The Odyssey continues! – The second layer solution of Ethereum, Arbitrum launched the Odyssey program. This is intended to guide users through the Arbitrum application ecosystem. In addition, this program has many rewards up for grabs, including exclusive NFTs. Let’s go for Week 2 with Yield and GMX.
Arbitrum Odyssey program: NFTs at stake
Arbitration is a second layer solution of the Ethereum network. This aims to deport part of the transactions off-chain, based on an Optimistic Rollup.
On June 21, Arbitrum launched its Odyssey program. In practice, this 8-week program aims to explore new protocols on Arbitrum. At the end of each week, one or more NFTs may be claimed by program participants.
The objective of Arbitrum Odyssey is to help users discover the Arbitrum network, by testing the protocols hosted on the L2 week after week.
To keep you informed of the evolution of the program, we invite you to follow the official Arbitrum Twitter account.
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Week 1 review: Bridge Week
Last week we announced the beginning of Arbitrum Odyssey with “Bridge Week”. On this occasion, bridge protocols were in the spotlight. Users were thus invited to send funds to Arbitrum, using the bridge solution of their choice.
It was also an opportunity to see how to interact with Arbitrum from your Metamask wallet, if you missed this episode, we strongly recommend that you check it out.
This first week was a success for Arbitrum with several important metrics:
- Over 43,000 ETH sent to Arbitrum;
- More than 150,000 new wallets created;
- 280,000 transactions recorded in one day.
Who says the end of the first week, says the first distribution of NFT! You have the possibility to collect the first NFT of participation in the Bridge Week on the site Galaxy Eco. You have until August 22 to claim it.
In addition, if you opted for the Hop protocol during Bridge Week, as we advised you, you are eligible for a second NFT still on the site of Galaxy Eco.
Arbitrum Odyssey Week 2: Yield and GMX
For this second week of the Arbitrum Odyssey program, the Yield and GMX protocols are in the spotlight. This time, two NFTs are up for grabs using each of the protocols.
First swap on GMX
GMX is a decentralized exchange hosted on Arbitrum. To get the first NFT of this second week, we are going to go to the GMX protocol. In addition, the action that we will carry out there will allow us to do the second step on the Yield protocol.
To get the first NFT you need perform one of the following three actions :
- Make a leveraged trade;
- Add liquidity to GMX liquidity pools;
- Perform a spot trade on GMX.
Obviously, we are not going to leave you alone in this task. So let’s see together how to swap ETH to USDC with the GMX protocol.
First, go to the website of GMX.io. Connect your Metamask wallet with funds to Arbitrum.
On the left section, choose the “swap” section. You will then have to enter the starting asset (here ETH) and the ending asset (here USDC).
We advise you to swap for at least $51 of USDC, these will be used in the next step on the Yield protocol.
Finally, click on the Swap button and sign the transaction in your MetaMask wallet. And there you have it, you have made your first decentralized trade on Arbitrum via the GMX protocol. In addition to that, you are eligible for the NFT below whose distribution will begin on July 5th.
First deposit on Yield
To get the second NFT of this second week, we will head to the lending protocol Yield.
In short, Yield is a protocol that allows saving and borrowing cryptocurrencies in a decentralized way.
To validate your participation in Odyssey you will need to perform one of the following three actions on the protocol :
- Provide at least $50 of liquidity;
- Lend at least $50 of assets;
- Borrow at least $50 of assets.
Once again, we will accompany you in this task. So let’s see together how to deposit $51 in USDC in Yield pools. That’s good, we just got some USDC by doing a swap on GMX.io.
We can then go to Yield Protocol. Once on the site, we will connect our wallet and check that the Arbitrum network is selected.
On the right, we will go to the “pool” section of the site, which allows you to deposit liquidity in Yield pools.
You will then have to indicate the amount to be deposited (more than $50) on the protocol and click on the “Next step” button.
You will then be prompted to verify your transaction. Here, you will have to continue by signing and confirming your transaction on Metamask.
There you go, you have deposited your 50 USDC on the Yield Protocol and will need to be eligible for the NFT below which will start distribution on July 5th.
To be sure to validate your eligibility, we advise you to keep your funds on Yield for a few days. You can retrieve them by going to the dashboard section on the right. You will find your liquidity addition at the bottom of the page. When you click on it, it will take you to a menu to withdraw your cash.
See you next week for Week 3 of the Arbitrum Odyssey program! On this occasion, we will get our hands on the AboardExchange and TofuNFT protocols. See you next week for even more exclusive NFTs while learning.
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Arbitrum Odyssey tutorial: win 2 new exclusive NFTs
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