Side Protocol Launches Incentivized Testnet And Introduces Insider Point System, Enabling Users To Earn SIDE Points
In Brief
Side Protocol launched S2 testnet and unveiled the Insider Point System, enabling users to accumulate points by fulfilling tasks.
Modular settlement layer for Bitcoin, Side Protocol, announced the launch of its first incentive testnet, S2. Phase 1 of S2 will initiate the implementation of a Bitcoin sidechain Side Chain, incorporating support for Bitcoin addresses, Bitcoin Connect functionality, and the establishment of a native decentralized exchange (DEX).
Simultaneously with the testnet initiation, Side Protocol has also introduced the Insider Point System, enabling regular users to accumulate points by fulfilling tasks, making them eligible for potential airdrop rewards in the future.
In order to participate, users are encouraged to engage in the incentivized testnet and attain Insider status by fulfilling social quests through its Galxe campaign. This status grants access to the Insider Point System for monitoring engagement. Subsequently, users are advised to enter Side Station, link their cryptocurrency wallet, and change their Side Chain address to Native SegWit, beginning with the prefix ‘bc1q’.
Keep track of cryptocurrency distributions in our Airdrops Calendar.
Pathway To Rewards Via Key Acquisition And Quest Participation
Following the initial setup, users can commence acquiring keys, which can subsequently be exchanged for boxes. Upon unlocking the boxes, users can accrue SIDE points. Once users have amassed a sufficient amount of keys, they have the option to either immediately acquire boxes or retain the keys for unlocking higher-tier boxes at a later time.
Participants have the opportunity to acquire extra keys by inviting other users to take part or by offering feedback. Additionally, users can obtain SIDE points through various quests, such as interacting with the SIDE testnet faucet, swapping SIDE for different tokens, providing liquidity, participating in claiming incentives through liquidity staking, withdrawing liquidity, submitting limit orders, and voting on governance proposals, among other activities.
Notably, the total token supply for the S2 testnet has not been finalized, and the duration of its operation is currently undetermined.
The Side Protocol serves as an adaptable infrastructure engineered to facilitate the scalability of Bitcoin. Central to its design is the Side Chain, a Bitcoin sidechain backed by BTC, which functions as the settlement layer for rollups within the modular stack.
Recently, Side Protocol has established a strategic collaboration with Nubit, aiming to provide a Bitcoin-native data availability (DA) layer specifically designed for rollups on Bitcoin.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
