A Supplementary Explanation of the Bagels Finance Testnet Farming Contest Rules

3 min readAug 12, 2021

Dear Bagels Finance users:

We are delighted to announce that Bagels Finance has achieved periodic results in the opening 5 days of the public test, and there are over 30,000+ people participated in the test and transaction interactions. Thanks very much for your active participation!

In order to provide a good and fair competition environment, Bagels Finance supplement some important rules for the contest:

1. The public test of Bagels Finance uses real assets, so Bagels Finance limits the investment amount of each asset and each strategy in order to avoid the user losing a large amount of money. The details are as follows:

Note: Maximum total cost per address is approximately: 60USDT, 0.2bnb, 50MDX

1. Due to the negligence in the formulation of front-end rules in the early stage and the wrong operation of users , individual users repeatedly built positions and added positions several times on a single strategy, making the total investment exceed the maximum limit. In the interest of fair play, we make additional adjustments to this:

(1) Before August 13th, if the user cancels or reduces the excess position, all the number of TBAGEL obtained will be regarded as the valid TBAGEL number, and the user can continue to participate in the farming contest ranking and is eligible to get BAGEL airdrop reward.

(2) If the user is not willing to cancel or reduce the position, we will help you to scale down the number of TBAGEL proportionally, and then you can participate in the farming test ranking. The specific proportion is as follows:

Note: Bagels Finance will not and cannot officially reduce the actual MDX returns of users’ large positions, but will be responsible for the profit and loss of position management.

Q & A

During the farming contest of the test net, some users also responded that “It is inconvenient to ‘Approve’ each strategy to reopen a position, and the transaction fee is high”.

Unlike all other DeFi products with a permanent unlimited asset value authorization, Bagels’ single-use independent authorization mechanism is designed to ensure that the assets in the wallets of Farmers and Lenders on Bagels’ platform are not exposed to risk, avoiding being stolen by hackers to the maximum extent.

Assume in the most extreme case, the Bagels Finance platform is attacked by hackers and the assets are stolen. Because of Bagels’ independent authorization mechanism, your wallet is safe. However, 2ith a permanent unlimited authorization mechanism, users are at high risk of having their wallets stolen when the platform is attacked by hackers.

So between security and convenience, Bagels Finance has chosen the safer option.

Secondly, the cost of clicking “Approve” each time can be queried.

(Enquiry Address:

https://bscscan.com/token/0x003Ec15e278D92Cb7B95e457A078c9EeA0b72319#balances）

We can see that the actual cost is not high, just $0.06.Pay $0.06 for security. It is worth it.