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Not Gonna Lie? Entangle is Airdropping $NGL to Testnet Participants

Photo for the Article - Not Gonna Lie? Entangle is Airdropping $NGL to Testnet Participants

A Testnet is a duplicate of the soon-to-launch Mainnet. Decentralized protocols typically use this approach to identify improvements and spot potential problems the Mainnet might face once launched.

Participants can use the Testnet, access its features, and observe the services that need enhancements, helping developers modify and upgrade some platform features.

In return, the protocol rewards Testnet participants, usually through an airdrop related to its Mainnet launch, early access program, or native token launch. Currently, this is known as an “incentivized testnet campaign.”

In this article, an airdrop is coming for Testnet participants with the launch of $NGL.

Read more:

Entangle Introduction

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Entangle (https://entangle.fi/) is a customizable messaging infrastructure that claims to unify web3 and optimize ecosystem liquidity.

Photo for the Article - Not Gonna Lie? Entangle is Airdropping $NGL to Testnet Participants

Technically, it offers authenticated, customizable, and interoperable data secured on the blockchain with full security configurability for web3 builders and dapp developers.

“Entangle sets the base to optimize liquidity and scale the dominion of any connected application on any blockchain,” the website advertised. “With customizable data sets available from any chain or source, a plethora of scalable use cases are unlocked for web3 and the internet.”

According to its team, developers and builders who use the Entangle infrastructure are assured of producing and designing unique systems with full configurability for processing and executing cross-chain operations.

Photo for the Article - Not Gonna Lie? Entangle is Airdropping $NGL to Testnet Participants

Additionally, they have the ability to configure consensus mechanisms and customize the off-chain entities that collect and validate data, including the option to manage some of these entities locally, as explained by the Entangle developers.

Entangle’s highlighted product is the Liquid Vaults, a native dApp built on its stack, “optimizing liquidity through refinancing of yield-bearing assets.”

The product enhances liquidity by enabling wider utility of yield-bearing assets, achieved through 1:1 Asset Backed Liquid Staking Derivatives (LSDs) supported by Entangle Data Feeds.

Entangle Airdrop

Photo for the Article - Not Gonna Lie? Entangle is Airdropping $NGL to Testnet Participants

$NGL is Entangle’s utility token—this means that it is used for paying gas fees on the Entangle blockchain. Besides serving as a utility token, $NGL can also be staked or delegated to Entangle validators.

In its tokenomics, the soon-to-be-launched token is expected to allocate 3% of its total supply for a series of airdrops.

For the current airdrop campaign, which is called the “Launch Airdrop,” 1% of the total supply of $NGL is allocated for rewards.

There will be 1.25 million tokens distributed for Testnet participants of Testnet v1, v2, v3, and the current version, v4.

For v1 to v3 testnet participants, the eligibilities are: 

  • At least 10 transactions in Testnet v1 -v3.
  • Participation across all testnet iterations.
  • Staked LP in Liquid Vaults on testnet.
  • Passed Anti-Sybil check.

Meanwhile, for the current version, the v4, to be eligible, participants should: 

  • Conduct transactions for more than 21 days.
  • Fully complete Guided Testnet V4; including staking and delegating of testnet $NGL tokens.
  • Pass Anti-Sybil check.

To join the current testnet version: 

  • Step 1: Go to https://test.entangle.fi/faucet
  • Step 2: Connect a wallet. Accepted wallets are MetaMask, Bitget Wallet, WalletConnect, and Multiversx Extension.
  • Step 3: Secure testnet tokens. 
  • Step 4: Go to https://test.entangle.fi/
  • Step 5: Execute transactions on the Liquid Vaults feature.
  • Step 6: Delegate some testnet tokens. 
  • Step 7: Make sure to satisfy the eligibilities mentioned above. 

This article is published on BitPinas: Not Gonna Lie? Entangle is Airdropping $NGL to Testnet Participants

Disclaimer:

  • Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
  • BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

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