Chainflip Lending Is Almost Here: Join the Closed Beta and Earn FLIP
Dear Flippers,
We’re just around the corner from releasing Lending to the Chainflip mainnet. Before we release an untested and complex product into the wild, we have decided to launch an Incentivised Closed Beta program.
This will give the community and our engineers an opportunity to test the system in a lower-stakes but realistic environment, with real assets and real prices, to properly test liquidations and the full product experience.
For selected, whitelisted users, Chainflip Labs will be providing up to 25,000 FLIP in testing incentives during the closed beta period. You can sign up to join the incentivised closed beta program here. With an estimated $500k in TVL, users would receive roughly 15% APY paid in FLIP, plus bonuses for completing certain actions.
How the Program Works
To join the closed beta, just fill out the signup form. We’ll collect everything we need there: Discord verification, wallet details, your LP account ID, and confirmation that you’re willing to test with real assets.
Once approved, your State Chain account will be whitelisted, and you’ll be able to participate immediately.
👉 Apply for the Closed Beta by completing the signup form.
Airdrop Rewards On Offer
During the Closed Beta, we’ll be testing real borrowing, real supplying, liquidations, and the full lifecycle of the Lending product. To reward participation, Chainflip Labs is allocating up to 25,000 FLIP across two reward pools:
1. Liquidity Points (15,000 FLIP total)
Earned by supplying and borrowing during the program. Borrowing earns 2× more points than supplying. Points accumulate every block based on your share of each pool, and at the end of the program your points convert into a proportional share of the 15k FLIP Liquidity Airdrop Pool.
2. Action Points (10,000 FLIP total)
Awarded for completing specific in-app actions throughout the beta. These actions are intentionally undisclosed, so the community can discover them organically. Some actions can be repeated, and the first user to discover each action receives a 1,000 point bonus. At the end of the program, your share of the total Action Points determines your allocation from the 10k FLIP pool.
Points from both systems will be combined and airdropped at the end of the 30-day program directly to the Ethereum refund address set in each participating LP account.
Liquidity Airdrop Points
A total of 1,800,000 Liquidity Points can be earned throughout the beta, with 60,000 points distributed per day. Points are awarded based on your real-time share of each pool, with borrowing earning twice as many points as supplying.
Daily Points Allocation
- Supply USDC: 10,000 points
- Borrow USDC: 20,000 points
- Supply USDT: 10,000 points
- Borrow USDT: 20,000 points
Every block, the system calculates supply and borrow positions and distributes points proportional to each participant’s average pool share over that interval. This produces your real-time Liquidity Points total, as well as the estimated boosted APY you’ll see in the app.
At the end of the program, your Liquidity Points will convert into your share of the 15,000 FLIP Liquidity Airdrop Pool.
Action Airdrop Points
In addition to Liquidity Points, a separate pool of 10,000 FLIP will be distributed based on Action Points earned during the program. These points are awarded for completing specific in-app actions that help us test the full product experience.
We won’t reveal the actions upfront, the community will discover them as they appear in the My Rewards tab. Once an action is identified, we’ll update this post and announce it, so everyone has the chance to earn it.
How Action Points Work
- Each action awards 100–300 points
- Some actions can be completed multiple times
- The first user to discover each of the three actions earns a 1,000 point bonus
- Your total Action Points at the end of the program determine your share of the 10,000 FLIP Action Airdrop Pool
Action Points Example
If a total of 5,000 Action Points are earned across all participants, and 10,000 FLIP is allocated, then each Action Point would be worth 2 FLIP. The exact amount you earn depends on overall participation.
Program Parameters
Throughout the Closed Beta, we will be testing Lending under a range of conditions, including intentionally aggressive LTV thresholds, to thoroughly validate liquidation behavior before the public release. These parameters may be updated during the program, and we will aim to give warnings in Discord when changes occur.
LTV Thresholds
These thresholds determine when loans can be created and when liquidations begin:
- Maximum Creation LTV: 85%
- Auto Top-Up Trigger: 86% — disabled for testing
- Soft Liquidation Trigger: 87%
- Soft Liquidation Abort: 86%
- Hard Liquidation Trigger: 88%
- Hard Liquidation Abort: 87%
Note: Changing these thresholds during the beta may trigger liquidations of high-LTV positions. This is expected and part of the testing process.
Minimum Operational Amounts
To make testing easier, minimum values have been significantly reduced:
- Minimum Supply Amount: $50
- Minimum Loan Amount: $50
- Minimum Loan Update: $1
- Minimum Collateral Add/Remove: $1
Liquidation Execution Parameters
Liquidation orders follow defined size and slippage limits to ensure predictable behaviour:
Soft Liquidation
- Order size: $500
- Slippage limit: 0.5% below oracle price
- Submitted once per block
Hard Liquidation
- Order size: $50,000
- Slippage limit: 1% below oracle price (reduced for testing)
- Submitted once per block
Supported Assets
At launch, Chainflip Lending will support:
- BTC
- USDC, USDT, ETH (on Ethereum)
- SOL (on Solana)
Future Incentives
Once the Closed Beta concludes, we will evaluate whether to launch additional incentive seasons to help bootstrap Chainflip Lending as it moves toward the public release. These future seasons may place a stronger emphasis on increasing TVL to make borrowing cheaper and more attractive for users of the Lending product.
More details will be shared at the end of the program once data from the Closed Beta has been reviewed.