Umee will launch on mainnet very soon. But before the full launch, Umee has released an incentivized testnet called Umeeverse Party. Users will be able to use Umee’s cross-chain borrowing and lending service and also earn some Umee digital tokens along the way. Feedback from the testnet users will be used to fine-tune Umee’s security features and UX before the final launch.
Umeeverse Party users will be allocated Umee rewards later on depending on their highest TVL contribution. TVL is the total value locked of digital assets that users deposit in a DeFi protocol. Users need to plan out and then lend and borrow their testnet tokens to maximize their TVL while avoiding liquidation. Umee employees will randomly check Umeeverse Party users’ individual TVL values to determine their future rewards.
Some lucky Umeeverse Party users will also get special Umee token drops alongside their token rewards. Users can go to the Umee discord and get testnet tokens from the faucets available for UMEE and ATOM. If the Umeeverse Party style of token earning incentives interests you, then you may want to learn more about other cryptocurrency faucets as well. Cryptonewz lists the top crypto faucet sites of 2022 as an easy beginner’s guide to getting involved in this process of earning digital assets.
Users only need a PC, any Umee compatible wallet, and an ETH wallet to participate. They must also join the Umee Discord and own Goerli Testnet Ethereum. Umeeverse Party users need to first connect to the Umee Testnet Web App. Then they will have to use the Testnet UMEE, or Testnet ATOM, or Testnet ETH or Umee Testnet Stablecoin Faucet to add testnet token funds to their wallet. The users will then have to transfer and bridge their testnet ATOM first to Umee and then to ETH. Users are now ready to borrow and lend Umee tokens on the Umee market.
Umeeverse Party users who notice any bugs in the system will be given a form to inform the company about the issue.