xBacked Testnet Update

Following our testnet launch on February 2nd 2022, we’re keen to update the community.
Read time

xBacked Testnet Update

Following our testnet launch on February 2nd 2022, we’re keen to update the community.

Following our initial public testnet launch on February 2nd 2022, we’re keen to update the community on our progress with the protocol so far. The testnet phase gives a great opportunity for prospective xBacked users to get their hands on the product before it goes live on mainnet.

Through the process, users have been engaging directly with the xBacked team on a wide variety of topics including bug reporting, feedback on the user experience, and suggested new ideas over on the xBacked Discord server. xBacked testnet users have been busy creating vaults, depositing testnet Algos, and using the xBacked faucet. Following the launch, the team have been hard at work resolving bugs and implementing feedback provided by users, with several key fixes and changes already complete.

To date, over 150,000 testnet Algos have been deposited across over 6000 vaults created by testnet users. The testnet period has also sparked healthy growth for the xBacked Discord server. About to rocket past 1500 members in recent weeks, our Discord community has been actively sharing and engaging with over 50 memes and providing valuable feedback.

New features on the way

While a number of bugs and upgrades have already been made, the dev team is keeping their foot on the pedal between now and the mainnet launch to enhance the xBacked platform even more. Some exciting new additions are set be made to the platform over the coming weeks. A new liquidation user interface is on the way that will allow users to liquidate vaults without using code, redeem xUSD for Algos, and stake xUSD for bots to use in liquidations.

Upcoming AMA

The xBacked team will be holding another Discord AMA giving the community an opportunity to talk directly to our team! Stay tuned for an upcoming post on the xBacked Twitter account where you can submit your questions before tuning in on March 4 for the AMA.

Mainnet Launch

With our audit set to take place throughout March, we’re confident the mainnet launch will happen in Q2 pending a successful outcome. Throughout this period the testnet product will continue to be enhanced through a mixture of bug fixes identified by the community and planned upgrades from the xBacked team.

The team at xBacked would like to sincerely thank everyone who has assisted us during the testnet phase and supported the xBacked project. We look forward to continuing our progress, upgrading the platform, and updating the community in the coming weeks.

To keep up to speed with the latest developments of this exciting project be sure to join xBacked on Twitter, LinkedIn, Reddit, Medium, Discord, and Telegram.