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Sirwin
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Onchain: A New Layer3 is born on Base Network

By ifiwasfrank | In the mood for crypto | 29 May 2024


After Degen, a new L3 has landed on Base Network. On May 26 Onchain, a project born within Farcaster and poised to revolutionize on-chain activity, launched its network. After minting the associated NFTs and participating in the Telegram game, users can finally make their first transactions on this brand-new network. In this article, we will review the key moments leading up to the launch of this project, explore the NFT collections and their utilities. I will show you how to configure the Onchain network and make your first transactions. Finally, we will see how to earn points for airdrops.

Remember to Take Your Pills

The Onchain project was conceived as a “metameme” designed to unite Web2 and Web3 users around the “onchainization” movement, opposing the dominance of traditional finance (TradeFi). The goal is to create a network capable of bridging the gap between Web2 and Web3 with engaging gaming proposals accompanied by SocialFi incentives.

With over 36K users on the Warpcast channel and over 2 million players on Telegram, the team aims to offer products through which users can embrace the blockchain universe while having fun.

As early as April, Warpcast users began noticing casts about supposed prescriptions, which soon became the Prescription Pass NFT collection. To date, this collection boasts a trading volume of nearly 300 ETH and a floor price of 0.015 ETH.

Also in April, following the prescriptions, the actual minting of the pills took place: a collection of Onchain Pills that has reached a trading volume of 420 ETH on Opensea and currently has a floor price of 0.027 ETH.

The utility of these NFTs was recently revealed: from May 13, holders can choose whether to use the pill to receive a hand-drawn NFT or a certain amount of $ONCHAIN tokens. The rarity of the NFTs and the amount of tokens depend on how many users choose the first or second option and the rarity of the pill owned by the user. Finally, the pills allowed holders to participate in the token presale held on May 21 and 22.

The last official collection belonging to the project is Gate to Onchain, a free mint of 5569 pieces launched on Zora that allows holders to access the Onchain manifesto. If this NFT will have other utilities in the future, we will only find out later (I used the artwork of this NFT on the cover).

Onchain Chain

On May 26, Onchain’s layer3 was successfully launched on Base Network. Thanks to the technology developed by Superchain, this network offers extremely cheap and fast transactions, eliminating the barriers for Web2 users. The main difference from Degen chain is the fee token, which remains ETH on Onchain.

To add the network to your wallet, use these parameters:
Network Name: Onchain
New RPC URL: https://mainnet.onchaincoin.io
Chain ID: 27563
Symbol: ETH
Block Explorer URL: https://scan.onchaincoin.io/

Once set, the operations you can enjoy experimenting with on Onchain are:

  • Bridge: Transfer ETH or ONCHAIN tokens from Base Network to Onchain via the bridge;
  • Swap: Make some exchanges between the three currently available currencies (ETH, WETH, and ONCHAIN) on the DEX;
  • Liquidity: On DEX, in the Reserve section, add liquidity for the ETH/ONCHAIN pair.

On the dedicated Onchain portal, in the L3 Score section, you can monitor the score obtained for the operations performed. If you want to send $ONCHAIN tokens to Layer3, you can purchase them via DEXs like Uniswap on Base network. In the future, new on-chain and social tasks will be available, allowing users to earn more points. The utility of the points system will be revealed later, but it is likely to be useful for future airdrops.

Chain Game, Onchain Score, and First Phase of the Airdrop

If you don’t mind spending a few minutes a day on a smartphone game, you might try farming some $ONCHAIN through the Chain game. The game, designed to attract Web2 users, is very simple to use.

Access the bot on Telegram and start tapping your screen to pull the chain and earn points. Join one of the existing Squad, climb the Leagues by improving your score, and get all the available boosts (recently, the ability to link your OKX and TrustWallet has been added).

According to the roadmap released on the Telegram channel, June 1 is expected to be the designated date for the distribution of the first phase of the airdrop. In addition to NFTs and the score on the Chain Game, the Onchain Score will also weigh in the distribution. Find the scoring criteria in the image.

Participate in the activities on the Onchain Warpcast channels if you are interested in maximizing your potential allocation. By meeting specific requirements, there are points and roles to earn on Onchain’s guild too.

Even though the exact distribution method for this airdrop is unknown, by accumulating points through onchain activities, playing the Chain game, and interacting on Warpcast channels, you should maximize your chances of getting tokens. If you don’t qualify, don’t despair. This is the first phase, so it’s likely that there will be other distributions in the future. Plus, you are among the first to experience the potential of this brand-new and promising layer3.

Sign up for Warpcast with my referral to get 50 warps right away!

| Not financial advice. Do your research before making investments.|

Follow me on X and Warpcast: @ifiwasfrank

 

This post was previously published here.

 

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ifiwasfrank
ifiwasfrank

I'm an Italian crypto holder with a degree in "International cooperation, development, and human rights". Co-Founder Bull&Bear ITA | #CryptoAddicted / #NFTcollector / #DeFiDegen / #Cosmonaut | Contact me on Twitter for collabs and articles (@ifiwasfrank)


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