It’s finally here! You’ve been asking us for a long time, but we wanted to give you only the best. So, ladies and gentlemen, prepare to immerse yourself in the xHashtag Testnet — NOW LIVE!
We’re confident that our Testnet release will give you an insight into how things would work on the xHashtag Incubator, Launchpad and Accelerator. Read on to find out how you can make the most of the open-to-all testnet access.
xHashtag — An Incubator, Launchpad and Accelerator
xHashtag is a project dedicated to the future of #Web3 and their overall growth. We achieve this with a 360-degree approach towards the project’s community, liquidity and treasury.
In the incubation phase, we provide community support to the project, helping them boost their early adopters and fans, through tokenized incentives. We’ve already run campaigns for #Web3 projects and distributed rewards to the tune of $30,000+. However, this won’t be the main focus of our testnet release.
xHashtag Alpha Testnet on Avalanche Fuji
The testnet will continuously evolve, bringing in more enhancements and upgrades with every release.
In the first iteration of the testnet release, we focus on the Launchpad and Acceleration phases, where we demonstrate how the presale and post launch phase would look like. The presale distribution is passed onto XTAG holders for governance, governance panel which will soon be operational on the testnet.
The initial allocation would be based on the calculated vote share from XTAG holders. As the launch token would have a low supply, it has a potential of accumulating high ROI.
Note: As a high-risk, high-reward proposition, it is essential to do your own research about crypto and only invest spare funds that you can afford to hold or sell off at a loss. Nothing mentioned herein should be construed as financial advice.
What can you expect from the testnet?
After the initial distribution of tokens which would take phase in a linear release manner across 14 days from the launching date, users can purchase bonds as well as perform single asset staking in the preview app we’re launching on Avalanche Fuji testnet. The users can purchase bonds at a price that’s lower than the current market rate and then stake it for high APY while having no risk of impermanent loss.
Bonding, the process through which project tokens can be attained at a discount over the market rate, can occur through LP Token or Stablecoin backed minting. However, for this particular testnet iteration, we’re enabling only stablecoin bonding. The bonded assets go to the treasury in exchange for discounted project tokens.
On the mainnet, the bond purchase would have a minimum vesting period of 5 days (higher discounts would be applicable for a longer vesting period), which has been set to 0 on the testnet to enable users to immediately access and play around with the tokens to explore the platform. However, bonding is not mandatory for single asset staking, as users can directly purchase the tokens from the open market.
While the single asset staking feature would have attractive and high APYs at the start, provisions have been made to allow projects to activate APY halving or Linear APY tapering in order to enable sustained growth. The APY halving schedule would be communicated in advance, so as to not inconvenience stakers and to keep things transparent.
Thus, single asset staking introduces immediate utility for the project token, while also generating considerable demand and interest.
Operating the Testnet
xTaggers, you don’t have to worry if you’ve never participated in a testnet before. The process is pretty simple and straightforward, as described below:
Step 1: Go to https://app-test.xhashtag.io and connect your MetaMask Wallet
After connecting your Metamask wallet to the dApp, if the “Connect Wallet” button displays “Wrong network”, it means that you’re not connected to Avalanche Fuji network. Click on the “Wrong network” button to reveal a browser popup notification. Press on the OK button. Metamask window should popup now through which you can Approve & Switch Network as showcased in the screenshot below.
Step 2: Collect test tokens by hovering over “Testnet Faucet” button
Collect testnet $AVAX by clicking on the “Get AVAX” button from the drop-down and following the instructions to get free testnet $AVAX tokens. This will be required to pay the gas fee of the network.
Next, click on “Mint USDC” button to collect testnet $USDC tokens. Click on the “Confirm” button on your Metamask popup to receive the tokens.
Step 3: Head over to the Marketplace and mint new tokens
On the testnet app, visit the marketplace menu on the left sidebar and proceed to mint new tokens by giving stablecoins to the treasury. Once the mainnet is launched, we would be supporting LP tokens in addition to stablecoins, but for now, feel free to experiment with stablecoins.
Step 4: Try Single Asset Staking through the Vaults section
On the testnet app, proceed to the vaults tab and stake your tokens without any impermanent loss! Refresh occasionally to see the accrued rewards. It really is that simple!
Why xHashtag is a great choice for Web3 projects and investors alike
As a high APY launchpad where projects are launched in the market with low initial float, xHashtag enables projects to grow and accelerate at a rapid pace with better valuation, by creating immediate utility for project tokens via single asset staking with no risk of impermanent loss.
This proposition is great for retail investors as the opportunity to acquire discounted bonds allows for a good ROI, no matter whether the investor is a small time investor or a large volume investor. From the project’s perspective, it helps them scale up their treasury faster and enables them to obtain and own their token liquidity.
Most importantly, by introducing APY halving and linear APY tapering, the project achieves sustainability by unlocking their project token’s core utility, as the initial high APY serves only as a powerful tool to bootstrap token price and liquidity in the absence of utility at the launch phase.
So xTaggers, what are you waiting for? Try out the testnet today and let us know your thoughts. We’re always open to feedback, and are constantly enhancing our product. Reach out to us via any of our social channels!