Oddz Continues its Incentivized Testnet with Over 50Million in Options Trading Volume

Oddz incentivized testnet has bolstered sterling results and brought the platform exposure in testing.

By
Chung Yee
on
June 12, 2021
Category:
BSC News

Innovative Platform With Handsome Rewards

The testnet launched on June 7, 2021, and according to Oddz, they saw a trading volume exceeding $50 million on the Incentivised Testnet Program. This volume is exactly what the platform is looking for, users to test their options platform.

Every user, upon registration on the testnet, will receive testnet funds to explore the platform. Upon completion of the registration, a user will receive $1000 test USDC and 0.1 test BNB. The purpose of this program is to allow a risk-free opportunity to participate and explore the platform. These tokens are of course worthless as they solely exist on the testnet. But, the program offers up to $30,000 worth of ODDZ tokens to be distributed as an incentive. 

In a nutshell, Oddz runs on multiple platforms and is a cross-chain decentralized option trading platform. It is a simple approach that appeals to all types of users to participate in various types of options such as entering into futures and options contracts. The platform allows its users to seamlessly create or replicate strategies from fellow traders. 

Oddz Making a Difference in DeFi

With the current successful launch of the Testnet Program, there are some features that makes Oddz stand out from the rest. The platform allows users to trade in fractional quantities of an underlying asset. This makes for easier entry and exit for all categories of users. 

In the past, DeFi protocols have been exploited through centralized on-chain oracle data feeds. This platform mitigates this risk by opting for reliable and accurate on-chain data from external oracles like Chainlink

Network congestion is often a problem, but Oddz is a multi-chain platform. They aim to leverage multiple DeFi networks such as Binance Smart Chain (BSC), Polkadot, Ethereum, and Polygon (formerly Matic). This platform also uses Biconomy’s relayer infrastructure to provide a zero gas fee model and simplify interacting in a multi-chain ecosystem. 

Understanding that DeFi users can be either beginners or advanced traders, Oddz allows for easy options for ease of choice to users that are beginning their journey and customized options for advanced traders. 

Incentives Galore 

There are three main categories of users who can participate in incentives. The top 10 traders in the leaderboard, developers or users that gave useful feedback for the bug bounty program, and finally a $10,000 airdrop. Details for the airdrop will be released soon by the Oddz team. So far, these incentives have attracted more than 14,000 participants according to a Tweet by the team. 

The approach by Oddz to the DeFi ecosystem and its users’ experience is commendable. It allows for familiarization through incentivized participation that is risk-free. This is definitely a responsible step because after all DeFi is a relatively new industry that is better nurtured through education and cautious participation.

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Chung Yee

Chung Yee has a legal background and has been involved in research works for the legal and compliance industry. Writing is his passion, centered on topics such as the blockchain and finance. His largest crypto holdings are Solana, Ethereum, and BNB Token.

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