Powerloom is inviting individuals to be a pivotal part of their community by contributing to testing the Powerloom Network's reliability, operations, performance and security.

Powerloom Network has allocated 0.4% of the network’s total token supply to reward participants for their active efforts and contributions to the incentivized testnet — 25% of which will be distributed in Phase 2 to eligible participants.

Phase 1 was dedicated to Snapshotters. After overwhelming response, Powerloom is now inviting the broader community to Phase 2. Anyone who registered for Phase 1, whether they were selected as a snapshotter or not, will be automatically enrolled for Phase 2.

This is an opportunity for individuals to test the network by signalling on-chain data to be captured by Powerloom, and be rewarded for their efforts. Participants will need to complete a variety of on-chain tasks to battle-test the protocol’s ability to efficiently and accurately capture data by its network of Snapshotters.

Activities for Phase 2 include but are not limited to:

• Engage in a series of on-chain activities on Powerloom’s partner platform, Mercle. Engage in quests such as bridging from Ethereum to Polygon zkEVM, swapping assets, providing liquidity, etc. The data generated from these activities directly contributes to Powerloom's on-chain data pipeline.
• Regularly monitor Powerloom’s exclusive Discord channel to stay updated. Participants will receive announcements on forthcoming activities, helping you stay ahead in the game.
• Be a part of Powerloom’s weekly Zoom/Discord calls. These sessions offer walkthroughs on quests and act as a platform for your feedback, questions, and interactions with the Powerloom network.

Users must meet the following criteria to be eligible for rewards and participation:

• Certain jurisdictional limitations apply (i.e., users must be non-U.S./Canada and OFAC-compliant), as outlined by Powerloom Network’s terms and conditions.
• Participants will need to complete on-chain transactions on blockchains.
• A non-custodial Ethereum wallet (e.g., via Metamask) is required to connect and engage with Powerloom Network.

Participants will need to follow this link to start performing the quests on Mercle, Powerloom’s partner platform. Please ensure that you use the same email address for Mercle that you used for your CoinList account. This consistency is necessary to confirm your eligibility for any rewards. Failure to complete the KYC process may result in forfeiting rewards.

Phase 2 is expected to end on or around December 31st, 2023. Participants must complete any remaining quests before the deadline. Powerloom may expand this timeline at their discretion. Additional information on the subsequent rewards will be available as the testnet progresses.

For Phase 2, Powerloom Network has designated 1,750,000 tokens (equating to 0.175% of the total token supply) specifically for community participants. Rewards will be allocated to users in accordance with the XP they have earned from completing their quests. Participants will receive equivalent rewards for XP points they have earned, ensuring a direct 1:1 reward for their efforts and contributions. The rewards will be distributed to a maximum of 5,000 participants at mainnet launch as follows:

Participants can accrue XP points by regularly completing the required on-chain activities on Ethereum L2s, notably Polygon zKEVM, to actively test the Powerloom protocol’s capabilities and functionality. Each of these activities, from transactions to quests, contributes essential data directly to the Powerloom Protocol. This data will then be processed and showcased on the Powerloom portfolio dashboard, providing transparent visibility into all key transactions from the quests.

If a participant does not accrue the minimum XP points threshold, they will not be eligible for a reward.

Participants will have to complete quests before the final deadline of 31st December, 2023. Powerloom will verify all completed tasks before confirming the final list of participants eligible for rewards.

Potential Examples for Earning XP points

• Bridging ETH from Polygon POS to Polygon zkEVM
• Providing Liquidity on Uniswap like AMM on Polygon zkEVM
• Creating a multi-sig and executing transactions
  
  

Each quest rewards a fixed amount of XP points upon completion - repeated attempts for the same quest will not award additional XP points. Some quests may require multiple on-chain transactions. While Powerloom is partnering with L2s such as zkEVM to significantly reduce gas costs, participants will still need to pay for their own gas in ETH bridged to the respective chain.

Upon the completion of an on-chain transaction linked to a quest is completed, Mercle will automatically award XP points through their platform. This entire process is fully powered by the Powerloom Network and its Snapshotters, demonstrating the protocol’s capabilities.

To begin the activities on Mercle, Powerloom’s partnering platform, click on the provided link. Please ensure that you use the same email address for Mercle that you used for your Coinlist account. Consistency in email addresses is necessary for verifying eligibility for any rewards. Failure to complete the KYC process may result in forfeiture of rewards.

Powerloom Network is a decentralized data protocol serving the ever-growing informational needs of users of smart contract-based applications such as DeFi, Web3 games, and more. By utilizing data compositions built upon smaller units of data validated by network participants , Powerloom provides a decentralized, accurate source of information on which rich data applications like dashboards, bots, aggregators, insights trackers can be built.

• Weaving together cross-chain data: Many existing data protocols lack composability - meaning the data can only be accessed via chain-specific libraries and SDKs. This puts the onus on developers and builders to navigate multiple datasets that are fundamentally different in structure to synthesize useful information and insights. With flexible data models on Powerloom, data sources across multiple smart contracts and even multiple chains can be weaved together - allowing developers to focus less time getting the data and more time working with it.

• Verified, auditable and transparent datasets: Regardless of the nesting of compositions involved in aggregating data across snapshots, every requested datapoint is backed by consensus with proofs securely anchored on respective L1 chains.

• Community participation: A DAO-governed data marketplace allows curators and signalers to contribute novel datasets through a bounty system. This is beneficial and necessary for common goods protocols and their datasets. For example, a popular DEX like Uniswap v3 can be indexed by bringing together a small group of passionate individuals, developers, and decision makers familiar with the workings of the protocol at differing levels of abstraction.