With the imminent launch of Fundrs on Mainnet, we invite everyone to test out the new Fundrs experience on Testnet.
With the recent launch of the new Fundrs experience on Testnet, we are delighted to kickstart the staged launch we have outlined for the platform and to get our community familiar with the upgraded user interface. Launching on Testnet enables us to showcase the improvements we’ve made in preparation for the launch on Mainnet and get Seekers and Funders better prepared as we deploy more milestones as part of the staged launch.
In this article, we will walk through the new UI and how Seekers and Funders can perform actions on the platform. Check out the new Fundrs experience on Testnet here.
Key Highlights
- We encourage our community to test the new Fundrs experience on Avalanche Fuji Testnet! We have set up a mock AllianceBlock project on Avalanche so you can purchase and buy tickets.
- This article outlines the steps to get started with test wallets and tokens. While we have set up a test project on Avalanche, Fundrs will be available on Ethereum, BNB Smart Chain, Polygon, Avalanche and Moonbeam.
- We are launching a Fundrs Testnet Bug Bounty! Walk through our Testnet and if you find the occasional bug or error, submit feedback via the Userback Widget. We have also included more information on the program in this article.
- The best way to be prepared for the launch of Fundrs on Mainnet is to stake ALBT on Mainnet and mint rALBT. rALBT is necessary for participating in the first capital-raising rounds on Fundrs. Stake ALBT on Fundrs here.
Setting Up Test Networks and Tokens
Fundrs will support Ethereum, BNB Smart Chain, Polygon, Avalanche, and Moonbeam when it launches on Mainnet. However, users are strongly advised to test on the Avalanche Fuji C-Chain (Avalanche) Testnet network, as we have deployed our mock project there. We have also deployed new test tokens for use on Fundrs, so make sure to add the new tokens for testing.
Please make sure to create a separate wallet for testing! Don’t mix your hot and test wallets.
Adding the Avalanche Fuji Testnet Network and Getting Testnet AVAX
Users can add other Mainnet and Testnet networks to their wallets by using Chainlist.org. Chainlist is a list of EVM networks maintained by DeFi Llama and enables users to add networks to their wallets quickly. Make sure to toggle ‘Testnets’ to show all Testnet networks.
To get Testnet AVAX for testing on Avalanche Fuji, users can visit the official Avalanche Faucet.
Please note that the Avalanche Fuji network and tokens are for testing purposes only. They are not equivalent to Mainnet AVAX tokens and are therefore not tradeable.
Adding and Getting Fundrs Test Tokens
We have deployed new test tokens for use on Fundrs Testnet. Users can add these tokens by clicking on the ‘Faucet’ dropdown and adding the new test tokens. Remember that users must have Testnet AVAX in their wallets to claim test tokens from the Fundrs faucet, so make sure to add that first.
Users can claim the following Fundrs test tokens:
- t-USDC — Get 20,000 t-USDC per day
- t-rALBT — Get 1,000 t-rALBT per day
- t-ALBT — Get 20,000 t-ALBT on the first day, then 4,500 t-ALBT per day after
Users cannot convert t-rALBT retrieved from the faucet into rALBT when Fundrs launches on Mainnet. The only eligible t-rALBT for conversion are those minted by performing actions on the platform.
With wallets and tokens set up, users are now ready to explore the rest of the Fundrs platform.
Fundrs for Seekers
Seekers can apply for a project listing on Fundrs by clicking ‘Start Token Sale’ on the homepage or the ‘Seeker > Start token sale’ link on the main navigation bar. On Testnet, we have disabled the official application form for Seekers. However, interested Seekers can connect with our business development team by filling out the form at ‘Seeker > List on Fundrs’ or through this link.
Fundrs for Funders
With the new UI, we have moved around some of the actions that Funders can do on the platform. The new interface makes it easier to view relevant information at a glance and showcases a more streamlined flow for actions on the platform.
User Dashboard
To participate in Fundrs Staking Tiers on Testnet, users can click ‘DAO > Staking and Reputation’ on the main navigation bar. Users are then led to a page with an overview of the Fundrs Staking Tiers, what each Tier unlocks for users and a Dashboard of the user’s current tier, wallet balances, and actions.
