Backd is an Ethereum based protocol designed to increase the capital efficiency of borrowing assets in DeFi. Unlike other DeFi protocols, Backd liquidity pools react to market conditions and users’ needs.

Backd doesn’t have a token yet and could potentially have one in the future. There’s speculation that they may do an airdrop to users who participate in their testnet event.

Step-by-Step Guide:
  1. Visit the Backd testnet page.
  2. Connect your Ethererum wallet.
  3. Change the network to Kovan test network.
  4. Get some Kovan ETH from the Kovan faucet in the Backd Discord server.
  5. Complete the remaining steps as mentioned in this testnet guide.
  6. There is a rumor that users who participate in their testnet event may get an airdrop.
  7. Please note that there is no guarantee that they will do an airdrop and that they will launch their own token. It’s only speculation.

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