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Testnet V2 Guide

Welcom to our testnet! Follow the provided steps to get started:

1. Connect

When you first arrive to the webapp, you’ll connect your wallet and switch your network to the Ion Protocol Testnet.
Connect to Ion Protocol Testnet
Then, go to the Borrow page to mint your testnet tokens in a one-click experience (Notice: This is allowed once every 24 hours).
Mint your testnet tokens

Testnet Token Addresses:

Add these addresses to your wallet so that you can see your token balances.
wETH: '0xC02aaA39b223FE8D0A0e5C4F27eAD9083C756Cc2'
wstETH: '0x7f39C581F595B53c5cb19bD0b3f8dA6c935E2Ca0'
stETH: '0xae7ab96520DE3A18E5e111B5EaAb095312D7fE84'
ETHx: '0xA35b1B31Ce002FBF2058D22F30f95D405200A15b'
swETH: '0xf951E335afb289353dc249e82926178EaC7DEd78'
  1. 1.
    Go to your wallet and select add tokens
  1. 2.
    Then, input each address in the "Token contract address" field.

2. Lend

In Ion Protocol, everything begins with ETH liquidity. By depositing and supplying ETH or WETH, lenders earn the yield from borrowing activities. When the staking yield increases or when we introduce new markets with higher-yielding collaterals, the interest paid from those markets gets passed on to lenders.
Lend ETH or WETH

Steps to Lend:

  1. 1.
    Select the amount of ETH you want to deposit
  2. 2.
    Click Deposit
  3. 3.
    Confirm the transaction
  4. 4.
    Now you’re lending to Ion Protocol!

3. Data

When you first open the Borrowing page you’ll find market-specific data. This data tells you more about the state of the borrow market that you’re interacting with, including details like the max LTV, total borrowed, and the net borrow APR.
Below the market-specific data, you can find position-specific data that show the amount of collateral you’ve deposited in ETH, the total collateral funding your Earn or Borrow position, and how much you’ve earned since creating the position.
Market Data

4. Earn

Select your market
The first tab is the Earn tab. You can Earn with wstETH, ETHx, and swETH. In the Earn tab, you can leverage loop your collateral to compound your staking yield. Ion’s market parameterizations are collateral-specific, which means each market has its own interest rate curve, LTV, and estimated staking yield. Choose what’s right for you!

Steps to Earn:

  1. 1.
    Select the market you want to Earn in
  2. 2.
    Input the amount of collateral you want to deposit
  3. 3.
    Slide the leverage slide to your preferred multiple
  4. 4.
    Verify the leverage deposit amount, the leverage staking yield, and the debt to pay back for your position
  5. 5.
    Click deposit and confirm the transaction to begin earning leveraged staking yield!
Advanced position information
To maximize capital efficiency and ease of use, we’ve implemented flash loan-based strategies. All you have to do is select your desired max slippage and adjust the slider to indicate how much you’d like to multiply your collateral and the staking yield. Below the position creation module, you’ll find basic and advanced information regarding the position creation, the market, and your wallet.
Create your Earn position and leverage the staking yield

5. Leverage

Under the leverage tab, you can increase your position size by using the leverage slider.
Increase your leverage

Steps to Add Leverage:

  1. 1.
    Select the market for which you already have a position open and want to increase your leveraged staking yield
  2. 2.
    Slide the leverage slider to your preferred multiple
  3. 3.
    Verify the leverage deposit amount, the leverage staking yield, and the debt to pay back for your position
  4. 4.
    Click deposit and confirm the transaction to increase your leveraged staking yield!

6. Deleverage

Under the deleverage tab you can reduce your position by using the leverage slider.
Decrease your leverage

Steps to Deleverage:

  1. 1.
    Select the market for which you already have a position open and want to decrease your leveraged staking yield
  2. 2.
    Slide the leverage slider to your preferred multiple
  3. 3.
    Verify the leverage deposit amount, the leverage staking yield, and the debt to pay back for your position
  4. 4.
    Click deposit and confirm the transaction to decrease your leveraged staking yield!

7. Borrow

The Borrow tab is very similar to the Earn tab, however, you’ll notice there is no leverage slider and max slippage input. In the Borrow tab, you’ll be able to borrow ETH against wstETH, ETHx, and swETH in the most capital-efficient markets available for these collateral types.
Borrow ETH against your LST

Steps to Borrow:

  1. 1.
    Select the market you want to Borrow in
  2. 2.
    Input the amount of collateral you want to deposit
  3. 3.
    Input the amount WETH you want to borrow
  4. 4.
    Click deposit and confirm the transaction to begin borrowing!'

8. Repay

Finally, use this tab to pay off your positions.
Steps to Repay
  1. 1.
    Select the market you want to Repay in
  2. 2.
    Input the amount of WETH you want to repay
  3. 3.
    Input the amount of your selected collateral that you want to withdraw
  4. 4.
    Click the repay button and confirm the transaction to Repay your position!

9. Feedback

Leave us a review and any feedback in the Testnet Feedback channel in Discord!