows what are called “watchers” to call out fraudulent transactions since blockchain is transparent and public. If a watcher proves instances of fraud, the transaction is reverted, the bad actor penalized, and the watcher rewarded to incentivize them.

On the other hand, Zero Knowledge Rollups attempt to prove that transactions are valid. They do so by submitting validity proof to an Ethereum smart contract along with the bundled transactions.

Optimistic Rollups are currently the more popular option, so let us look at some projects that have adopted this mechanism. These projects are Arbitrum, Boba, and Optimism.

Optimistic Rollups: Arbitrum, Boba & Optimism

Arbitrum, Boba and Optimism are 3 projects which have the same goals of scaling Ethereum and reducing gas fees. All of these Layer 2 projects are competing with one another to be the best network. Therefore, each project offers different features to stand out from the others.
- Arbitrum describes itself as a Layer 2 solution designed to improve the capabilities of Ethereum smart contracts — boosting their speed and scalability while adding additional privacy features to boot. Arbitrum is, according to the team, around 90-95% cheaper than Ethereum. And with their Nitro being launched soon, they expect costs to be cut even further.
- Optimism is an EVM-compatible Optimistic Rollup chain designed to be fast, simple, and secure. Optimism pledges to uphold the values of Ethereum by producing infrastructure that promotes the growth and sustainability of public goods.
- Boba Network is a next-generation Layer 2 scaling solution that reduces gas fees, improves transaction throughput, and extends the capabilities of smart contracts, shrinking the Optimistic Rollup exit period from seven days to only a few minutes, while giving liquidity pools (LPs) incentivized yield farming opportunities.
Arbitrum’s fraud proofs seek to find the particular point of disagreement over transaction history. In contrast, Optimism’s tech looks at fraud a bit more holistically. And this means that Arbitrum has a higher transaction capacity equating to higher performance.

Optimistic Rollups have a time period in which users can dispute transactions and call fraud. Both Arbitrum and Optimism allow one week for that dispute period, which means that transactions in a bundle under suspicion can be held in limbo for one week before they are verified and released. This is where Boba comes in as a serious player.

Instead of having funds locked for several days, Boba’s solution brings the dispute period down to only a few minutes. It also provides incentivized yield farming opportunities, both serving as very attractive features in comparison to its competitors.

Will Ethereum 2.0 Make Layer 2 Solutions Irrelevant?

Ethereum 2.0 is regarded as the long-term solution that can bring speed, efficiency, and scalability to the Ethereum network. The long awaited upgrade will move the network from a Proof-of-Work consensus to a Proof-of-Stake consensus, a much more energy efficient method of maintaining the network that uses validators instead of miners.

Ethereum 2.0 is currently slowly being released in different phases and will ultimately speed up transactions as well as drastically reduce the cost of gas fees. That brings up the question: Will Ethereum 2.0 make all these Layer 2 solutions irrelevant?

While there are many different opinions and discussions surrounding this topic, however, we think that all of these solutions can coexist and benefit the network as well as its economy.

This is because despite the upgrade, Ethereum 2.0 may still not be able to handle the amount of transactions per second required for widespread adoption. The impressive capabilities of Layer 2 solutions could eradicate Ethereum’s scalability issues for good, allowing the network to improve other aspects and prevent congestion on the main chain.

Final Thoughts: Why Are So Many Solutions Needed?

There is no debate that Ethereum has a stronghold over developer mindshare. It is the first network that enabled developers to build truly unstoppable decentralized applications with global distribution from day one. But competition is coming fast, and as it stands today, Ethereum will not be able to handle the scale necessary for millions of users. If the network wants to retain the same level of decentralization, it will have to look for new ways to structure use around the main blockchain.

As such, there are currently several Layer 2 solutions that aim to resolve Ethereum’s scaling issues. There are also some hybrid solutions which seek to improve the network’s scalability by combining the technologies. But is there really a need for so many solutions?

