Note: Our official testnet program has now concluded. The feedback has been extremely valuable and we thank you for your participation. See you on mainnet!

Introduction

Welcome Professional. We’re glad you’re here. It’s officially time to start testing the first version of Synonym. We want our most involved professionals to break things, provide feedback and of course, get rewarded with $SYNO. This guide will provide all of the details you need to maximize your contribution to our testnet program. This guide will walk you through both social and on-chain quests. We recommend completing them all. Let’s dive in 🤝

A Next-Generation Money Market

Synonym is a truly cross-chain money market built on the Wormhole xChain technology stack. By power users, for power users, Synonym enables true cross-chain collateralization and flexibility that current lending incumbents don’t offer. Synonym was born from a unique DAO merger with New Order DAO, giving Synonym a network, community and resource advantage from day one. After launching the first version of Synonym, we plan to diversify into products that leverage the unique capabilities of partners like Redacted and Y2K Finance. Long-term, Synonym is focused on becoming the premier venue for cross-chain lending and borrowing major L2 rollups, app-chains and L3s.

Join the Syndicate & Complete the Social Quest

First things first - join the Synonym Syndicate on Galxe. Registering for our Galxe quests will give you the opportunity to register activity for both social and on-chain testing activities. Work through each of these campaigns and earn points along the way. Users who complete all activities, including providing quality feedback, will be eligible for token rewards.

Completing the Social Quest:

1. First, sign in to your Galxe account with your preferred wallet.

2. Next, complete the tasks for the first campaign, the Synonym Syndicate | Social: https://galxe.com/8mnCZUT7A9FupRTMMiDmTn/campaign/GC7cTtUHdz

3. Once you’ve completed this campaign, you’ll receive a dedicated Syndicate role in our Discord.

4. Time to move on to the next quest.

On-Chain Testing Quest

Completing the On-Chain Testing Quest:

Our core hub contracts live on Arbitrum - we’ll be starting our testnet quests here. You’ll need to mint some testnet ETH on Arbitrum Goerli. If you already have some you can skip this step, if not, please proceed. This faucet will provide 0.025 Goerli ETH every 12 hours.

1. First, Mint Arbitrum Goerli ETH: https://faucet.quicknode.com/arbitrum/goerli

2. Second, Mint Optimism Goerli ETH: https://facuet.quicknode.com/optimism/goerli

3. Third, Mint Ethereum Goerli ETH: https://faucet.quicknode.com/ethereum/goerli

Remember that testnet transactions on Goerli may take longer to confirm relative to their mainnet counterparts. The assets that are available on our testnet are USDC & wETH. To use our testnet, all you’ll need is your Goerli ETH on Arbitrum. You can opt to test on both Optimsim and Ethereum, however only Arbitrum is required to complete our testing quests.

Now that you have your Goerli ETH on Arbitrum you’ll need to convert it to Arbitrum Goerli Wrapped ETH (wETH). We do not recommend converting all of your ETH into wETH as you will need to retain some unwrapped ETH to pay testnet gas fees.You can easily wrap ETH into WETH via Uniswap on the Arbitrum Goerli Network. Remember, your wallet and Uniswap interface must be on the Arbitrum Goerli network. Select the correct testnet in your wallet provider of choice. To select the network on Uniswap, enable “Show testnets” in Uniswap settings:

You can also access the Arbitrum Goerli Uniswap pools directly via this link:

Uniswap Interface

Swap crypto on Ethereum, Base, Arbitrum, Polygon, Unichain and more. The DeFi platform trusted by millions.

https://app.uniswap.org

Once you’re on the Arbitrum Goerli Uniswap instance you can convert your ETH into WETH. The same process can be replicated for Optimism Goerli and Ethereum Goerli after you’ve retrieved Goerli ETH from the relevant QuickNode Faucets.