The User Dashboard lets users quickly get an overview of their current Staking Tier (1), Wallet Balances (2) and how much they need to advance to the next Staking Tier. In (4), they can also claim t-rALBT and iou-rALBT and exchange iou-rALBT to rALBT (we will enable this when Fundrs launches on Mainnet). Further down (5), they can Stake ALBT to advance to the next Fundrs Tier, Withdraw ALBT, or Bridge rALBT across the supported networks.
Staking Test ALBT to Fundrs Tiers
On Testnet, users can stake their t-ALBT to access a Fundrs Tier by clicking on the ‘Stake ALBT’ button.
Users can provide the amount of t-ALBT they are staking or use the slider to determine the amount. Users can also see their current t-ALBT balance and the current stake amount in the popup. When clicking on ‘Approve,’ users will be asked to permit the spending of their token in a Metamask popup and then confirm the staking of their t-ALBT in Fundrs Staking in another popup. After the two Metamask approvals, the User Dashboard will be updated to reflect the current Staking Tier to which the user got access.
We have discussed multipliers and tier benefits in a previous article, but here is a quick overview.
Again, please note that the t-rALBT minted by staking t-ALBT on Testnet is not eligible for conversion to rALBT on Mainnet. Only actions performed on Testnet mint t-rALBT will be converted to rALBT when Fundrs goes live.
Claiming and Bridging t-rALBT
Users can claim t-rALBT any time, as long as they have t-ALBT staked in a Fundrs Tier. Note that there will be Testnet gas fees every time a user claims their t-rALBT.
Users can also bridge rALBT between our supported networks. This means that regardless of where they have staked t-ALBT, the t-rALBT they minted can be used to participate in Seeker project listings on different networks. The networks Seeker projects will support depend entirely on them and their business.
To bridge, click on the ‘Bridge rALBT’ icon and select the network you are bridging to. When bridging, all rALBT in the current network will be transferred to the target network. In addition, users can only bridge between networks using the same wallet — rALBT minted for a specific wallet cannot be sent or bridged to another wallet.
A Metamask popup will appear for confirmation of the bridge transaction. Once approved, users can switch to the target network (in this case, Rinkeby) and wait until a red ‘1’ appears on the Bridge button.
To confirm the bridging, click the Bridge button again to claim the rALBT.
My Portfolio
The Portfolio page for Funders overviews all capital-raising rounds they have participated in. It is also where Funders can mint their Whitelist NFTs for participation in Private Sales or undergo KYC with AllianceBlock Trustless IDentity Verification.
Active Proposals
To view a list of all active and listed Seeker projects, users can go to ‘Funder > Active Proposals.’ Users can filter through projects pre-listed and listed across all supported networks on this page.
Pre-listed projects are official pre-announcements of a listing happening on Fundrs. They are displayed with a blue banner ‘Listing soon.’ Users can see pre-listed projects on the homepage or the Active Proposals page but may not be able to access the project details until the Seeker fully lists the project on the platform.
Listed Seeker projects are displayed with their project logo, the project title, a short description of what the project is about, and the founder (or one of the founders) of the project. Clicking on the listed projects takes users to the Seeker project page, where they can find more information about the project and details of their upcoming capital-raising rounds.
DUA Token will be the first project launching on Fundrs, and to learn more about their project and keep up with their updates, visit their website here.
Seeker Project Page
The Seeker Project Page is a comprehensive overview of all information related to the project, as well as their planned capital-raising rounds. We have encouraged projects listing on Fundrs to provide as much information to provide potential Funders the necessary insight to participate not just with their campaigns but also to engage the Seekers in discussions about the project.
On the top of the Seeker Project page, users can see the (1) networks where the project will launch. This is up to the Seekers, depending on their development and business needs. Users can also check out the (2) community and social media links of the Seeker project to stay updated on their announcements. Users can also (3) upvote and downvote the project, which will reflect on the project’s Discussion page. Seeker projects have the option of providing a (4) video introduction to their project, which is shown prominently on the page.
Further down, users can read a comprehensive overview of the project based on a questionnaire that Seekers have to fill out as part of the application process. These sections include a summary of the project’s pitch, information about the token, and information about the business model. This is an opportunity for Seekers to highlight their project’s fundamentals, which are important indicators of sustainability and their capability to execute their project roadmap and milestones.
Potential Funders are encouraged to create a discussion or participate in existing ones to ask the Seeker about specifics of their project on the Discussion page, which they can access on the right sidebar.