We say yes, because multiple solutions can help reduce the overall traffic on any one part of the network, and also prevent single points of failure. The whole is greater than the sum of its parts. Different solutions can exist and work in harmony, allowing for an exponential effect on future transaction speed and throughput. Furthermore, not all solutions require utilizing the Ethereum consensus algorithm directly, and alternatives can offer benefits that would otherwise be difficult to achieve.

If Ethereum achieves its full potential of becoming a global trust layer, it is likely that these solutions and more will be required to scale the network in combination with Ethereum 2.0. In the future, the Ethereum ecosystem could see significant change as new projects assess the benefits and drawbacks of running on Layer 2.

If all of these solutions can come together in harmony, Ethereum will achieve a blockchain system that can match the speed and scale of programmatic advertising – one that can be used by industries with high data processing needs as well as users worldwide.

Sources:

https://ethereum.org/en/developers/docs/scaling/

https://hackernoon.com/ethereums-layer-2-the-story-so-far-and-what-to-expect-next-kn41342c

https://dappradar.com/blog/ethereum-rollups-a-simple-explanation

https://medium.com/general_knowledge/rollup-rollup-top-layer-2-compared-arbitrum-vs-optimism-vs-polygon-4a469389faef
August 30, 2022
EtherDrops Review and Tutorial
EtherDrops is a Telegram based bot designed to track major crypto markets and NFTs. Many crypto enthusiasts would use data tracking sites such as CoinMarketCap and CoinGecko, and these tools are excellent as ‘wikipedias’ for all the altcoins out there. However, for those with more advanced needs, there are much better resources available that can make your life easier.

If you’ve been in crypto for several years, you’ll probably have a Telegram account. Most of the crypto projects in existence have official Telegram channels to keep their communities informed and up to date on developments, so the chances are you also use the messaging platform.

This is just as well, because one thing that makes Telegram very useful is its ability to add bots that serve different purposes to the end-user. This is where EtherDrops comes in, so you can be part of the various crypto communities and track your tokens all on the Telegram app.

What is EtherDrops?

Originally created in 2018 as a tool to monitor Ethereum wallets, EtherDrops was mainly used to track the transactions of Ether ‘whales’ as well as one’s own wallets on the first smart-contract blockchain.

Four years later, EtherDrops has evolved into something much bigger than wallet monitoring. It is now integrated with Ethereum, Polygon, Fantom, Avalanche and BNB Smart Chain, providing a convenient place to track all your crypto activities within one Telegram bot.

Users are equipped with simple-to-use tools to follow coin prices, as well as track and receive real-time notifications on wallet transactions, DEX and CEX swaps, NFTs, liquidity pools, Binance funding, gas prices, and more.

By shaping settings according to your own personalized needs using a unique combination of advanced tools and instruments, EtherDrops becomes a simple yet essential bot that notifies you about anything you want, or alerts you to certain conditions. Thousands of investors, traders, and holders use it to navigate their crypto journeys.

The bot already has more than 400,000 users on board and keeps growing steadily. With the product sending over 5,000,000 notifications daily, it’s no surprise that each day they welcome hundreds of new users onboard.

EtherDrops Features

Major features of EtherDrops include:
- Price tracking;
- Wallet tracking;
- Liquidity pools;
- OpenSea integration;
- Gas price notifications;
- Integration with Telegram groups and channels; and
- Token distribution alerts.
Price Tracking

Tracking the prices of various cryptocurrencies is a basic need for long-term investors or traders. Add coins by name, ticker or contract address. Apply your personalized settings to receive instant notifications about price changes and swaps.
- Price Change Notifications – Set % Price Change to generate an alert.
- Swap Alerts – Set $ Value to track Swaps on Uniswap, Sushiswap, Balancer and other supported DEXs.
Wallet Tracking

Add a wallet by its address to monitor incoming and outgoing transactions, airdrops, NFT transactions, and created contracts.
- Transaction Notifications – Choose between different event types and set $ alerts to be notified about transactions.
- Wallet Balance – Check Balances of assets and NFTs.
Liquidity Pools

Add a liquidity pool by its contract address and receive % pool changes should it increase or decrease within the specified range.
- LP Changes – Set the % change value to stay on top of your added pool.
OpenSea Integration

Track the floor price and metrics of NFTs and arts on the Ethereum network. To follow your collection, add it by the name or address and set a % price change or generate a $ price target.

