Announcing Phase 2 of Powerloom’s Incentivized Testnet

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After successfully completing Phase 1 with nearly 5,000 applicants, we are excited to share that Phase 2 of the Powerloom testnet has begun.

Powerloom Protocol is a decentralized data protocol serving the ever-growing informational needs of users and developers of smart contract-based applications such as DeFi and Web3 games.

This is an opportunity for individuals to test the network by signaling on-chain data to be captured by Powerloom, and receive rewards for their efforts. Invited participants will be asked to complete a variety of on-chain tasks to battle-test the protocol’s ability to efficiently and accurately capture data by its network of snapshotters.

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1. Phase 2 Overview

2. Rewards:

For Phase 2, Powerloom Network has allocated 1,000,000 tokens (equating to 0.1% of total token supply) as rewards to 5,000 participants based on their contributions. The top 4,000 ranked users will be eligible for rewards dependent on their ranking. Additionally, 1,000 participants with the minimum XP amount will be randomly selected for rewards.

Participants can accrue XP points by regularly completing certain on-chain activities on Ethereum L2s, notably Polygon zKEVM, to actively test the Powerloom protocol’s capabilities.  The on-chain transactions will feed directly into the Powerloom Protocol, which will process and showcase the resulting data on the Powerloom portfolio dashboard.

For more information on how to accrue points, please see the Powerloom Incentivized Testnet page here.

3. Eligibility:

Users must meet the following criteria to be eligible for rewards and participation:

  • Certain jurisdictional limitations apply(i.e., users must be non-U.S./Canada and OFAC-compliant), as outlined by Powerloom Network’s terms and conditions.
  • Participants will need to complete on-chain transactions on blockchains.
  • A non-custodial Ethereum wallet (e.g., via Metamask) is required to connect and engage with Powerloom Network.

4. Timeline:

Phase 2 is expected to last approximately 45 - 60 days beginning on October 13th, 2023. Participants will have 2 weeks to complete any remaining quests once Powerloom announces the final quest and/or deadline. Powerloom may expand this at their discretion. Additional information on the subsequent rewards will be made available as the testnet progresses.

5. About Powerloom:

The rise in the popularity of DAOs, automated markets, and other ‘code-as-law’ paradigms in the last half a decade has quietly laid the grounds for democratizing access to power of computing and information.

Powerloom Protocol is a decentralized data protocol serving the ever-growing informational needs of users of smart contract-based applications such as DeFi, Web3 games, and more.

By utilizing data compositions built upon smaller units of data validated by network participants, Powerloom will provide a decentralized, accurate source of information upon which rich data applications like dashboards, bots, aggregators, and insights trackers can be built.

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