HurricaneSwap Issues 2.2M $HCT as Testnet Rewards and Launches FARM Competition for Testnet Winners

October 25 21:00 2021

HurricaneSwap conducted a testnet program on August 30, where almost 200,000 addresses participated in the test.

HurricaneSwap is the 1st cross-chain liquidity DEX based on Avalanche. With the innovative LP-Bridge mechanism (Roke Protocol), users can trade popular assets of other chains without leaving Avalanche. And taking the advantages of Avalanche, HurricaneSwap provides users with a high-performance, low slippage, low-cost and seamless cross-chain trading experience.

By the end of the program, nearly 140,000 test addresses will be rewarded with a total of 2.2 million $HCT.

FARM Competition

To encourage the early participants of HurricaneSwap to experience the latest products, a FARM competition was specially designed for the testnet winners, in which the ranking will be based on the number of xHCT staking in the FARM.

xHCT is a new staking mechanism on the HurricaneSwap ecosystem that maximises one’s yield. You can stake your HCT to get xHCT and earn a reward fee of 0.1% of all trades. This fee is used to buy back HCT tokens periodically (every 2 days currently). When you exchange your xHCT for HCT, you will get more HCT than you staked earlier.

Currently, Farming is the most important way to obtain HCT tokens. By staking the LP-Token of the designated trading pair, users can get the corresponding amount of HCT rewards. During the event, users have to stake at least 500 xHCT in the FARM to be eligible for the reward. And a snapshot will be taken at random height of block on Oct 30th (UTC).

As of 24 October, the amount of staking has far exceeded expectations, reaching a sterling record of more than 40 million. Not only that, xHCT single-sided staking also currently has a promising Annual Percentage Rate (APR) of 349%. With a consistently growing number of staking in the pool, many users now have greater confidence and assurance in holding more HCT tokens.

Project Progress

At present, HurricaneSwap mainnet has been successfully online for two weeks and is running smoothly. The number of users has exceeded 50,000, and 17 LPs have been opened.

The cross-chain transaction function has also been under test on HurricaneSwap Testnet V2. As of now, 4940 addresses have participated in interactive tests and 8886 contract interactions were successfully completed.

Currently, it is expected that the cross-chain transaction function will be launched on the mainnet V2 at the end of November. 

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