Users also get an overview of information about the Seeker project token. The Seeker projects provide a vesting schedule of their token supply, which is visualized (1) using a donut chart. On Testnet, this visualization only shows the percentage of tokens allocated for the capital-raising rounds of the project. In future updates, Fundrs will be able to show a complete overview of the project’s vesting schedule, including other aspects of their token metrics.
Users can also see the (2) contract addresses of the project on all of their supported networks and easily add their tokens to their wallets. They can also copy the contract address or open it in a blockchain explorer for the selected network.
The (3) Vesting Information overviews the vesting of the tokens as part of the capital-raising rounds on Fundrs. Note that this is separate from the full vesting schedule of the project’s tokens.
For example, in the graphic, the Vesting Start Date is 25 July 2022. Funders who were part of the private sales and presales will get 10% of the tokens from the tickets they bought on 25 July 2022, and then the rest will be released every month until 25 July 2023.
For example, a Funder bought ten tickets at 100 tokens per ticket. They will receive a total of 1000 tokens over the vesting period, 10% (or 100) of which is unlocked at the start of the vesting period (first month), and the rest divided evenly for the remaining months until the end (81.81~ tokens per month).
The latter part of the page shows information about the project founders, as well as links to their profiles. Relevant documents for the projects will also be shown, such as the white paper and a vesting schedule. Last but not least, links to all community and social media profiles are provided.
With all this information, Seekers can highlight their project fundamentals by comprehensively detailing their pitch. On the other hand, potential Funders are well-equipped to make an assessment of the project and the Seeker team behind them.
Capital-Raising Rounds
Fundrs, at launch, will support three forms of capital-raising rounds: Private sales, Presale (Soft Cap) and Presale (Hardcap).
Private sales are limited ticket sales that the Seekers can restrict to only those with whitelisted wallets or rALBT holders. Seekers can upload a list of whitelisted wallets in their dashboards, and Funders part of the list must mint a Whitelist NFT to participate in the round. Seekers can also limit how many tickets each whitelisted wallet or rALBT holder can purchase. The round ends when the set deadline passes or if all tickets are sold. At this point, the Private Sale is also considered a success.
Private sales are a good opportunity for Seekers to incentivize their core communities to get in the earliest capital-raising rounds. This is also a more exclusive sale, limited only to those the Seeker project determines that can be part of the round.
Presales have Soft Cap and Hard Cap rounds. Presales are generally more open than private sales, and in addition to whitelisted wallets and rALBT holders, they can also be opened for all. The Soft and Hard Cap rounds allow Seekers to vary ticket prices depending on the round. The Soft Cap round concludes when all tickets for the round have been purchased. At this point, the Hard Cap round begins immediately, reflecting the new prices set by the Seekers. The Presale is successful once the Soft Cap is reached and ends when the Hard Cap is reached or when the Seeker decides to settle.
Presales are an excellent opportunity for Seekers to open up their capital-raising rounds to more audiences after a Private sale has been launched. This is also a good way to raise capital with specific communities and interest groups related to the project, offering a certain level of exclusivity while allowing more potential Funders to participate in the rounds.
On the right side of the Seeker Project page, users can see an overview of the capital-raising rounds as scheduled by the Seekers. Users can also purchase tickets to participate in the capital-raising rounds or go to the project’s discussion page.
Users can (1) toggle between the Discussion and Project information pages by clicking on the respective buttons on the sidebar. The capital-raising rounds scheduled by the Seeker can be toggled by clicking through the (2) icons indicating the Private Sale, the Presale (Soft Cap) and the Presale (Hard Cap).
For the selected capital-raising round, information about the schedule and the sale status can be found in (3). The total capital raise target is shown in (4), including the allocations per round. (5) shows who is eligible to participate in the selected round and can be set to Whitelisted wallets, rALBT holders, or open for everyone.
(6) shows the information for the ticket and token prices. Seekers can set different ticket and token prices per round, depending on their target raise. Finally, in (7), status information about the current round is shown. This includes information like the available tickets for the round and limits for specific wallets.
Testnet Mock Project
In the mock project we provided on Testnet, we preview a sample AllianceBlock project listing launching on the Avalanche Fuji network. Users can see information about the project on the page, as well as the target capital raise and the rounds that are scheduled to be implemented.
For the AllianceBlock mock project, we have set the target raise to 430,000.00 USD, divided between a Private Sale and the two Presale rounds. A total of 1000 tickets will be sold, and at 10,000 tokens per ticket, 10M tokens are allocated for the capital-raising rounds. On the project page, this is reflected in the Token Metrics section.
