- Powerloom is launching Phase 2 of its incentivized testnet, aiming to test the network’s operations, reliability, and security with broader community involvement.
- The initiative will span roughly 45 to 60 days, offering rewards from 1,000,000 tokens to participants who engage in various on-chain activities and quests.
Emerging as a leader in the dynamic field of web3 technology, Powerloom is introducing Phase 2 of its incentivized testnet program. This initiative seamlessly collaborates with Polygon’s zkEVM. Powerloom, widely recognized for its decentralized data protocol catering to smart contract applications, has successfully ushered in Phase 2, coming on the heels of a fruitful Phase 1.
Pioneering onchain data in web3 ✔️
Following their testnet success, @PowerloomHQ, web3’s onchain data layer, is expanding its Incentivized Testnet to all on Polygon zkEVM.
Notably, Powerloom is one of the protocols that efficiently uses Polygon’s CDK.
Dive in: https://t.co/csDlBMivUQ
— Polygon (Labs) (@0xPolygonLabs) October 3, 2023
A Wider Scope for Community Involvement
Phase 1, predominantly catered to “Snapshotters,” has paved the way for an expansive Phase 2. Open to a broader audience. This phase extends an invitation to anyone subject to adherence to eligibility guidelines, including regional constraints such as non-U.S./Canada stipulations.
This strategic testnet initiative, projected to span a tentative three months, earmarks Phase 2 to cover a period between 45 to 60 days, commencing around October 13th, 2023. Powerloom is committing a substantial reward pool for its community members, earmarking 1,000,000 tokens (which equals 0.1 percent of the overall token supply). This gesture ensures deserving contributors are acknowledged and compensated for their invaluable contributions.
An engaging phase component involves “quests,” encompassing many on-chain activities executed on Powerloom’s ally platform, Mercle. These tasks, ranging from bridging transactions between Ethereum and Polygon zkEVM to asset liquidity provisions, fortify Powerloom’s data framework.
The alliance between Powerloom and Polygon’s CDK underscores Powerloom’s capacity to optimize resources, which augments its capabilities. By advocating for a participative community role in fortifying the Powerloom Network’s resilience and security, it promises a more cohesive and enriched user experience.
Fostering community dialogue is a priority for Powerloom, evidenced by its exclusive Discord channel and regularized communication through weekly Zoom/Discord calls. Such initiatives facilitate the seamless exchange of insights, fostering a collaborative and innovative ecosystem.
Championing Data Transparency and Verification
Powerloom’s prowess lies in consolidating data across diverse smart contracts and chains, streamlining the data assimilation process for developers. By ensuring every data point undergoes a meticulous verification protocol, Powerloom guarantees transparency and accuracy in its data handling.
The impending debut of a transparent portfolio dashboard post the initiation of Phase 2 amplifies this transparency pledge. This dashboard offers stakeholders a panoramic view of critical transactions, ensuring visibility and trust.
Additionally, its commitment to community integration is further exemplified through its DAO-driven data marketplace, welcoming data enthusiasts to propose fresh datasets via a unique bounty mechanism.
Powerloom has devised a tiered reward system for Phase 2, with rewards structured to acknowledge and incentivize active participation. Additionally, 1,000 participants, chosen randomly yet meeting a minimum XP threshold, stand to gain rewards, ensuring a wide and fair distribution to active participants.
Powerloom sets a two-week window post the announcement of the final quest for participants to complete any lingering tasks, followed by verifying all completed tasks before confirming the final list of participants eligible for rewards.
In its essence, Powerloom’s incentivized testnet signifies a marked step toward a more decentralized and community-oriented future within the blockchain space. The potential impact of its data protocol, complemented by Polygon’s efficient zkEVM, has certainly catalyzed an environment ripe for exploring, testing, and ultimately enhancing the functionalities and capabilities of the Powerloom Network.
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