Nov 1, 2023

Passage Testnet Week 1 Recap

Passage Testnet Week 1 Recap

Passage Testnet Week 1 Recap

Recapping Passage Testnet Week 1

Protocol Metrics and Trading Competition

The value proposition for Passage is how universally applicable it is in any market scenario and how simple it makes volatility positioning. The timing for its testnet debut couldn’t have been much better with the way volatility has come roaring back in the markets this past week, an excellent backdrop to showcase the product’s potential.

Halfway through the testnet period, we’re excited to share some usage numbers and check in on which traders are topping the leaderboards.

Usage Metrics

While the main goal for testnet is to ensure Passage is functioning properly prior to mainnet deployment, it’s also an opportunity to gauge demand for what is essentially a first-of-its-kind range bound volatility product. On that front we’re excited to report that week 1 saw over 1,000 orders and nearly 500 Passage trades, resulting in a trading volume of $783k and TVL of $1.25m! Backend processes are all running smoothly as well, paving the way for a quick turnaround to mainnet launch.

Trading Competition

With the way BTC and ETH have broken out this past week, Break Out Passages have similarly been the ticket to climbing the leaderboards. As you know, the quicker the underlying asset’s price exits your Break Out range, the higher the payout. Those who went long volatility with the best timing are now sitting atop the leaderboard after week 1. It’s not too late to catch up; with 1 more week to go and the return of high volatility market conditions, anything can happen.

How to Join Testnet

For those who haven’t tried out Passage yet, take advantage of this second week and come see what simplified volatility trading is all about! This is one of the most fun times to be a trader in recent memory, and there’s plenty of testnet ETH to go around, so head over to BracketX and check out our onboarding guide to get up and running quickly. With volatility dynamics shifting, you’ll want to be ready to take advantage when mainnet launches. This is the perfect risk-free opportunity to get acquainted with Passage.

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