Gas Price Notifications

At times ETH gas prices can be really high and leave you with an eye-watering bill in fees to pay if you make a transaction. Set gas price notifications and save yourself a fortune!
- Set Gas Alerts – Set Gwei amount to generate an alert. As soon as it hits the target or lower, you’ll be immediately notified.
Check out our Advanced Tips and Tricks to Save on Ethereum Gas Fees:

Integration with Groups & Channels

If you are an admin or a community manager of a project using Telegram, or you run a trading group, your channel could benefit from integration with the EtherDrops bot.
- All Bot Features in your Groups and Channels – The same alerts and notifications you set in your individual account can be applied to groups and channels.
Token Distribution Alerts

Token distributions often create market price pressure and increase capitalization. Be the first to obtain such info and assess market conditions to make a play in your favor (if you use Margin or Futures trading).
- Token Distribution – Receive distribution alerts from seed, private and other events for tokens that you’ve added to monitoring.
Tutorial: How to use EtherDrops

1. How to install EtherDrops bot

To install EtherDrops, simply follow this link to open the bot in Telegram. It will automatically link the bot to your account. Here is an official list of the available EtherDrops install links. If you experience any delays with bot updates, you can switch to any other official link.

2. How to add a wallet

In the Main Menu, select “+Add wallet”. Tick ✅ which networks you wish to add to monitoring for your wallet and press ✔ Done (for example ETH and Polygon). Then type in your wallet address and name it. You’ll now be immediately notified whenever there are any transactions happening within the wallet, including NFT activity, in/out transactions, airdrops, etc.

3. How to edit wallets

In the Main Menu, select “Edit Wallets”. Choose the wallet you wish to edit. The menu with available options will open up. You can Delete, Rename, make it your Favourite (if ON, notifications with this wallet will be illuminated for better visibility), follow only IN, OUT or ALL transactions, check Balances, add/remove Networks for this wallet, set Alert Transactions filter (you’ll only be notified about transactions that are bigger than the specified threshold).

4. How to add a liquidity pool

In the Main Menu, select “+Add pool”. Choose the network. Next, enter the address of the liquidity pool. Enter the % liquidity change to create a notification. When the liquidity of a pool changes within your specified range, you’ll be instantly notified.

5. How to edit liquidity pools

In the Main Menu, proceed to “Edit pools”. Choose the liquidity pool to add additional settings. You can Delete, Rename, turn your Notifications ON or OFF for this specific pool, or change the % notification alert.

6. How to add a new coin

In the Main Menu, select “+Add coin”. Next, enter the contract address, symbol, or name of the coin. Choose the coin from the list and select network (ETH, BSC, ERC-20, Polygon, or CEX). Finally, enter the % price change and $ value for swaps (in case the coin is traded on a DEX) to create a notification. Now you are following this coin. Whenever there is a swap or price change within the range you specified, you’ll receive an instant notification.

7. How to edit coins

In the Main Menu, proceed to “Edit coins”. Choose the coin. You can Delete, turn your Notifications ON or OFF for this specific coin, change Price Denomination (in USD, BNB, ETH, BTC), change the price % notification alert, create a price alert (if a coin is x USD, you’ll receive a notification), or change swap alerts.

8. How to add an NFT

In the Main Menu, select “+Add NFT”. Enter the contract address or name of the NFT. Select the right one and type in the % price change alert to receive notifications.

9. How to edit NFTs

In the Main Menu, select “Edit NFT”. Choose the NFT. You can Delete, change % alert or price, set a new price alert, or turn notifications ON/OFF.

10. How to set gas price alerts

In the Main Menu, select “Set gas alert”. Type in the desired fast gas price to create an alert.

Conclusion

EtherDrops is a simple yet comprehensive one-stop tool for all your crypto tracking needs and continues to add new networks, coins, and exchanges as the market expands so you’ll never be short of what you need. It just takes one click and a few easy-to-follow steps within Telegram to get set up, and that short initial setup time proves to be well worth it.

