The focus of this article
Through the Looping Hook function of INIT, you can not only obtain INIT airdrop points, but also amplify Ethena Sats and cmETH Powder to achieve 100 times the point acquisition rate.
INIT completed US$3 million in financing in February this year, led by Mirana and Electric, and will soon issue tokens
Complete the task to share INIT's MNT prize pool + 400,000 MNT lottery prize pool. Double benefits are waiting for you.
INIT Capital is the second largest protocol on the Mantle chain, with a TVL of US$136 million (data taken from DefiLlama). Currently, the protocol only supports two blockchains, Mantle and Blast.
Agreement Highlights
INIT has not yet issued tokens. Currently, you can earn points through pledging and borrowing. Using the liquidity hook function can increase the points multiplier.
In February this year, it completed US$3.1 million in financing, led by Electric Capital and Mirana Ventures, with participation from Bankless Ventures, Arthur Hayes and his family office and other institutions.
Audit reports provided by Trust Security, PeckShield, Code4rena
Advanced task operation steps
Since INIT has announced that all MNT rewards provided by Mantle Yield Lab to the protocol will be distributed to task participants, it is recommended that everyone complete all tasks in order.
(Complete all tasks and you can share 80% of the MNT rewards) (The top ten TVL users will share 20%)
1. Browse the INFINIT page and connect the wallet
This step is to take users to understand the INIT ecosystem, and this task can be completed without any interaction.
2. Read the announcement
The announcement is the picture above.
3. Deposit stablecoins
This task requires depositing at least five US dollars in any asset of USDe, USDT, and USDC, and based on the rules of daily snapshots, it is recommended not to withdraw the assets in advance until the end of the activity.
*The author recommends depositing more stablecoins at one time, because it is the end of the event, so that you can cover the days without snapshots and increase the average holding position.
4. Use cmETH Looping Hook function
The principle of Looping Hook is to allow you to borrow external assets and increase your deposit position. To put it simply, it is the concept of leverage. Looping Hook can handle the tedious steps of mortgage lending with one click, allowing you to directly operate assets to amplify returns based on the lending risk (health value) you are willing to bear.
*Relevant instructions will pop up when you click on the web interface. It is recommended that you read it yourself.
*Since it is the same daily snapshot rule, it is recommended that you put a little more at one time and cover the previous snapshot positions before participation.
5. Use FBTC Looping Hook function
The steps are as in step four.
6. Return to Layer3 to cast the cube
Finally, return to the L3 page to cast cube lottery tickets, and you can share the 400,000 MNT prize pool.
Summarize
According to the author's experience, INIT is indeed a popular protocol on the Mantle chain.
In fact, through the Looping Hook function of INIT, we can circulate cmETH, FBTC, USDe and other assets to enlarge the airdrop points income (need to pay the interest cost of the loan and bear the risk of liquidation of the loan).
In addition, INIT's interface is very simple and clear, making it easier for everyone to understand how many points and interest costs can be obtained after the operation.
In addition, according to the INIT roadmap, after the Looping Hook function is launched at the beginning of this year, the next step is the token issuance! With the background of well-known venture capital support, I believe that airdrops also have certain potential. You can consider the layout.
Additional words from the author
I finally finished writing the basic introduction and task tutorial of the eight participation agreements for Mantle Yield Lab’s defi fest this time!
As an in-depth participant of Mantle, I have indeed briefly read some protocols before but have not actually used them. After taking this opportunity to understand each protocol in depth, I found that Mantle really has many potential stocks worth investing in (some There is a certain amount of venture capital support, but not many people participate in airdrop farming, etc.).
Next, the article will return to tracking the progress of the airdrop protocol and investment research reports. There are many new developments including Ethena and Karak that are worth updating and discussing. Please wait for me to sort out the relevant content and share it with you!
-------------------------------------
※While holding cmETH to participate in Defi Fest, if you want to add an additional 10% of COOK airdrop points, don’t forget to fill in the referral code part of Methamorphosis:
"myronchiu", you and I can get an extra 10% points
※Partners who want to participate in the Ethena Season 3 airdrop to earn ENA can use my code:
"eu54u"
※If you need an INIT invitation code, you can use my code:
"C1AED8"
※None of the above content constitutes investment advice. Users are advised to operate according to their own risk tolerance and DYOR participate in the investment market with caution.
※The attached pictures are taken from the INIT webpage, community and Layer3 webpages
