The test coins can be converted into ETH for the main network. Can the ordinary users collect the wool?

23-02-22 17:53
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原文标题:《 测试币 GETH 都能卖了?我还不赚翻? 》
Original article by Qin Xiaofeng, Odaily Planet

Last year, before the upgrade of Ethereum, a fraudster advertised the ETH test coins (known as GETH) on the Goerli test network as "Ethereum new coins", claiming that they could be sold at half price, occasionally attracting a few leek who did not know the truth. At the time, I wondered if anyone would actually buy or sell GETH tokens without any hype value.

Timeline pushed to today, full chain interoperability protocol. Launched a public product, Testnet Bridge, and created an open marketplace for ETH/GOERLI-ETH (GETH) instant pricing. In other words, GETH test coins, which you previously stored in the Goerli test network address, can now be exchanged for ETH on the main Ethereum network.

For ordinary users, a small amount of GETH coins is usually required to participate in Dapp testing tools; However, for developers, there are a lot of GETH in the development process for large scale deployment and trading experiments, if the conventional way to go. Goerli taps to receive beta coins, and the accumulation speed is very slow -- currently, only 9 days to 6.25 beta coins, far from meeting the needs of developers. As a result, GETH has some transactional value for developers, and the Testnet Bridge is designed to address this dilemma.

测试币 GETH 都能卖了?我还不赚翻?

Tap get GETH

In operation, the user first needs to connect to the wallet address - currently Metamask, Coinbase  Wallet, Binance Smart wallet and walletconnect; Enter the number of ETH you want to exchange on the front page, and the system will calculate the number of GETH you can receive on the test network according to the real-time exchange rate; Click OK, pay the GAS fee and complete the transaction. If you want to convert GETH into ETH, the method is the same.

测试币 GETH 都能卖了?我还不赚翻?

ETH is converted to GETH

According to the official design, the initial price of GETH is set at $0.10 and will be available on the main Ethereum network as well as on Goerli Beta. Uniswap  Two pools of 12,500 GETH were opened, which ordinary users could join to provide liquidity as LP.

A check by Odaily Planet found that the Testnet Bridge was up and running in less than a day and currently has 4.91 ETH and 146,000 GETH in the main pool. There were 5.05 METH and 157,000 GETH on the test network. At a discounted price of about $0.05, the GETH price has halved from its initial offering price. (Note: ETH is 1:1 for METH.)

测试币 GETH 都能卖了?我还不赚翻?

ETH/GETH flow pool

If you think this is going to make easy money, it's a bad idea. When you exchange GETH on your test network for ETH on the main network, you pay 600 GETH for GAS -- a level that basically excludes small and medium players.

In addition, although there is a price difference between ETH/GETH on the test network and that on the main network, there is no arbitrage. After exchanging one ETH on the main network for about 25,000 GETH, we found that there is no open channel for converting GETH into METH on the test network. Finally, 0.68 ETH on the main network can only be replaced by the original route, with a discount of 32%.

测试币 GETH 都能卖了?我还不赚翻?

Arbitrage discount

Another way to arbitrage is to move between the centralized trading platform Lbank and Testnet Bridge. (Note: Lbank launched GETH/USDT  in 2021; Trade right), but this approach is not very feasible. At present, the depth of GETH in Lbank is not enough. There are only less than 8000 GETH in the top ten trading files. Moreover, the price difference between buy one and sell two is nearly twice as much as the following:

测试币 GETH 都能卖了?我还不赚翻?

Lbank  On   GETH  Trading situation

For developers, the most important use of the Testnet Bridge is the ability to easily buy and sell test coins on the chain; For ordinary users, if they want to collect a wave of wool, they can choose to register several social media accounts in batches to receive the faucet test coins. Of course, it takes a long time before they can successfully cash them.

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