Now that you have some wETH ready, you can start completing testing tasks. For our on-chain testing component, you’ll need to do the following on our testnet page:

1. Go to https://testnet.synonym.finance and connect your wallet on the correct testnet network.

2. Supply your wETH by depositing it into Synonym.

3. Borrow USDC from the Synonym USDC pools against your deposited wETH.

4. Your end goal is to have deposited wETH and borrowed USDC against it as seen in the screenshot below.

To maximize your contribution to Synonym, follow the tasks in our on-chain testing campaign, available here:

Synonym Syndicate | Testnet by Synonym Finance | Galxe Quest

Join Synonym Syndicate | Testnet on Galxe. Earn loyalty points by contributing to Synonym Finance and enhance your web3 presence and reputation.

https://app.galxe.com

Note: Don’t forget to click reload and wait 30 seconds for the quest query to update your based on your actions. Depositing on chains other than ARB Goerli might be a bit costly and tricky given challenges associated with getting testnet tokens. We recommend completing the tasks on Arbitrum and engaging with other chains only if you have the additional gas. We will reward active participants who engage in activity across all chains, but those who interact solely with Arbitrum Goerli will not be penalized.

The Final Quest, Feedback

Now that you’ve experienced testing the application it’s time to provide your insights via our feedback form. Please access the feedback form via the Galxe link to ensure your contributions are properly tracked:

Synonym Syndicate | Feedback by Synonym Finance | Galxe Quest

Join Synonym Syndicate | Feedback on Galxe. Earn loyalty points by contributing to Synonym Finance and enhance your web3 presence and reputation.

https://app.galxe.com

Your feedback is extremely important to us - please provide the most detailed feedback that you can. Low effort or spam responses will be completely disqualified from testnet reward eligibility. Low effort responses include generic responses devoid of insight or critique as well as seemingly duplicated messages. Note, if English isn’t your first language, that’s totally fine! Leave a genuine review in your native language - we’ll translate it. Please reach out in our Discord if you have any specific questions about the testnet quests or feedback.

What’s Next?

Completing our testnet program will give us the chance to create the best possible experience for our mainnet launch. It’s an exciting time for our community! Stay connected with us on Twitter and Discord for regular updates, including Twitter Spaces and community calls. Our first community call is coming this Wednesday, November 15th. We’ll be sharing more details on our development progress and partnerships soon.

🤝

It’s been a busy month at Synonym HQ! We’re continuing to build a best-in-class cross-chain lending experience for our community. We’ve got a few important updates to share with you including exciting new partners, our plans for asset listing and timelines.

Merger Outcomes

Our merger with New Order DAO was very successful and had the largest voter turn out of any proposal (alongside a 99%+ approval rate). This merger has allowed us to rapidly build Synonym and pursue improvements faster than our competitors.

Development Update

Synonym has been steadily expanding its development team and capabilities and has completed the overwhelming majority of core protocol development work. The codebase has been fully audited by OtterSec, a leading smart contract security firm that protects over $5B in crypto assets. Our development team is currently building out our token and rewards contracts that will eventually power our tSYNO, vlSYNO and rCT systems. We’ll also be completing a full second audit by another security and formal verification firm, Runtime Verification.

Testnet Timeline

We’ve made the decision to push the official testnet program into Q4. Why do you ask? To build the extremely efficient cross-chain liquidation mechanism that DeFi Professionals deserve. We’ve officially partnered with Gauntlet to build a leading cross-chain liquidation system for Synonym. Gauntlet protects $9B in assets and is trusted by Uniswap, Aave, Compound, Maker and more. Even better, Synonym will benefit from Gauntlet’s ongoing real-time monitoring and quantitative analysis services. Expect more efficient pools, friendly LTVs and an upgraded UX. While the delay into Q4 isn’t major, the improvements to Synonym will be. If you’ve already signed up for testnet there’s nothing you need to do right now - your sign up slot is reserved for you and will remain valid.

Asset Cohorts

Our goal is to ship the best possible cross-chain borrowing and lending experience for our users. This means striking a balance between quality assets, liquidity and interesting strategies that aren’t available anywhere else. With this in mind, we’ve opted to plan our asset market launches via cohorts. Synonym will start with bluechip assets first, including tokens like wBTC, wETH and USDC. In cohort two, Synonym will add a suite of LSDs/LSTs to our cross-chain markets. These cohorts will give Synonym the solid liquidity foundation it needs to host even more exciting assets and strategies.

Up Next

As mentioned, the official Synonym Testnet Beta Program will be kicking off in Q4 instead of late Q3. Registered testnet users will have the opportunity to thoroughly stress-test our platform (testnet sign up is available here). After testnet is complete Synonym HQ will work through a final round of bug fixes prior to our official mainnet launch. We’ll be releasing more updates on releases throughout Q4 as our launch timelines solidify. Until next time, Professionals.

https://app.deform.cc/form/d4290657-da09-48f5-b5b1-180373420f41/