Defi Degen
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On September 29th, Olive Finance hosted a twitter space along side Arbitrum and announced that they launched their V2 testnet. They announced that the testnet would be incentivized with exclusive rewards for participants and would have an ongoing testnet campaign for the next couple of weeks until V2 mainnet launch.
By participating in the V2 testnet, users play a critical role in testing Olive’s new features like the inhouse lending pools, yield farming vaults and leveraged yield farming vaults. It seems as though Olive is looking to reward those that test their products for performance or for any bugs or shortcomings. Olive testnet also has a specific section called “Olive Drops” where users collect “Drops” by logging in daily and test the app (Seems like a rewards program and the “drops” may be a cryptic name for “Olive Airdrop”).
This guide will help you navigate the Olive V2 testnet and qualify for the testnet rewards once they are live, so prepare your Metamask or EVM wallet and read on.
Head over to Olive’s official Galxe campaign here or via their official tweet.
The link should direct you to their campaign and you will be presented with the following interface:
Connect your wallet, sign the transaction when prompted to sign in and give Olive Finance a follow on Galxe. Now we can begin doing the testnet tasks.
The first few tasks in Olive’s Galxe Campaign are simple social tasks including following Olive on Twitter and joining their Discord.
Click on the first task “Follow @0xOlive on Twitter” and a pop up will appear. When prompted by the pop up, follow Olive’s Twitter.
Repeat this step for all the social tasks:
Liking Olive’s tweet
Retweeting Olive’s tweet
Joining Olive’s discord and verifying account
Joining Olive’s Telegram and verifying account
Now that the social tasks are completed, it’s time to move on to conducting some transactions on Olive’s testnet.
Add the Arbitrum Goerli Testnet to your Metamask or EVM compatible wallet. Follow the instructions on the following picture. RPC details are provided below for you to copy and paste when adding the network.
Copy and paste the following RPC information for Arbitrum Testnet:
Network Name: Arbitrum Goerli (Testnet)
New RPC URL: https://goerli-rollup.arbitrum.io/rpc
Chain ID: 421613
Currency Symbol: ETH
Block Explorer: https://goerli.arbiscan.io
Now we need to obtain some testnet Eth to pay for transaction fees. You can do so by heading over to the Arbitrum Faucet, inputting your wallet address and requesting ETH. In a few moments your Eth should arrive in your wallet.
https://faucet.triangleplatform.com/arbitrum/goerli
Once we have some Goerli Eth in our wallet, the next step is to get some test tokens which we will use to test Olive V2. Head over to the Official Olive Faucet, connect your wallet, request some test tokens, and confirm the transaction. Once the transaction confirms, you should receive some test GLP, USDC, ETH and GM.
Step 4: Test Olive V2 Leveraged Vaults
With our newly acquired testnet tokens, we are all set to test out Olive V2. First, head over to the vaults tab and select the GLP vault by clicking “Invest”. A menu will appear with the option to deposit, withdraw or manage. Select max GLP and hit approve. You will be prompted to sign an approval transaction. Once your transaction goes through you can click deposit and sign another transaction to deposit your GLP into the vault. The process is shown in the video below.
Play around with Depositing and withdrawing assets from the vault as well as managing your positions by adjusting leverage. This will build reputable on chain activity which will be important for the testnet rewards.
Now we want to repeat this process for the other available vault. Select the ARB/USDC GM Vault and repeat the same process that was done for the GLP Vault
Head over to the lend tab on Olive V2 and enter the GLP Lending Pool. The interface here is similar to the yield vaults from step 4. Approve and deposit USDC and withdraw USDC to test out the feature.
Repeat this same process for the ARB/USD-GM Lending Pool.
Olive Drops is a mysterious rewards system that the Olive team built into the testnet. Users get 10 spins of the slots each day and earn a varying amount of “Drops”. It seems to be some sort of loyalty program for those that check into the testnet daily . There isn’t much information available regarding Olive Drops but the name suggests that “Drops” may be a shortened form for “Airdrops”, although this is just speculation.
To earn your first Olive Drops navigate to the Olive Drops tab and begin spinning the slots. Check back daily to spin and earn more drops.
https://www.oliveapp.finance/olivedrops/
By completing the steps 4 and 5 in this guide you qualify for 550 Olive Drops as you can get this amount by depositing testnet tokens into the yield vault and lending pools.
Navigate back to the Galxe campaign and complete the final task “Visit the Share Your Feedback”. Complete the google form by reviewing the testnet and reporting any bugs you may have experienced. Then check back to Galxe every so often to see if the tasks have been completed.
**Note that it may take a few days for Galxe to update the tasks so don’t worry if the task you completed is not updated immediately**
This concludes the Olive V2 testnet guide. Remember to follow Olive on twitter @0xOlive for updates regarding V2 and the airdrop. Keep on testing V2 and collecting Olive Drops along the way and stay tuned for the rewards to come! Also check out Olive’s official testnet guide:
If you found this guide useful share it with your friends and fellow DeFi enthusiasts and follow me on twitter @ponzinomix.
