Our incentivized testnet Snakenet has kicked off on April 21st 2021 with Genesis 2.
Snakenet provides an opportunity for all Hydraheads to gear up as we progress towards mainnet. Validators and nominators can get used to playing their role in the staking process and earn rewards of approximately 50% APY. Developers can put their code to action in a testnet environment, and we can monitor how the network behaves under this increased activity.
Beyond staking rewards, Snakenet brings a big bag of incentives for community involvement. HydraDX is community-driven and all contributions are rewarded in proportion to their added value. Community contributions can take various shapes. The biggest bounties are reserved for finding (and ideally - fixing) critical bugs in the chain. Community building, content creation and i18n are other examples of activities that are rewarded. More detailed information on community incentives will follow soon after we finalize the integration with Commonwealth which will allow us to handle the treasury tips. Needless to say, all early contributions will be rewarded retroactively.