C-OP Hatching Program

Purpose

The C-OP Hatching Program is a limited access beta UNION will run on Rinkeby Testnet as the last phase prior to entering final code audit for the production launch of C-OP.

Testers will run through a prescribed list of steps over a period of 1.5 weeks.

Reward

In return for completing the steps listed below, which will be verified by UNION admins, testers will be given $50 worth of UNN.

The exchange rate will be the closing price of UNN the day prior to the reward date as published on coinmarketcap.com. For example, if the reward date is March 15th, then the strike will be the close price on March 14th.

Testing Steps

Testers will be allocated the necessary Rinkeby ETH and Test DAI to complete the testing steps below.

Liquidity

  1. Deposit provided Test DAI to C-OP ETH liquidity pool.
  2. Withdraw partial amount Test DAI from C-OP ETH liquidity pool.
  3. Withdraw full amount Test DAI from C-OP ETH liquidity pool.

Purchase C-OP Protection

  1. Buy 1 protection policy (referenced as Policy A) with Term = 1 Day, Strike at Price 1*.
  2. Buy 1 protection policy (referenced as Policy B) with Term = 1 Day, Strike at Price 2*.
  3. Buy 1 protection policy (referenced as Policy C) with Term = 7 Day, Strike at Price 3*.
  4. Buy 1 protection policy (referenced as Policy D) with Term = 7 Day, Strike at Price 4*.

* The strike prices will be shared prior to testing start and updated in this document.

Claim Protection

  1. Policies A and C expire without claiming.
  2. Policies B and D claimed and paid out.

Timeline

The exact start date is dependent on C-OP Hatching gathering sufficient testers via community outreach and will be communicated once we have a firm date. The target start date is 2nd week of March.

The below dates are anchored to the start date of C-OP Hatching (e.g., Day 1 if one day after C-OP hatching starts).

  1. Day 0: Distribution of Test DAI / ETH.
  2. Days 1–3: Seed liquidity pool
  3. Days 2–4: Buy Policies A-D
  4. Days 3–5: Exercise Policy B. Policy A expires with no action from user.
  5. Days 5–7: Partial / full withdrawal of liquidity
  6. Days 7–9: Free form testing.
  7. Day 9–11: Exercise Policy D. Policy B expires with no action from user.

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