Tenet Testnet Guide

Testnet RPC

Please ensure that you are connected to the correct RPC/network to be able to use the Tenet Testnet. The details are provided below should you wish to manually add this to your wallet or for cross referencing purposes.

Network Name: Tenet Testnet
RPC URL: https://rpc.testnet.tenet.org
Chain ID: 155
Currency: TENET
Explorer URL: https://testnet.tenet.org

Faucet

To take part in the Tenet Testnet you will need to have the testnet version of the $TENET token as well as some LST (Liquid Staking Tokens) to test out the various features.

All of these can be obtained from the faucet at https://faucet.testnet.tenet.org/

Entering the Testnet

Go to https://test.tenet.org. This is the Testnet front-end build, purely for testing purposes. In the next few weeks, we will release a test build of the Tenet Dashboard, providing a simplified user expereince for testing.

Connect your wallet to the website, which will prompt you to connect to Tenet Testnet in case you have not done so using the above details.

Once properly connected you will note that there are multiple sections available for testing:

DEX, Wrap, Restake, tLSD Aggregator, tLSD Wrapper, veTenet and LSDC.

We will cover each component in more detail below.

Restake, tLSD Aggregator and tLSD Wrapper

In this part of the Dapp we look at utilising the LST tokens you claiumed from the faucet to create Tenet LSDs, or tLSDs.

On the ‘Restake’ page you will be able to deposit your LST for example wstETH to a speific validator of your choosing. This will give you twstETH specific to that validator.

You can then utilise this validator specific twstETH in the staking section to earn TENET rewards.

The reversal of this involves using the ‘unstaking’ tab to remove your assets and then using the ‘withdraw’ tab to convert your validator specific twstETH back to wstETH. Note that withdrawing from a validator takes 2 weeks.

However, validator specific LSDs, whilst allowing you to earn TENET rewards, cannot be utilised in LSDC, our stablecoin protocol. Therefore, we also have the tLSD Aggregator and Wrapper protocols.

In the ‘tLSD Aggregator’ section, you can deposit your LSD’s and mint an aggregated tLSD version of the asset, where the LSDs are staked across a basket of top validators. You will have a choice of which validator you wish to use or you can leave this down to the system by selecting ‘automatic selection’.

Depositing allows you to deposit a specific amount, whilst mint allows you to mint a specific amount of tLSD. Both have the same effect of taking the LSD and staking it to validators in exchange for the tLSD.

You can also redeem (receive specific amount of underlying) or withdraw (withdraw specific amount of tLSD) in order to convert your tLSDs back to the underlying LSDs . Again, both of these features have the same effect. Note that as with individual validator tLSDs, a 2 week unbonding period applies.

Once you have your tLSD, it can be staked to start earning TENET rewards or you can head over to the tLSD Wrapper in order to start auto-compounding TENET rewards instead and utilise the wrapped version in our stablecoin protocol.

In the ‘tLSD Wrapper’ section, you can deposit your tLSD to mint a wrapped version of this, a wtLSD, which receives auto-compounding TENET rewards. The functions in this section work the same as the aggregator, but without the need to stake after.

LSDC

Once you have your wrapped tLSD, you are able to utilise this to mint our native stablecoin, LSDC.

CLIPs

The first part to utilising LSDC is to open a CLIP, deposit collateral and mint LSDC. A CLIP is where your assets are safely stored and where LSDC is created against the value locked.

This happens in a single transaction where you declare:

I. The amount of collateral to deposit in the CLIP
II. The amount of LSDC to mint as debt to the CLIP

There is a minimum minting amount of 490 LSDC. Press confirm and sign the transaction. It’s possible that you need to give permission to the CLIP smart contract to move your collateral assets.

Once you have opened a clip, you are also able to add or reduce collateral and increase or repay your debt.

Stability Pool

Once you have LSDC, you can earn additional yield by depositing LSDC in the Stability Pool to accumulate rewards.

On testnet, the main utility for LDSC is usage within the Stability Pool.

Enter the amount of LSDC to deposit (or withdraw in case of a withdrawal).

You can also see your rewards accruing over time on the right side of the dashboard.

Risky CLIPs

This relates to the liquidation of unhealthy CLIPs.

This page shows all CLIPs within the system and their corresponding health ratio. Once a CLIP dips below 125%, liquidation can be triggered which will use LSDC from the Stability Pool to acquire the collateral and pay back the LSDC debt.

On mainnet the liquidations will be triggered by a script but you can still have a look at the existing CLIPs on this page.

REDEMPTION

The last part of LSDC looks at redeeming LSDC for any collateral type.

LSDC has a built-in redemption mechanism that allows anyone to purchase collateral in the most unhealthy CLIP for LSDC. This is especially useful if LSDC is below the 1 dollar peg, as redemptions value LSDC at 1 dollar.

On testnet, there is no market price for LSDC and redemptions will not be profitable, but the functionality is enabled for testing purposes.

Wrapper

This section is simply used for wrapping and unwrapping your testnet $TENET tokens to $WTENET.

Toggle which action you wish to perform, enter the amount of tokens to wrap/unwrap, and complete the transactions in your wallet.

veTenet

This section allows you to engage in the distribution of TENET rewards across the ecosystem.

Here you can select the amount of TENET tokens you wish to lock and for which duration you wish to lock them for.

Please note that if you wish to ‘update’ a locked amount, you can only extend the locked period and not reduce it. Please therefore ensure that you select an appropriate time for the actions that you wish to carry out.

Once locked you can toggle to the ‘Gauges’ section where you will be able to see how much total voting power you have as well as being able to select which gauge(s) and how much voting % you wish to assign to each.

Once you have voted you will also be able to see how much of your total voting power you have used.

veTENET also receives fees from across the ecosystem which will periodically be made available in the ‘fees’ section for users to claim.

DEX

The DEX feature will allow users to swap different LST assets directly, allowing stability pool depositors to swap out of the assets they receive during liquidations without waiting for the two week unbonding period.

Select which asset you wish to sell and which asset you wish to receive, select the amount you wish to swap and then complete the transaction.

Within this feature there is also the possibility to provide liquidity within already created pools in the ‘pools’ tab, or to create a new pool and provide liquidity there if this is not already an option in the ‘create pool’ tab.

Feedback

Feedback is encouraged during the testnet phase to help us build the best possible version of our tech and iron out any bugs and issues. We appreciate you using our testnet and hope you enjoy the experience.

We have a form available for you to submit feedback once you have completed your testing.

You can access this here: https://forms.gle/LK9DKHxtepu6eLpG8