For a comprehensive tutorial on the more advanced features of EtherDrops such as quick shortcuts, special commands, managing profiles, how to set up the bot for groups and channels, and subscription options, read to the end of this quide. If TL;DR you can also watch a video tutorial here.

Follow DropsTab / EtherDrops for more information:

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July 26, 2022
DinoSwap ($DINO) Guide: What is it?
What is DinoSwap?

DinoSwap ($DINO) is a decentralized exchange (DEX) Polygon network-based cross-chain protocol that rivals the likes of PancakeSwap and other automated market makers. Launched on 17 July 2021, the DEX allows users to use the DINO token to earn various tokens of projects operating on top of Polygon.

Some of the top investors of DinoSwap include DeFinance, Hashed, Spartan Group, DFG, and co-founder of Polygon Sandeep Nailwal.

DinoSwap’s goal is to allow users from any blockchains to benefit from increased liquidity by tapping into tethered liquidity from multiple other blockchains, thereby becoming a centralised hub for cross-chain liquidity. This can be done by building liquidity for layer one blockchains, AMMs (Automated Market Makers), and partnering projects.

The first blockchain that DinoSwap has started with is Polygon due to its high liquid environment and extremely low transaction cost. By leveraging the strength of Polygon, DinoSwap is then able to help crypto projects boost their token liquidity.

How does DinoSwap work?

Currently, DinoSwap offers three products:

DinoSwap Exchange

The main focus of DinoSwap, it is a DEX that does not have its own Automated Market Maker (AMM) and instead interfaces directly with third-party liquidity pools of the top DEXs on Polygon. On DinoSwap, users can exchange ERC20 tokens, and one of the features that make DinoSwap unique is that it does not charge any additional fees on exchanges.

Yield Farming (aka DinoSwap Fossil Farms)

Following the dinosaur theme, DinoSwap’s Fossil Farms are where users can earn DINO by staking their LP tokens from SushiSwap, QuickSwap and Dfyn.

Staking

Jurassic Pools

This is a non-burn pool where users can stake their DINO and earn more tokens from partnering projects. In addition, users can still withdraw or deposit DINO without any additional fees, time-locks, or burns. (www.stellardental.my)

Extinction Pools

Extinction Pools are burn pools where deposited DINO is burned when all rewards are distributed. Users can stake their DINO tokens in order to earn more tokens from other partners over a period of time.These allow projects to issue tokens to a global community of Degen Dinos which increases wallet holder count, boosts awareness of the project, and bootstraps initial market liquidity. Participating projects are announced through the official DinoSwap social media platforms and receive cross promotional benefits, and these projects will also populate on the default list of DinoSwap tokens without having to search for the contract address.

Tar Pits

Users can stake DINO in the Tar Pit to earn more DINO tokens. Entering these pools requires an adjustable time lock on staked DINO, but longer lock-ups mean increased rewards.

DINO token utility

DINO token is the native token of DinoSwap in ERC – 20 standard and is used to get other tokens from projects partnering with DinoSwap. DINO token has no hard cap but has a burning mechanism to deter inflation and ensure the healthy development of the ecosystem.

The DINO token at this time has two different uses: DINO is currently used to farm yDINO, a governance token which will be part of a complete ecosystem, by staking DINO and BNB on Tenet. DINO provides passive income to its users and holders through the 1% redistribution applied from every transaction Note: It will be used in the near future as the central currency used in this ecosystem currently in development, where artists and collectors can buy and sell digital art goods using DINO Token.

DINO Token Distribution

65 million DINO tokens were distributed at launch as follows:
- 65% – Farming Rewards (Fair launch).
- 5.6% – Treasury.
- 14.4% – Team (vested over 12 months, linearly, on a per-block basis).
- 15% – Investors and Advisors (vested over 12 months, linearly, on a per-block basis)
After the first 65 million DINO have hatched, new tokens will be created on-demand. For every 10 DINO created, one extra DINO will be allotted to the DinoSwap Treasury to support further protocol growth initiatives.

