Dear frens,

We are happy to share that Snek and team have recently finished conducting the first private round of the testnet (Basilisk XYK pool) which was limited to 50 participants. This gave us the possibility to collect some early feedback and start resolving some of the flagged UI/UX issues.

Following this initial round, we are now ready to open up the testnet to the broader community. In this post, you will find more information on how to participate: get test tokens, execute trades and provide feedback.

Your participation in the public testnet is crucial in helping us get one step closer to the actual LBP - a moment we all have been anticipating. In that regard, we will also be sharing our outlook on the actual LBP - where do we stand, and what are the last blockers before we can conduct the Basilisk LBP irl.

Finally, we will sign off this update with some info on the upcoming amsterDOT Conf & Hack: the biggest Dotsama community event since 2019, hosted by the Snek team in Amsterdam on April 20-23; with a 6-week long online hackathon following the event and a juicy prize pool!

How to Participate in the Testnet

For this round of the public testnet, we will be testing the Basilisk implementation of an XYK pool. To be more precise, we have deployed 3 XYK pools: BSX-KSM, BSX-DAI and BSX-aUSD for testing - giving you a great opportunity to give that new arb bot a try.

The following step-by-step guide assumes that you already have a BSX address. If not, please check out this guide in creating one.

Step 1: Getting Test Tokens

Test tokens for everyone! You can receive them by using our Discord faucet bot set up in Basilisk Discord by typing in the following command in the #testnet-faucet channel:

/drip BSX_ADRRESS

Step 2: Executing a Trade

Snek UI .

How to trade:

Go to https://testnet-app.bsx.fi/
Connect your wallet to confirm that the test tokens are available to trade.
Select the relevant tokens you would like to trade.
Enter the trade amount, either on the Pay With side (i.e. the amount of $DAI you want to use) or the You Get side (i.e. the amount of $BSX you want to buy).
Adjust the slippage if needed (the % of the token amount you would accept to not receive in case of the market price changing during the swap is processed).
Click “Swap”.

Step 3: Providing Feedback

The purpose of the testnet is to battletest the products we are developing. So feel free to go wild and click around, trying to break stuff.

If you manage to find a serious issue, please head to the Basilisk GitHub repo and see if it has already been reported. If not, please create a new issue and provide as much information as possible on how to recreate the issue. If we can confirm the issue, you will be rewarded with some BSX tokens.

If you would like to just share some general feedback about your experience, please head over to #pub-testnet-feedback on Discord. We appreciate every feedback, however we will be only giving out tokens to those who submit actual bug reports via GitHub.

Happy testing!

Future Outlook

In the next few weeks, we will also be running another pair of private+public rounds to test our weighted LBP pools (the subject of the current testnet is XYK). The time between the two testnets will allow us to continue processing the most important issues which were reported by users. This multi-stage rollout of the Basilisk testnet allows us to further polish our product and confidently move closer to the actual Basilisk LBP event.

Before the LBP can take place, however, there remains one external dependency which needs to be resolved. We need to make sure that the assets which we select as opposite trading pairs to BSX are sufficiently liquid for the needs of our LBP event. To do so, we are planning to bootstrap liquidity with 3 parallel LBP pools. Besides KSM and aUSD, we would like to have some bridged liquidity from the Ethereum ecosystem as a definite solution to any potential liquidity restrictions.

Our initial plan was to bring DAI via Monriver, however after consulting the current state we doubt that this feature will be supported shortly. For this reason, we are currently looking into other solutions which could allow us to bootstrap liquidity with bridge ERC-20 stable coins. We will share more information once we have gained sufficient insights.

amsterDOT Conf Hack

Did you already hear that Snek team is proudly organizing one of the hottest Dotsama happenings of the year? amsterDOT is a 4-day event taking place in Amsterdam on April 20-23.The event is endorsed by a range of Dotsama champions who besides offering financial support will be present to give talks and workshops: Acala, Interlay, Subsquid, Phala, Parity, Talisman, Centrifuge, Astar, Moonbeam, Astar and DFG.

This will be the first in-person Dotsama community event since the Web3 Summit 2019 and a chance for the whole ecosystem to gather, innovate, and grow. Besides creating an occasion for the teams to finally meet in person and discuss the next hot collab, amsterDOT is aiming to give a new impulse to Dotsama with introductory workshops offered to further build out the talent within the ecosystem.

Furthermore, we are organizing an online hackathon in collaboration with DoraHacks. During the 6 weeks following amsterDOT, anyone around the world can pick up one or more of the bounties offered by participating teams. On top of the bounty rewards, there will be a $150,000 prize pool sponsored by the Polkadot Treasury which will be allocated by a jury from participating teams to the best submissions. Follow @amsterdot_conf twitter for more updates.

See you on the trade screen,

Snek 🐍

Basilisk Newsletter

Public XYK Testnet Kickoff