Solrise Finance announced last Thursday, May 27, through its Twitter account, the launch of DAWN, its first “Solana testnet” with $5 million SLRS (worth up to $250k) in prizes.
“We are very excited to finally be able to publish details of our first official Solrise Incentive Testnet: Solrise DAWN (Decentralized Asset Winners Network)”, he said via an article posted on the Medium platform.
The company indicated that Solrise DAWN will begin on June 8, 2021, the day after Solana SZN ends, and will last two weeks. In addition, he assured that there will be a total of 5 million SLRS with a value of up to $250k at stake, with rewards divided into two tracks: one for fund managers and one for fund investors.
How does it work?
According to the company, DAWN will be a competition that will take place in Solana Devnet. The basic rules of the competition are quite simple: whoever gets the highest returns wins. There are two overlapping competition tracks: one for fund managers and one for investors.
In his opinion, each user can create a unique fund for the competition with a starting capital of $50k USDC. The objective is to maximize the fund’s return during the two weeks of competition through a combination of smart asset selection and timely swaps. The fund manager’s ranking is entirely based on performance using this starting $50k.
“Each user also receives $10k to simulate ‘investing’ in Solrise funds during the competition. Users can invest in up to 3 Solrise funds at a time and are free to exit and enter funds for the duration of the competition. The winners of the investor ranking will be those who obtain the highest returns of their initial $10k at the end of the competition”, he added.
The company ensured that a leaderboard would show the top 1000 managers and top 5000 investors across the competition.
What tools and assets will be available to managers?
The director of operations at Solrise Finance, Mateo Martín, explained that because DAWN will take place at Solana Devnet, “we will not use real tokens or integrations; An integrated exchange service will be provided, with prices based on an Oracle source of Coingecko prices. The basic automation functions, ie stop-loss, will be provided to fund managers”.
How to compete?
According to the company, they will open registration for the competition a day or two before it starts. “All you need to do up front is making sure you have a Twitter account to link to your Solrise profile for verification”, he said.