Free Money for Testing Ditto Finance 💧 - a New dApp on Aptos!
Hey frens!
Remember my recent blog post on the Aptos Blockchain and how you can claim a Testnet NFT - by simply doing some easy blockchain-wallet-interactions with the Martian Wallet?
Great! Then today I want to quickly pinpoint you to another awesome opportunity to use your Martian Wallet (or any other Aptos Wallet!) and potentially win some hot rewards (10 x $100, 25 x $40 and other goodies!) by testing another application and provide the team with a crisp feedback on your user experience on their Discord server! Super easy and simply.
So get familiar with am interesting and promising project in the Aptos ecosystem and learn some cool future features in the world of DeFi!
Let‘s talk about Ditto Finance!
What is Ditto?
Ditto is a liquid staking protocol on the Aptos Blockchain that enables users to stake their Aptos Tokens (APT) easily for Ditto staked Aptos (stAPT). The cool thing is here, that users still will be able to participate across the Aptos DeFi ecoystem - while earning a yield on the Ditto staked Aptos and securing the network.
So no overhead and disadvantages for swapping APT into stAPT, as users keep their liquidity to engage with other Aptos dApps!
What a minute - what does that mean exactly, in plain English please, Benny Kong?
Easy! Liquid staking is a relatively new field in DeFi, so imagine it like this:
In TradFi (Traditional Finance) you put $1000 in a good old savings account with your bank and get 5% (wishful thinking, I know, LOL) yield on it
Now you heard that it’d be a smart idea to buy some stocks, such as for instance in the video gaming industry, some Nintendo shares!
But your money is in the bank, and you can’t buy Nintendo stocks!
Yes, you still can buy - in the new, DeFi world!
Applying the concept of liquid staking, you would go to your broker and show them a receipt that you have money in the bank (Ditto staked Aptos), that enables you interact with other financial services for which you need need Aptos Tokens (your money that is in the bank!)
So you “pay” with a receipt to show that you eligible and liquid!
In case you want to unwind everything, simply trade your Nintendo stocks back into Ditto staked Aptos - and then swap your Ditto staked Aptos back into Aptos
As easy at this!
So looking at this use case above, it’s important to note that one of the principles of Ditto Finance is that users will be easily able to move between stAPT and APT with minimal friction through both swaps on decentralised exchanges (“Dexes”) and via staking / unstaking.
Stake APTOS tokens via Ditto and get staked APTOS tokens back
Ditto suggests that holding stAPT will be better than just holding APT in the majority of cases for both users and the network.
I’m personally very interested to follow Ditto on their journey and think the use case of liquid staking are worth paying attention to.
As Ditto’s devnet is publicity live and we are asked to test and engage (and get even rewarded for this!), I suggest we have a look into the application now and find out what needs to be done in order to qualify for potential rewards, aka free money!
Ditto’s Incentivised Devnet
Ditto’s devnet application is live and until September 19, 2022 (Monday!) the team we will be giving out Ditto airdrops and discord roles for testers who give feedback!
The 10 best user feedbacks will get $100 each ($1000 in total)!
40 random testers will get $25
OG and other roles on our discord will be handed out as well
Great - but what do I need to do exactly?
Guide how to Engage in Ditto’s Devnet Campaign
Just follow these simple steps:
Access the devnet UI here: https://stake.dittofinance.io/
Read the user guide here: https://dittofinance.gitbook.io/docs/support/devnet-guide
Try out staking and unstaking!
Take a screenshot that shows your stAPT balance and part of your wallet address
Drop the following in Ditto’s Discord’s channels:
#devnet-feedback:
Your feedback (what did you like, did not like)
#devnet-proof:
Your screenshot (see example below)
Your wallet address (copy from Martian wallet)
My stAPTOS balance before I unstaked.
Easy and simple - right? For a nice smooth guide that walks you through all the steps in a visual way, I’m inserting a Twitter Thread by Ditto:
And there you are! I hope you liked this little write up on Ditto Finance and the possibility to grab a quick buck - by doing good and educating yourself at the same time!
Did you like what you read? Please consider subscribing to my Web3 newsletter so that I can send you my latest write-ups directly to your inbox!