This graphic (extracted from the Testnet campaign at the time of writing) shows an overview of the differences between the three rounds. Each round has an allocated number of tickets set at different USDC and rALBT prices per ticket. The token price is determined by dividing the USDC price by the number of tokens per ticket.
For the Private Sale, only Whitelisted wallets were allowed to participate. The USDC price starts at 300 USDC tokens, with a token price of 0.03 USD per token. Two whitelisted wallets have purchased 25 tickets each, making the round successful and marking it with a ‘Sold Out’ status.
The Presale (Soft Cap) round has already started, with 206 tickets left out of 250 tickets allocated for the round. In the Soft Cap, the ticket price is raised to 400 USDC, with a token price of 0.04 USD per token. Once all tickets have been bought for the round, the Presale (Hard Cap) round starts after, with the USDC price increasing to 450 USDC per ticket.
Once all the remaining tickets are sold, the capital-raising rounds will be deemed a success. However, Seekers can begin withdrawing the raised amount from the platform when they have reached their Presale (Soft Cap) goal. Depending on business needs and market demand, more Presale rounds can be set in the future.
Buying Tickets
Funders can buy tickets using the ‘Buy Ticket’ button to participate in the current capital-raising round. The Buy Ticket popup shows an overview of the current round and the total amounts of rALBT and USDC the user will have to provide, depending on the number of tickets they purchase. Users can set the number of tickets they want to buy by using the slider on the screen.
For projects requiring KYC, users must also go to AllianceBlock TIDV before proceeding with the ‘Buy ticket’ button, which is disabled if they haven’t fulfilled the KYC.
Once users click the ‘Buy ticket’ button, a Metamask popup will appear, first to approve the spending of the tokens and second to approve the transaction. When the transaction is complete, the USDC and rALBT will be deducted from the user’s wallet balances.
The project will appear on the Funders’ portfolio page after a few minutes, which they can access via ‘Funder > My Portfolio’ on the main navigation menu.
The Portfolio page shows an overview of all projects the Funder has participated in. Funders can mint a whitelist NFT on this page to participate in Private Sale rounds that require whitelisted wallets. Funders can also undergo KYC through TIDV, which they only have to do once for all projects on Fundrs.
Each row highlights current metrics about a project and actions that the Funder can perform with the selected project. Funders can Buy additional tickets (if still available), Claim their Funding NFTs (once the Seeker has withdrawn the funds), Withdraw their funds as a refund if the project is canceled, and Convert their Funding NFTs to project tokens.
Funding NFTs are representations of the capital provided by the Funders to the Seeker projects and can be converted into project tokens once the vesting period starts. They can be claimed by participating Funders once the Seeker has withdrawn the capital raised from the rounds.
Funder Actions
When a Private Sale sells out its tickets (or when the deadline passes) or a Presale reaches its Soft Cap goal, Seeker projects can request to withdraw the capital raised and settle the rounds. At this point, Funders who purchased tickets can claim their Funding NFTs.
Before claiming Funding NFTs, users should add the project token to their Metamask wallet. The project token can be added from the Seeker Project Page. The token for the mock AllianceBlock project is called TEST.
The Funding NFTs can be claimed by going to ‘Funder > My Portfolio’ and navigating to the relevant project. On the left-most part of the row, there are four actions that Funders can perform.
Buy More Tickets Funders can still buy additional tickets from the Seeker project capital-raising rounds they’ve participated in, provided that there are still tickets left and they haven’t reached the maximum amount of tickets each Funder can purchase.
Claim Funding NFT When a Seeker requests to withdraw the capital raised from a successful Private Sale or Presale round, their Funders can claim their Funding NFTs. Funding NFTs can be exchanged for funding tokens once the vesting period starts.
Withdraw Funds When a project’s capital-raising round is deemed unsuccessful, Funders who purchased tickets can withdraw the funds used to purchase the ticket. The rALBT used for purchasing cannot be recovered, however.
Exchange Funding NFT Once a project’s vesting period starts, users can exchange their Funding NFTs for the token allocations they get at the beginning and in the succeeding months.
Claiming Funding NFTs
Once the AllianceBlock mock project reaches its Presale Soft Cap goal, we will request to withdraw the capital raised to enable test Funders to claim their Funding NFTs and exchange it for the project’s TEST tokens.
