Celer Network launched its Layer2 Finance Testnet Carnival

Celer Network reported last Tuesday, April 6, through its Twitter account, the launch of its Layer2 Finance Testnet Carnival, for which it invited users to try Layer2 DeFi Scaling on Testnet and join the various competitions “gamified with prizes of $32,000”.

La imagen tiene un atributo ALT vacío; su nombre de archivo es Celer.jpg
Image about the Celer Network post on Twitter

“We are in the last leg of our system audit and to heat things up, we are excited to launch Layer2.Finance Testnet Carnival – a series of fun and engaging gamified test campaigns for people to test layer2.finance”, he said. through an article published on their website.

Usage guide

The company explained that the Layer2.finance testnet is implemented on the Ropsten testnet. Therefore, to begin, the user must complete the following steps:

• Download and create the MetaMask wallet.

• Change the MetaMask network to the Ethereum Ropsten testnet.

• Visit ropsten.layer2.finance and click Connect wallet.

• Get some test ETH and other testnet tokens. See the figure above to click the Faucets button and get some testnet tokens from the faucet.

Deposit L2

According to the company, after getting some test tokens, the user could click the “Deposit to L2” button for each token and specify the number of tokens they want to move from layer1 Ethereum to layer2’s layer2 accumulation chain. finance.

“A user will be able to see the deposit record in the History section once layer2 has collected the deposit in L1. Once the deposit is confirmed, the user will see the balance of their token available in L2”, he indicated.

Also read: Binance announced new Launchpool: Alien Worlds

Operation in L2

Celer assured that with L2 balances, the user can deposit tokens in the various strategies in each type of token and “begin to gain performance”. Furthermore, he indicated that a strategy can correspond to simple protocols such as Compound and AAVE, but it can also be composed of multiple protocols together as a single strategy.

Instead of signing a layer1 transaction, the user will be asked to sign L2 transactions in Metamask to express their interests in allocating their funds to the various strategies. Once a user signs a deposit or withdrawal L2 transaction, their transaction will be placed in the pending L2 block and it will be waited for it to be added to L1”, he detailed.

He also explained that the countdown of the clock “Next reallocation of funds added in” shows the approximate time before the user’s transaction is added with all the transactions of the other users as a single block and the protocol allocates the fund in L1.

“Because the cost of L2 transactions is very low, there will be no fees associated with L2 transactions in the initial stage of layer2.finance. Users can move between different strategies to seek the best performance”, he said.

However, he indicated that the user should be aware that, during a single aggregation interval, for any single strategy, the user can only deposit or withdraw once for that strategy. “This restriction will be removed in later versions”, he said.

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