The Official Veax Testnet Guide
The Veax testnet was officially launched on Tuesday, January 31st. Our goal is to provide you with the most powerful and versatile DEXes on Near Protocol. While the testnet has limited features, it still showcases one of our USPs — multiple fee levels for LPs.
In this guide, let’s go through all the interesting stuff you can do in the testnet. However, before we do anything, you must get a NEAR wallet. Veax testnet supports these wallets:
Since this is a testnet, you will need to get testnet tokens, which you can get for free from our faucet.
Now that you have some testnet tokens in your wallet, you are good to go.
Feature #1: Swapping
Being a DEX, Veax allows you to swap token A for B. If you wish to trade with NEAR tokens, you first need to wrap them and get wNEAR.
Why do we do this? NEAR has a different token standard than wNEAR. With Veax, you will need to use wNEAR for compatibility. Also, note that a minimum of 0.5 NEAR will remain in your wallet for gas fee payments.
Now, let’s look at the swapping process.
We will use Veax to swap wNEAR for USDC. Users can set their slippage tolerance here:
Slippage is the difference between the market price of the asset and how much you are actually paying for it. If the buying price of the tokens is significantly higher than the market price, then the slippage is on the higher side.
On Veax, you can either choose the default slippage tolerance level, as determined by the smart contract, or choose one of the three predetermined slippage tolerance levels (0.1%, 0.75%, and 1%).
Click on the arrow to reveal the fees involved in your trade.
- Fees charged by the liquidity pool.
- How much impact is the trade going to have on asset price?
- How much is the slippage tolerance?
- How many target tokens are you receiving?
- The estimated gas fee.
Feature #2: Adding liquidity
If you want to see all the exchange pools that are currently live, simply click on “Analytics.”
You can add liquidity to the existing pool or create a new market. Let’s say you want to add liquidity to the wNEAR/USDC pool. Note that concentrated and single-sided liquidity is not available in the testnet.
On the RHS, you can see the eight fee levels available for your position. These multiple fee levels are Veax’s USP. As a liquidity provider (LP), you have the freedom to choose the fee level you want without worrying about your liquidity being isolated.
We are eagerly looking forward to hearing your thoughts about the Veax testnet!
Veax is an advanced single-sided liquidity management DEX built natively on the NEAR blockchain with pioneering TradFi-empowered features. The platform is developed by Tacans Labs and has raised $1.2m in pre-seed funding from prominent investors, including Circle Ventures, Proximity Labs, Outlier Ventures, and more. The leadership team includes award-winning entrepreneur Mathias Lundoe Nielsen, and industry veterans, James Davies, Ivan Ivaschenko, and Marie Tatibouet.