For Funders who were able to purchase tickets, they can click on ‘Claim Funding NFTs’ in their Portfolio, and a Metamask popup will appear to confirm the transaction. Once the transaction is confirmed, there will be a confirmation that the NFT has been redeemed, and the page will refresh.
We have set the mock project’s vesting period to start on 25 July 2022, at which point 10% of the tokens from the purchased tickets will be unlocked, and the rest will be unlocked per month until 25 July 2023. For testing purposes, users would receive all the tokens they exchanged immediately. They could find their updated balances in their Metamask wallet.
We strongly encourage our community to test out Fundrs on Testnet before it launches on Mainnet once the smart contract audits are complete. The current Presale (Soft Cap) round is still ongoing, with 206 tickets left to buy, so head on here and get started!
Bug Bounty
We are launching a Fundrs Testnet Bug bounty, and anyone can participate! As you navigate through Fundrs on Testnet and encounter the occasional bug or error, you are invited to submit feedback through the new Userback widget you can find on the website. Unlike previous bug bounty programs, you can immediately submit feedback, add screenshots or screen recordings, and other relevant info, all on the website, instead of emailing it to us.
To participate, follow these steps:
- Visit the public bug bounty list at this link.
- Check if the bug has been reported already. If you can find the bug listed there, please don’t report it again. Repeated reports are not eligible for bounty.
- If it’s not yet in the list, click on the Userback widget on the right side of the page. You can report a bug, submit a feature request, or give general feedback through the widget.
- For bugs, please document the steps that lead to the issue and how we can reproduce it quickly and easily.
- You can also add screenshots or screen recordings to provide more context about the bug you’re submitting.
- Don’t forget to include your email and wallet address (so we can contact you).
- When you click ‘Submit,’ you’re done! We’ll be updating the public bug bounty list regularly to include new bugs or feedback that has been submitted.
The bounty for the bugs and feedback we’ve received is categorized according to the severity of the bugs. Please note that not all submissions are eligible for rewards — only bugs we can reproduce or verify as a bug can be rewarded with a bounty. So please make sure to be reasonable and specific with bug bounty submissions.
If we can reproduce the bug you’ve sent and verify them, these are the rewards that you can receive:
- Minor — These issues potentially affect how users navigate and use Fundrs
100–500 USD (in ALBT) reward - Medium — These issues potentially have a serious impact on the performance of Fundrs and how it works
500–2,000 USD (in ALBT) reward - Major — These issues potentially affect user’s funds or have a serious and significant impact on the performance of Fundrs and how it works
2,000–5,000 USD (in ALBT) reward
We will be updating the public bug bounty list regularly, and if you’ve submitted a bug that hasn’t been submitted before and that we’re able to verify, you can also track its status there. If eligible, you will receive an email at the end of the program with information on how to claim the bounty reward (so don’t forget to provide an email that you can access and check).
Get Ready for Mainnet
The Testnet will only be up and running for a short time before we launch Fundrs on Mainnet, so there’s no time to waste! We know the community has been eagerly awaiting updates, so make sure you head over to the Testnet as soon as possible and share your feedback via the Userback widget on the website.
As a Funder, the best way to be prepared for when Fundrs goes live on Mainnet and when the first Seeker projects will be listed is by staking ALBT to mint rALBT. rALBT is necessary to buy tickets in the first capital-raising rounds on Fundrs. You can stake ALBT on Mainnet here.
With rALBT in your wallet, you’ll be ready to start browsing projects and become a pioneer of AllianceBlock’s trailblazing participatory funding model from the moment we launch.
For questions and clarifications, please join our Telegram community! We’d be happy to help you out there. Please tag your questions with #FundrsHelp so that we may be able to filter them easily. And to stay on top of our announcements, follow us on Twitter, and subscribe to our Telegram Announcement channel.
About AllianceBlock
AllianceBlock is bridging the gap between decentralized and traditional finance by remedying issues in both spheres and linking them more closely. They see the future of finance as an integrated system in which the best of both worlds can work together to increase capital flows and technological innovation.
They are building this future by bridging traditional finance with compliant, data-driven access to new decentralized markets, DeFi projects and ecosystem-scaling tools such as funding and interoperability. As such, they are building a next-generation financial infrastructure that aims to provide regulated financial entities worldwide with the tools they need to access the DeFi space seamlessly.
You can also find us on:
Telegram · Twitter · Instagram · Website · LinkedIn · YouTube · Medium
