NodeDAO Beta Test Campaign - Step by step instructions for participation.
Recently, NodeDAO released the DeFi 2.0 mechanism with the new features of DAO+insurance. NodeDAO will build a DAO-oriented Vault with vault as the core. Vault is a DeFi 2.0 repository for storing various assets such as LPtoken, mainstream assets and stablecoins. It earns income by investing in agriculture and supporting valuable projects. These revenues will be distributed to NEI holders through DAO governance.
The native NodeDAO token is NEI. NEI can only be minted or destroyed by the protocol, and the holders have the right to vote on new developments and changes to the protocol, NED is backed by a basket of assets in the vault, and every 1 NED is backed by 1 USDT, without being hooked. When the price of the NEI falls below 1 USDT, the protocol will buy back and destroy the NED. Therefore, NEI can be circulated in the protocol for a long time at a price higher than 1 USDT, which has an obvious upside potential, but of course the price of NEI is ultimately determined by the supply and demand in the market.
Moreover, in the specific operation of NodeDAO, it holds all the funds collected by the protocol: for example, if a user purchases a USDT bond, the vault will collect the full amount of USDT and exchange it for the equivalent NEI. The new NEI will be cast based on the risk-free value (RFV) of the assets in the vault.
The funds in the vault are governed by a protocol, and NEIs can only be minted or destroyed by the protocol. When the price of the NEI falls below 1 USDT, the protocol will buy back with the funds held in the vault and destroy the NEI. The vault will work with various protocols, and initially NodeDAO will launch an insurance product. The premiums for insurance are one of the sources of assets for the vault. In the future, the vault will be financed by more cooperative projects, however, all vault funds will be used only to support NEI asset prices.
With the increase in vault revenues, the supporting price of 1USDT will also increase, thereby contributing to the appreciation of the NEI price.
The NodeDAO platform consists of an application layer, a settlement layer, a pool aggregation protocol Networks, with complete functionality. It employs the NIE Hub cross-chain solution to address the problem of asset decentralization by mapping all assets with stablecoins to the BSC network, and the existing solution is made up of the O3 Hub cross-chain pool and polynetwork. These functional components have significantly reduced the cost of making insurance products, improved the efficiency of insurance, and broken the application bottleneck.
Dual drive for insurance investment through DAO governance
Besides personalizing the platform, NodeDAO also adopts DAO governance to further reduce costs and improve efficiency, including the governance of NodeDAO parameters (proportion of fees charged, determination of parameters of insurance pricing model, etc.), vault revenue dividends, token NEI increment, governance of cooperative projects and project development, etc. The governor can decide the directions of project development and resource investment via voting.
A large part of the cost of insurance involves loss assessment and settlement. Traditional centralized insurance suffers from problems such as unclear liability determination and unclear clause design, and invests heavily in risk control. NodeDAO introduces a three-step assessment approach. The new product launch part starts with assessment by experts, who are responsible for assessing the project risks and the need to output specific incident reports for community governors to assess the risks in case of contractual security issues. This is followed by a community-based evaluation, in which volunteers from the community further assess the evaluation based on an Advisory Board, and participating users are rewarded with INSUR tokens. It is finally subject to continuous updating and will continuously assess and adjust its risk level based on the data and information collected. Claims assessment will be handled jointly by the Advisory Board and the community claims assessors through surveys and community votes. Participating parties are coordinated through DAO governance to further improve efficiency.
In addition, full consideration is given to taking into account the sustainability of the benefits to the underwriters. For underwriters who provide underwriting funds, such a model is difficult to sustain if their revenue is not as satisfactory as the pledged revenue from other DeFi agreements. NodeDAO further enhances the returns of contractors and expands the source of funds for a dual drive of insurance and investment through DAO governance.
Adding a test network and getting test tokens.
Before testing the platform, we need to add the BSC test network to our wallet and request test tokens for the testnet.
Adding a test network manually:
New RPC URL: https://data-seed-prebsc-1-s1.binance.org:8545
Block Explorer URL: https://explorer.binance.org/smart-testnet
Or we use a resource for automatically searching and adding all kinds of networks to our Metamask wallet - https://chainlist.org/
We request test BNB through the crane - https://testnet.binance.org/faucet-smart
We request test USDT & NED ones through this crane - http://faucet.nodedao.io/#/faucet
Before that, you need to contract tokens in your wallet by clicking + as the arrow shows.
After 10 seconds, you will have such a balance.
Let's start testing
Go to website - http://test.nodedao.io
We connect a test wallet
We will need to test these products, let's get started.
We make a purchase NED with a 20% discount (you can enter any amount, we recommend no more than 50% of the total USDT amount)
Purchased tokens in full will be credited to the account in 24 hours, after which we can put them on the withdrawal!
Second phase
Sending half of our coins to Staking
Click on "Deposit", specify the amount and click "Approve" after confirming the deposit, you're done!
Third stage
We perform step by step all the steps that are shown in the screenshot.
Next, click "Confirmation" and you're done! In the next steps, we perform exactly the same actions with all markets, after which we proceed to the next step.
Fourth stage
We put a certain amount in the pool, confirm the transaction and that's it, you can see your pools and actions in the My I/P tab
Sixth and final stage
We perform similar tasks, all the stages are indicated on the screenshots!
The platform works without interruption and all transactions are carried out without delay, you should not have any problems.
IMPORTANT: We may have missed some features that you need to try out, if you find any let us know, write to us in the chat — here
Awards
Prize Pool
The more active users join Beta tests, the more prizes in Pool reward will be given.
- Less than 200 users, the prize pool is $3,000 worth of NED
- Over 200 users, the prize pool is $5,000 worth of NED
- Over 500 users, the prize pool is $10,000 worth of NED
Test Yield Ranking and NED Rewards
- 1st-3rd place, equal share 30% of the prize pool
- 4th-10th place, equal share 25% of the prize pool
- 11th-20th place, equal share 25% of the prize pool
- 21st-30th place, equal share 20% of the prize pool
Other key details:
- Fill the feedback form
- Note: the feedback form can only be submitted once.Be sure to test the products extensively before submitting your responses
- Winners list: To be announced within 7-days after the campaign
- Reward Timeline: The NED token rewards will be able to be claimed after the Mainnet version goes live(August/early September 2022).