XyloNet Debuts Points Campaign on Circle's Arc Network
XyloNet, a decentralized finance protocol focused on stablecoins, has initiated a points campaign on the Arc Network testnet. The platform operates as a StableSwap Automated Market Maker (AMM), designed to facilitate low-slippage trades between major stablecoins such as USDC, USDT, and DAI. Built on Circle’s Layer 1 blockchain, the protocol also integrates cross-chain bridging via Circle’s native CCTP and offers yield-generating vaults.
The new campaign allows users to accumulate points, or 'XP', through a combination of on-chain activities and social engagement. This system functions entirely on the testnet, meaning participants use test tokens with no monetary value and do not incur real gas fees. The move is widely interpreted as a precursor to a potential mainnet launch and a possible retroactive token airdrop to reward early users.
Participation Centers on Testnet Swaps and Social Tasks
To become eligible, users must connect a Web3 wallet to the XyloNet dashboard on the Arc Network testnet and complete verification tasks. Points are earned through several methods, with calculations designed to incentivize different forms of engagement. Trading volume from swaps accrues points on a logarithmic scale, meaning rewards diminish as volume increases. Conversely, deposits into the platform's yield vaults earn points proportionally based on the size and duration of the deposit.
Additional XP can be earned by completing social tasks, sending tips through the integrated PayX TipBot, and referring new users to the platform. All activities require testnet USDC, which can be acquired from the official Arc faucet. Participants can track their accumulated points and ranking on a public leaderboard, creating a competitive environment for engagement ahead of any potential token distribution.
