Venue One Testnet
After a short period on closed alpha and beta testnet we are excited to open our testnet to the wider community ! As we progress toward Mainnet launch and the $VENO token TGE we are very keen to hear your views on:
- General ease of use
- Liquidity provision
- Any other comments or ideas you may have
Expect a few things to break, UI/UX to possibly need some changes and maybe bugs. The aim is to iron these out before the launch. You feedback is invaluable and active testnet users will be added to the list for our $VENO token airdrop coming soon !
- Go here : https://testnet.app.venue.one
- Click on Get Started button
- Use your email to register and check for the login link sent to you by Magic Link. The first time you login may be a bit slower as your new Algo wallet and contract/token opt-ins are setup.
- Top up your account at your new generated Algorand wallet with testnet USDC here. Please note the faucet page is a bit slow and has a limit of 100 USDC but you can repeat the process. Also do not send $ALGO ! The collateral currently is ONLY testnet USDC on Algorand.
- You can trade the markets, provide liquidity or both !
- Join our Discord and Telegram to get support and connect with the team. Your active participation on the testnet and the community will add you to the airdrop list for $VENO.
Frequently Asked Questions
We have created an initial FAQ that we will expand and add to our online documentation before MainNet launch.
- What is Venue One: Venue One is decentralized predictions protocol. It allows to take position in real world events and monetize your views. You can built a set of predictions on sports, finance and events and earn profits if you are right.
- What technology is Venue One built on: The fast Algorand blockchain.
- What trading collateral can I onboard and how: USDC on Algorand using the testnet faucet here. Add your generated Algorand wallet as deposit address. In the main page you can select “My Account” and in the next page you can select “Deposit Funds” under your available cash.
- How can I access Venue One: Using your browser on any device! (PC, Mac, Android, iOS). 💻📱
- Why can’t I use Venue One via a browser wallet extension: The team decided it was important to have a great user experience. A wallet signing process would have locked our users to specific browsers and the process of trading (which involves multiple smart contracts) would be complex and slow.
- When can I trade: 24/7/365 🌎 🌍 🌏
- Are there deposit or withdrawal fees: No, zero, zip, zilch on Algorand. You may face network fees on other chains however.
- Can I use USDC ERC-20: Soon, the tech is done but we still need to finalize some compliance issues with our partners.
- What are the trading fees: 2.5% swap fees of which 80% goes to liquidity providers and 20% to the protocol for binary markets.
- How are market prices determined: Demand and supply among each prediction pool liquidity providers and players. Prices are determined via an AMM smart contract set, similar to Uniswap v1 constant product formula. Unlike traditional exchanges where there is an order book and price discovery happens when the buy and sell orders cross, using an AMM creates a continuous liquidity profile. A more detailed Medium article on this is coming soon.
- How does liquidity provision work: Liquidity providers add collateral on both sides of the market split in a proportion to where to market price is at the time they enter. Its is importnat to provide liquidity at what is a statistically fair price to maximize the profits for LPs an minimize the risk. The greatest risk to LPs is when market prices move dramatically. A more detailed Medium article on this is coming soon.
- What incentives do liquidity providers have: LPs earn 2% on the liquidity provided. Please note this is an absolute immediate percentage so if one assumes a 1 month prediction duration it would be an annualised 24%. On top they will be earning $VENO tokens.
- I changed my mind on a position what can I do: You can trade in and out of a position assuming there is enough liquidity to trade. Trading stops only when we are very near the resolution time.
- How is a market resolved: By a third party independed source which is clarified in the market details.
- I would like to see a market on xyz: Let us know in the Discord #market-proposal channel. We will only consider markets that have a clear third party resolution source, are ethical and in line with the protocol philosophy of short to medium duration predictions.
- Do I own the wallet created on the platform: Yes you do 100%. We do not have access to the funds which you can always withdraw and in the future we will have a process where you can safely recover your private keys as well. 🔐
- Does Venue One participate in the markets: No, unlike centralized venues we do not trade in the markets. Markets are facilitated by the autonomous smart contracts using the UI provided. The other side of your trades are other traders and liquidity providers.The protocol is trustless.
- I have this idea about xyz: Let us know in the Discord #suggestions channel.
- Wen Token: Wen time is right. HODL folks. Soon $VENO 🚀
- I have many questions: Go to the Discord #helpdesk channel or on Telegram.
- I have 3 gazillion followers and I will market your project across the solar system for an insane fee per second: Thank you.
Follow us on our journey 👇
Join our Discord trading community: http://bit.ly/V1Discord
Be a part of our global Telegram community: https://t.me/venuemarkets
Follow us on Twitter : @VenueMarkets
More information and for the $VENO whitelist please go to : venue.one