We have released a newly updated UI for our core products, and we’ve done it before the New Year. We have one more long-awaited deliverable coming out before we reach 2021, but let’s cover this exciting update first.
As you know, we aim to unlock the full economic potential of the DeFi market. There are several crucial pieces of this puzzle, like obtaining initial liquidity, building robust technology, and achieving true interoperability. But our team is convinced that a slick user experience with clear workflows is a vital part of this. We are now ready to present our core products on the testnet with a handy, brand new Equilibrium dApp interface — it looks really awesome!
If you’re eager to go hands-on with our interoperable money market on the testnet right now, you’re in the right place! Here’s what you need to know.
The first thing to do is Install the Polkadot browser extension, create a Polkadot account, and log in. Click “connect” on the button that appears there so that Equilibrium can talk to your Polkadot wallet.
Our market view gives a rundown of the assets currently available in the Equilibrium ecosystem.
On the right side, you can see your own crypto portfolio and the according balances it contains. You also have three available functions: deposit, transfer, and withdraw. You need to top up your balance in order to use our DeFi parachain. Note that this is a testnet environment, so deposits and withdrawals are “virtual” for now.
Click “Deposit” and choose the currency you want to use.
Enter your desired amount and click “Deposit.” You can also transfer assets to your Borrower/Bailsman sub-accounts here, or withdraw your savings to your Polkadot wallet.
Now let’s take a look at the “portfolio” section. There are “Lend,” “Borrow,” and “Bail out” sections. Here’s what the Borrow tab looks like.
This screen displays a breakdown of your portfolio characteristics (assets and liabilities, LTV, and APR).
Let’s try the borrowing functionality. First, you need to refill your collateral basket. Click on “Add collateral,” choose the currency, enter the amount of tokens to deposit, and click “Add collateral.”
Well done, you have successfully transferred your assets! You need to deposit and maintain a balance of EQ tokens in order to pay fees and cover collateral as you want within our system. Right now we support BTC, ETH, EOS, EQ tokens, and our USD-pegged stablecoin.
With a new deposit made, you will see your updated assets available for borrowing in the collateral basket.
To borrow our USD-pegged stablecoin, click “Borrow.” You can also repay your loan by clicking the “Repay” button.
Bailing out
Bailsmen fill a special role in Equilibrium by bearing the liquidation risk. They use their own assets to secure loans and earn passive income for doing so.
To become a bailsman you need to add at least $10,000 to your collateral basket. Click “Add collateral” to deposit enough assets, then you can earn fees by bearing liquidation risk.
This concludes the rundown on how to use our live testnet. Stay tuned as we expand its functionality and work our way toward taking the mainnet live!
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