Trading on DinoSwap

Trading on DinoSwap is simple:
1. Navigate to the DinoSwap exchange here
Dinoswap exchange
1. Unlock your Polygon Wallet, click connect, and choose the wallet provider of your choice
Dinoswap Polygon wallet
1. Select the tokens you wish to swap and enter the amount (make sure you have MATIC in your wallet to push the transaction through) .
Dinoswap and MATIC
1. Check the details, and click “Swap”.
Dinoswap finalize
1. Check the details again and click “Confirm Swap”.
Dinoswap confirmation page
1. Confirm the transaction in your wallet.
2. The swap is complete and you can click view on maticvigil to see your transaction details
Yield Farming on DinoSwap

This function allows users to stake DINO in order to earn even more rewards after a period of time. There are two parts to this process:

Providing Liquidity

Every Fossil Farm needs a specific LP Token that can be acquired by providing liquidity for the appropriate pair. The following steps will prepare you to start excavating in your favorite Fossil Farm.
1. Go to the Fossil Farms page.
Dinoswap Fossil Farms
1. Click on your favorite Fossil Farm.
2. Click on the “Get LP” link on the left side.
Dinoswap Get LP
1. Follow the instructions to get LP tokens on either SushiSwap, Quickswap or Dfyn.
Entering a Fossil Farm

Now that you have your LP Tokens ready, it is time to put them at work and start excavating.
1. Go back to the Fossil Farms page.
2. Unlock your Wallet via the “Unlock Wallet” button or the “Connect” button (top right).
Fossil Farm Unlock Wallet
1. Make sure your wallet is on the “Matic Mainnet” network.
2. Click on the Fossil Farm you want to excavate.
3. Click the “Enable” button.
Fossil Farm MATIC Mainnet
1. Your wallet will ask you to confirm the transaction.
Fossil Farm confirm transaction
1. Click the “Stake LP” button.
2. Enter your desired amount of LP Tokens and click the “Confirm” button.
3. DONE! You are now farming DINO.
Adding or removing LP Tokens

At any time, you can decide to leave the Fossil Farm or add more LP Tokens to it.
1. Return to the Fossil Farms page.
2. Click the “Staked only” toggle to see the pairs you have LP Tokens in.
3. Choose a Fossil Farm you have LP Token in and click on it.
4. Click on the “+” or the “-“ button to add or remove LP Tokens.
5. Enter the amount you would like to add or remove.
6. Verify your information and click the “Confirm” button.
7. After a short wait you should see your new balance in the details section of the LP Token pair. If you have unstaked your LP Tokens, any unclaimed rewards will automatically have been collected.
Conclusion

DinoSwap ran a highly successful fundraising campaign before its launch and is even backed by the co-founder of Polygon himself, indicating a large amount of confidence in the project. The DEX has also successfully completed three Certik smart contract audits and has received a “low risk” rating from the Rug Doctor. DinoSwap is already the 7th most popular dApp on Polygon in less than 2 weeks from its official launch.

With DinoSwap’s mission of increased liquidity for cryptocurrency exchange, this DEX is one to keep an eye on and has huge potential to change the crypto exchange game.
January 24, 2022
Scaleswap: Next Gen Decentralized IDO Launchpad
Scaleswap is a fully decentralized IDO (Initial DEX Offering) launchpad that aims to make fundraising and scale trading easier.

Harnessing the power of an advanced layer 2 blockchain scaling protocol, Scaleswap already boasts investments from several top tier venture capitalist firms such as Spark Digital Capital and Magnus Capital. The new platform is described as the most advanced way to invest with new and unique features, making investing in pools easier and more transparent.

What is an Initial DEX Offering (IDO)?

An Initial DEX Offering (IDO) is a type of decentralized and permissionless crowdfunding platform, which is opening up a new way of fundraising in the crypto space. If a project is launching an IDO, it means the project is launching a coin or token via a decentralized liquidity exchange or IDO platform. Traders can swap between different crypto assets and stablecoins based on market conditions. IDO platforms enable companies to launch a token and access immediate liquidity.