On September 29th, Olive Finance hosted a twitter space along side Arbitrum and announced that they launched their V2 testnet. They announced that the testnet would be incentivized with exclusive rewards for participants and would have an ongoing testnet campaign for the next couple of weeks until V2 mainnet launch.
By participating in the V2 testnet, users play a critical role in testing Olive’s new features like the inhouse lending pools, yield farming vaults and leveraged yield farming vaults. It seems as though Olive is looking to reward those that test their products for performance or for any bugs or shortcomings. Olive testnet also has a specific section called “Olive Drops” where users collect “Drops” by logging in daily and test the app (Seems like a rewards program and the “drops” may be a cryptic name for “Olive Airdrop”).
This guide will help you navigate the Olive V2 testnet and qualify for the testnet rewards once they are live, so prepare your Metamask or EVM wallet and read on.
Head over to Olive’s official Galxe campaign here or via their official tweet.
The link should direct you to their campaign and you will be presented with the following interface:
Connect your wallet, sign the transaction when prompted to sign in and give Olive Finance a follow on Galxe. Now we can begin doing the testnet tasks.
The first few tasks in Olive’s Galxe Campaign are simple social tasks including following Olive on Twitter and joining their Discord.
Click on the first task “Follow @0xOlive on Twitter” and a pop up will appear. When prompted by the pop up, follow Olive’s Twitter.
Repeat this step for all the social tasks:
Liking Olive’s tweet
Retweeting Olive’s tweet
Joining Olive’s discord and verifying account
Joining Olive’s Telegram and verifying account
Now that the social tasks are completed, it’s time to move on to conducting some transactions on Olive’s testnet.
Add the Arbitrum Goerli Testnet to your Metamask or EVM compatible wallet. Follow the instructions on the following picture. RPC details are provided below for you to copy and paste when adding the network.
Copy and paste the following RPC information for Arbitrum Testnet:
Network Name: Arbitrum Goerli (Testnet)
New RPC URL: https://goerli-rollup.arbitrum.io/rpc
Chain ID: 421613
Currency Symbol: ETH
Block Explorer: https://goerli.arbiscan.io
Now we need to obtain some testnet Eth to pay for transaction fees. You can do so by heading over to the Arbitrum Faucet, inputting your wallet address and requesting ETH. In a few moments your Eth should arrive in your wallet.
https://faucet.triangleplatform.com/arbitrum/goerli
Once we have some Goerli Eth in our wallet, the next step is to get some test tokens which we will use to test Olive V2. Head over to the Official Olive Faucet, connect your wallet, request some test tokens, and confirm the transaction. Once the transaction confirms, you should receive some test GLP, USDC, ETH and GM.
Step 4: Test Olive V2 Leveraged Vaults
With our newly acquired testnet tokens, we are all set to test out Olive V2. First, head over to the vaults tab and select the GLP vault by clicking “Invest”. A menu will appear with the option to deposit, withdraw or manage. Select max GLP and hit approve. You will be prompted to sign an approval transaction. Once your transaction goes through you can click deposit and sign another transaction to deposit your GLP into the vault. The process is shown in the video below.
Play around with Depositing and withdrawing assets from the vault as well as managing your positions by adjusting leverage. This will build reputable on chain activity which will be important for the testnet rewards.
Now we want to repeat this process for the other available vault. Select the ARB/USDC GM Vault and repeat the same process that was done for the GLP Vault
Head over to the lend tab on Olive V2 and enter the GLP Lending Pool. The interface here is similar to the yield vaults from step 4. Approve and deposit USDC and withdraw USDC to test out the feature.
Repeat this same process for the ARB/USD-GM Lending Pool.
Olive Drops is a mysterious rewards system that the Olive team built into the testnet. Users get 10 spins of the slots each day and earn a varying amount of “Drops”. It seems to be some sort of loyalty program for those that check into the testnet daily . There isn’t much information available regarding Olive Drops but the name suggests that “Drops” may be a shortened form for “Airdrops”, although this is just speculation.
To earn your first Olive Drops navigate to the Olive Drops tab and begin spinning the slots. Check back daily to spin and earn more drops.
https://www.oliveapp.finance/olivedrops/
By completing the steps 4 and 5 in this guide you qualify for 550 Olive Drops as you can get this amount by depositing testnet tokens into the yield vault and lending pools.
Navigate back to the Galxe campaign and complete the final task “Visit the Share Your Feedback”. Complete the google form by reviewing the testnet and reporting any bugs you may have experienced. Then check back to Galxe every so often to see if the tasks have been completed.
**Note that it may take a few days for Galxe to update the tasks so don’t worry if the task you completed is not updated immediately**
This concludes the Olive V2 testnet guide. Remember to follow Olive on twitter @0xOlive for updates regarding V2 and the airdrop. Keep on testing V2 and collecting Olive Drops along the way and stay tuned for the rewards to come! Also check out Olive’s official testnet guide:
If you found this guide useful share it with your friends and fellow DeFi enthusiasts and follow me on twitter @ponzinomix.
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