The Paribus Public Testnet is currently ongoing and it really easy to carry out. But first, let me talk about the Paribus Project, Paribus is a Cardano-based lending/borrowing platform that intends to support both traditional and unconventional crypto assets, allowing users to unlock liquidity and interact with markets without having to liquidate assets.
Why is Paribus carrying out a Testnet
The Testnet is essentially a fully functional clone of a blockchain that allows protocols to be implemented in a real-world context without putting users’ cash at risk. They accomplish this by employing test tokens, which are identical to regular tokens but lack inherent value.
This testnet will allow the Paribus team to lay a solid basis for Paribus MVP, allowing future updates to focus on adding features rather than fixing problematic underpinnings.
What do you need for the Testnet
- Metamask Wallet ( Download the extension on a PC or use the Metamask app on a phone)
- Testnet tokens (ETH, WBTC)
- Visit testnet.app.paribus.io
Claiming Testnet token
a) For ETH Testnet token:
- Visit http://goerlifaucet.com/
2. You will need to sign up on Alchemy to be able to claim the tokens
When you are done signing up go back to https://goerlifaucet.com/
3. Input your eligible ETH address and claim token. And note, the wallet address should be the one connected to the wallet you want to use for the Paribus testnet.
4. To confirm if you have gotten the Testnet token, visit goerli.etherscan.io/, and paste your address to scan your wallet. You will find your testnet tokens there.
b) For WBTC Testnet Tokens
- Visit https://testnet-claim.pages.dev/ and connect your wallet
You can claim once every 30mins.
Starting the Testnet
Here are some tasks the testnet participants are expected to carry out ;
- Add assets (ETH, WBTC, USDC, and LINK)
- Take out Loans
- Payback Loans
1. Adding assets on the Testnet:
a) Navigate to the Paribus Testnet Dashboard. Select “Add Assets.” Clicking on “Market” leads you to the same page as clicking on “Add Assets.”
b) This takes you to another page where you will find different assets with information regarding their: Market size, Total Borrowed, Deposit APY, and Borrowed APY. There are currently 4assets at the moment ( ETH, USDC, WBTC, and LINK)
c) To add an asset, click on “ see details” by the side of any of the assets
d) On the next page, click on the “arrow entering the wallet icon” next to Deposited
e) Input the amount of token you want to deposit and click on “Deposit”.(Note: Please provide a 0 before the decimal when adding token amounts less than one. Eg 0.1)
Click on “Deposit” to confirm transaction.
2. Taking out a loan:
a) Head to the Market page to take out a loan
b) Go to the token you want to take the loan from, then select details
c) There will be a details section for that individual asset under the graph.
Click on the “ hand receiving an arrow” close to the Borrowed
d) Input the amount of token you want to borrow. (Note: Please provide a 0 before the decimal when adding token amounts less than one. Eg 0.1)
Click on “Borrow” to confirm transaction.
3. Paying back a Loan:
a) To repay a past loan, first navigate to the Markets area.
b) Go to the token you want to pay back the loan , then select “details”
c) There will be a details section for that individual asset under the graph.
Click on the “ hand releasing an arrow” close to the Borrowed
d) Input the amount of token you want to pay back. (Note: Please provide a 0 before the decimal when adding token amounts less than one. Eg 0.1)
Click on “Pay back” to confirm transaction.