Fundraising is a vital part of early project development – teams need to pay their workers and afford partnerships or new technologies. In the real world, this is done through public stock offerings that invite investors to buy shares of a company. That money goes toward employees who develop the business and increase share values.

This fundraising method has carried over into crypto, with tokens taking the place of stocks. Each project offers a set amount of tokens, broken up into different avenues like team payments, public use, and more.

Scaleswap’s IDO Launchpad

Scaleswap is a community-driven IDO launchpad focused on transparency with a long-term vision to transform the current IDO approach to a more sustainable, less market-dependent system that honors loyalty. It deploys an Ethereum layer 2 scaling protocol powered by Polygon that allows users to enjoy low fees and convenience.

What makes Scaleswap different from other launchpads?
1. ScaleSCORE
One of Scaleswap’s major differentiators is that they shift from pure lotteries and valuing only the amount of tokens that are held to a multi-dimensional loyalty scoring system where users can earn guaranteed participation in pools over time. In contrast to their competitors, holding $SCA tokens is only one of six dimensions that are used to measure loyalty and participation. And not all criteria are $SCA token related. The system was designed to ensure that the most committed supporters of their mission are always rewarded (rather than simply favoring those with the biggest budgets).

ScaleSCORE will be the core element of the platform and the deciding factor for unlocking all of the wonderful benefits in the Scaleswap ecosystem — private pool participation, advanced platform features (ie. autopilot participation feature), determining voting power in their DAO, being considered in weighted airdrops from partners, and more.
1. Transparency
The team knew that most IDO launchpads are not known for its fairness and transparency. As such, Scaleswap aims to change that in a major way by setting new standards in fairness, transparency and a fully community-governed launchpad (in a DAO that is legally backed by a foundation).
1. Advanced Technology & Seamless UX
The Scaleswap platform makes use of the most advanced technical solutions, while simultaneously providing a state-of-the-art user experience that eliminates many of the common barriers to entry that DeFi users face. There will be no more getting priced out of network usage by the larger players. Scaleswap provides everyone with truly open access to an affordable, user-friendly, and fair IDO experience to support the successful launch of innovative blockchain-based projects.
1. Ethereum Layer 2 Scaling
Scaleswap is powered by Polygon’s Ethereum layer 2 solution, fully customized with unique features to deliver IDO participants with lower fees, instant execution of transactions, and a drastically improved DeFi experience. Polygon, backed by Coinbase and Binance, is the leading Layer 2 Aggregator for Ethereum and is providing Scaleswap with full technical and marketing support. The team also actively researches and follows the development progress on additional cutting-edge scaling solutions and further protocols for possible future integrations.
1. Security
The Scaleswap tech team is led by co-founder Stanislav Stolberg, who has an extensive background in information security, and places the strongest possible emphasis in that area. They use a security by design development approach and utilize several high-level external consultants who permanently review the code and the infrastructure.

Hacken, a premiere cybersecurity company and leader in the blockchain security sector, completed a code review and security analysis of Scaleswap’s Smart Contracts. Hacken assigned their smart contracts with the highest possible rating of “well-secured”, having uncovered zero critical issues. Their full findings can be viewed here.

You can also learn more about Hacken here.
1. Cross Chain Integration
The team has positioned themselves as an Ethereum Layer 2 Platform, but they will indeed integrate vital multi-chain/ bridge opportunities in the future, thus enabling users to participate across multiple blockchain ecosystems. Scaleswap has already integrated with BSC and Fantom. Potential candidates for future integration include Solana, Avalanche, Polkadot, and CasperLabs.
1. Strong Infrastructure for Deal Flow
Scaleswap has been diligent in assembling an elite backing of strategic partners to ensure a strong network (for Scaleswap as well as their launch partners), CEX listings, influencers, and most importantly, deal flow. In order to disrupt the current system and establish a more fair and sustainable approach, it was imperative to carefully select the best fitting partners who could provide the strongest networks and highest value-adds to ensure consistent deal flow of the highest quality projects.

