Flux protocol has announced the launch of its Beta program on the Binance Smart Chain — BSC. Flux is a highly scalable open market protocol. It provides users a straightforward way to trade derivatives.
Introduction
This launch’s primary aim is to test the Flex protocol’s robustness before it gets to the BSC mainnet. The protocol is looking to expose the entire community to its unique innovation before it is officially launched. In this article, we will briefly give the details about the Open Beta program while also discussing Flux Protocol in scope.
What is Flux Protocol?
Flux is a highly scalable open market protocol. It provides users a straightforward way to trade derivatives based on funding, products, startup milestones, or even scandals. The platform is built on four open protocols — Augur, 0x protocol, and MakerDAO. Each of these four protocols has a unique purpose on Flux protocol.
For instance, Augur is used as a decentralized oracle service for market resolution. The 0x protocol is used to enable off-chain order books, which helps reduce has fees and ensure scalability. The DAI — collateralized stable coin is practical as it takes away volatility from user holdings. Subsequently, it will allow traders to make transactions with stable assets.
Flux Open Beta Program Explained
The platform is looking to give its users a different experience on another blockchain. Hence, Flux protocol urges users to be ready for its liquidity mining program on BSC while also offering support by reporting any noticeable bugs so they can be chalked off before the official launch. Further, CertiK is auditing the Flex protocol’s smart contract
Now, let us talk about the Open Beta Program. The program is available to all users on the protocol. What more, it comes with 5000 $FLUX in rewards, and it will be distributed for testers finding and reporting bugs as stated below:
20% for bugs in both lending and borrowing pools.
20% for bugs in staking pools.
50% for bugs of different priorities — Low, medium, and high.
10% for all testers who have a high number of interactions on Flux protocol. (At least a hundred interactions).
Speaking of bugs, if the bug a user finds is critical to the protocol, Flux protocol will offer more rewards aside from the pool of 5000 $FLUX.
Source : bsc.news
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