TESTNET LAUNCH
Today we’re releasing our Testnet which will allow users to interact with the basic functionalities of our Earthquake product.
Here’s a rundown of available features:
MINT
This feature allows users to mint Y2K tokens by depositing Testnet eth into the Hedge and the Risk vault. The Hedge Vault is for premium depositors looking to take hedge against a depegging event, and the Risk vault is for collateral depositors looking to underwrite that risk. When depositing Testnet ETH into hedge vaults users will mint Y2K Hedge tokens. When depositing Testnet ETH into risk vaults users will mint Y2K risk tokens. Users will be able to mint DAI, and USDC Y2K tokens at the strike prices of .99, .98, and .97 cents. Each strike price will have a unique Y2K token associated with it based on the severity of the potential depeging event. Users will be allowed to Mint Y2K tokens from 12:00 pm EST 9/7/2022 till 12:00 pm EST 9/8/2022 when the Epoch starts. Once the Epoch starts minting will be disable as will be the case when the protocol is live.
CLAIM
Once users mint Y2K tokens their tokens will be visible in the claim tab. During the epoch the status under the token will denote “ongoing”. Users will be able to claim their Y2K token rewards at the end of the EPOCH. Depositors in the Hedge vaults will be able to claim rewards if a depeging event happens to end the epoch. In this case the status of the token will denote “win” under the token and users will have the option to “claim”. Depositors in the Risk vault will see “collateral liquidated” under their Y2K tokens but will still have the option to “claim premium”. If the Epoch ends without a depeg the Hedge token status will denote “liquidated” and users will have the option to “burn” their tokens. The Risk token status will denote “win” and they’ll have the option to “claim”. The Epoch will end at noon EST 9/10/2022.
To test out our Dapp you’ll need to follow these steps:
- Add Arbitrum Testnet to your metamask:
Name: Arbitrum Testnet
rpc: https://rinkeby.arbitrum.io/rpc
chainID: 421611
token: ARETH
block explorer: https://testnet.arbiscan.io/
- Mint Testnet Eth for Arbitrum testnet:
Request Eth for Rinkeby Ethereum https://rinkebyfaucet.com/
Then you will need to bridge to Arbtirum Rinkeby Testnet:
- Visit our Demo page : Y2K Finance
- Go on the Mint tab,
- Select your position “Risk” or “Hedge”
- Select your asset
- Select your strike price
- Select which Epoch (finish month)
- Choose your deposit Token (ETH or WETH) and Deposit your amount
- Approve Wrapped Ethereum
- Click “Mint
- Check your Tokens on “Claim”
- When the Epoch is over or a Depeg event is triggered you will be able to Claim the Rewards for that token
Join our discord and give us your feedback in the #feedback channel to participate in our early adopter program. Follow us on Twitter for updates and announcements. Doomsday Approaches…