Scaleswap’s IDO Process

Scaleswap’s IDO consists of 2 pools- a public sale pool and a private pool. The private pool is only for their loyal members who have a certain amount of scaleSCORE. To gain access in the private pool, you need to have yourself ranked within the top few hundreds of the scaleSCORE ranking. The team will investigate the blockchain to calculate and rank each of the whitelisted participants using their scaleSCORE metrics. An excel sheet for the rankings will be published a few hours before the IDO starts. The top few hundreds will have a guaranteed place in the IDO but they will need to participate in the IDO within the first 15 minutes of the sale, or the spot will be given to the next 50 rankers.

$SCA Token

$SCA is the native ERC-20 token of Scaleswap. It is a pure utility token that will enable and empower a multitude of use cases.
1. Pool Participation
$SCA token holders will obtain allocation in pools based on their ScaleSCORE. Achieving a high enough score will guarantee max allocation in all preferred pools.
1. Governance
$SCA token holders will build the governance organization within the ScaleDAO, which is planned to be built on the latest layer 2 DAO platform of MetisDAO. Voting power in the DAO will be weighted based on ScaleSCORE.
1. Platform Fees & Token Burns
Scaleswap pool fees are required to be paid in the native $SCA token and will subsequently be burned after the utility is used up. This is an organic way of burning tokens similar to consuming a voucher and stays within the framework of a real utility token. Therefore, it is easier to avoid any additional “buy-back and burn” activities.
1. Airdrops
Airdrops have always been a popular way for projects to accelerate early growth. Airdropping to $SCA token holders takes all of the guesswork out of the equation since distributions are weighted by ScaleSCORE. This ensures two things: the most loyal community members are always rewarded, and the project airdropping tokens is onboarding the most proven and strongest of supporters.

Potential for Growth

Polygon has grown massively in late 2021, with more daily active users than the Ethereum network for the first time. This would mean greater potential for $SCA as user growth would attract more protocols to launch on Matic and work with launchpads such as Scaleswap.

Scaleswap has recently entered a partnership with Nasdaq listed firm, WISeKey International Holding Ltd, to successfully launch the NFT platform, WISe.Art. The NFT platform and technology stack allows tokenization of digital and physical assets in the form of NFTs with platform governance and utility managed by WISeKey’s own TrusteCoin utility token (TEC DAO Token).

Scaleswap will also become the first market player to implement wrapped NFT technology in their new product: multi-chain wNFT pre-IDO Launchpad.

At the same time, Scaleswap is working on integrating crucial multi-chain or bridge opportunities in the future, allowing the community to engage in different blockchain ecosystems which will expand their reach beyond the Polygon ecosystem. Scaleswap is consistently working on building behind the scenes with their partnerships and technology integration, promising a lot of potential growth to come.

Conclusion

The IDO landscape is riddled with unsustainable motives, non-transparency, exploitation of community members, and pure luck-based lottery mechanisms. Being able to participate in IDO launches is strongly budget-driven, often mirrored in tier structures — with one basic principle: The more of the native token you hold/stake, the more rights you have.

Scaleswap is the first truly fair IDO launchpad, focused on transparency and a long-term vision to transform IDOs into a more sustainable, market-independent, and community-driven launch strategy where fair treatment and remuneration of loyal community members is of the highest priority.

To follow their development and news, check out Scaleswap’s official channels:

Website – https://scaleswap.io/

Twitter – https://twitter.com/scaleswapio

Telegram – https://t.me/scaleswap

Medium – https://scaleswap.medium.com/

Sources:

https://scaleswap.io/launch-ido.html

https://coinmarketcap.com/alexandria/article/what-is-an-initial-dex-offering-ido-and-why-do-we-need-them

https://egorithms.com/scaleswap-what-is-it-what-are-sca-tokens/#What_is_Scale_Trading

https://chaindebrief.com/scaleswap-next-generation-ido-launchpad-layer-2/

https://morioh.com/p/42fc05c8c6c9
January 11, 2022