Buyer-focused tutorial for getting started using BracketX on Goerli Testnet
BracketX
BracketX is an application that applies the Bracket Protocol to provide LONG and SHORT leverage for DeFi users. It simplifies leverage into easily understandable payoff multiples (10x, 20x, 50x, 100x etc.) that can be purchased in a few clicks through their non-custodial wallets.
Let’s jump right in and see how you can try BracketX on Arbitrum Goerli Testnet today…
Connect your wallet
Head on over to https://test.bracketx.fi to connect your wallet when prompted.
Add network
Connect to the Arbitrum Goerli Testnet ChainID 421613 by allowing the site to add the network.
Manually connect to Arbitrum Goerli testnet
If you need to manually connect, please use the following steps to add the network
Click on the Networks dropdown at top and select “Add Network”
Enter the following into the settings fields:
- Network Name: Arbitrum Goerli Testnet
- *RPC URL: https://goerli-rollup.arbitrum.io/rpc
- ChainID: 421613
- Currency Symbol: ETH
- Block Explorer URL: https://goerli-rollup-explorer.arbitrum.io/
- Token Bridge: https://bridge.arbitrum.io/
Get some test ETH on Arbitrum Goerli Testnet
To use BracketX as a buyer, you will need some ETH on Arbitrum Goerli Testnet. To get it, there are two recommended ways:
- Get Goerli ETH from public faucets and bridge from L1 to L2 Arbitrum Goerli Testnet (examples: Alchemy Goerli faucet or Mudit Goerli faucet
- Request 0.1 ETH on Arbitrum Goerli from our Discord #faucet channel
To get ETH from the public faucet, follow these instructions:
Go to Faucet Goerli: https://goerlifaucet.com/
This may require an Alchemy login
Add in your wallet address and click “Send me ETH”
You will receive some Goerli ETH. Remember, you are getting ETH on the Goerli testnet, not Arbitrum Goerli testnet
Now we have to bridge the funds to Arbitrum Goerli Tesnet
Go to: Arbitrum Bridge
Make sure you bridge from Goerli ETH to Arbitrum Goerli as indicated below. Once you enter the amount, click “Move funds to Arbitrum Goerli”
This transaction will take about ~15 min to process
Once connected to BracketX, select an asset
Your navigation is at the top of the page on desktop (bottom on mobile) and your selected page will be in green. Make sure you are on the “Buy” page. Beneath “Buy” you will find a drop-down with the “Asset” (only BTC, ETH, USDT on testnet) as well as the current market price.
Let’s select BTC
How to read a bracket
BracketX makes it really easy to shop for leveraged exposure, long or short.
Brackets have three primary fields:
Multiplier
The max payoff potential a bracket has. In the example below, the BTC bracket is 10x long, which would result in MAX payoff of 10x the amount you invest if the bracket hits or exceeds the max price in the range (e.g. BTC hits $23,279 or above).
Term
The duration of the bracket begins as soon as you purchase the bracket. In the example below, the bracket is “7 Days”.
Claimable range
The range which you can claim against the bracket. Initially, all brackets have a 10% range ($21,255 — $23,279 in the example below based on a $20,248 spot price). The bottom range is 0x your investment (or $0 profit). Your return increases as the price moves up to the max 10x return at the BTC price of $23,279. At $23,279 or more, you can claim the full 10x payoff. Claim anytime during your term within the range. BracketX will auto-claim for you at the end of your term if it is in-the-money.
Select a bracket
You will see “LONG” brackets at left (you think the price will go up), and “SHORT” brackets at right (you think the price will go down).
As a buyer, you should select the bracket you feel has the best chance of maximizing your return. As the payoff multiplier (e.g 10x, 20x etc.) rises or duration lengthens, the bracket range moves further out of the money (away from profit). You’d want to choose the bracket in which the chosen asset has the best chance of entering the bracket range to maximize potential returns.
Let’s assume we think BTC can rise to $21,255–$23,279 or more within 7-days from its current $20,243 spot price. Choose the long, 10x 7-day bracket to get some exposure to that. Keep in mind, prices change so the values might change a bit as you are attempting to buy.
Enter an amount to invest
Once you select the bracket, you will be able to enter an “Amount” as well as see the “Linear Payoff Illustration” of when your bracket is claimable (i.e. in-the-money).
Max buy and cumulative max
You can buy UP TO the max individual buy “MAX BUY” in a single purchase or up to the “CUMULATIVE MAX” in multiple purchases should you need to. After the cumulative max amount is fully used, more buying capacity may still be available, but at a farther out bracket range.
Enter an amount in dollars or ETH
You can enter the amount you’d like to invest. Let’s put $10 (current minimum investment)
Every investment will be PAID in ETH but we display the amount in both ETH and USD.
You can select the green swap button to see the price in ETH. Use the “MAX” button to enter your own max available ETH up to the bracket’s MAX AVAILABLE or your ETH balance.
Understanding your payoff
At checkout, you will see the “Linear Payoff Illustration,” which displays your estimated return profile on the bracket you are about to buy. For the bracket we have selected above:
Under $21,218
The bracket is worthless.
Between $21,218 and $23,239
The bracket increases linearly until the MAX payoff of $100, or 10x your initial investment of $10.
At or over $23,239
Your bracket has reached the MAX return, you can claim the max amount of $100.
If your bracket expires at in the money, BracketX will auto-claim for you.
Click “buy now” to purchase the bracket
This will require you to confirm the transaction in your wallet.
Purchase Successful
If your purchase was successful you will get a page that shows you the following:
- Link to the blockchain transaction receipt
- Link to “My Brackets” to see your brackets
From this screen you can purchase another bracket or visit your “My Brackets” page to see what you own and if anything is claimable. It can sometimes take up to 3 minutes for a new buy to appear in My Brackets.
My Brackets
To see what brackets you have purchased, you can go to the “My Brackets” page. On this page, you will see all the brackets you have purchased and some fields associated with them. You can sort by “ACTIVE,” “CLAIMED,” or “EXPIRED”
Premium
“Premium” is the total amount paid to purchase your brackets. In other words, it’s the total amount you have invested so far between your ACTIVE, CLAIMED and EXPIRED lists.
In Money Amount
Your “In Money” amount is the estimated payout if all of your brackets were claimed at that time, less the 5% bracket platform fee assessed when claimed. This is only what is in-the-money on the ACTIVE list.
Max Claims
Max claims reflects your total potential payout less the 5% fee if claimed.
My Bracket Fields
Make a claim
If you have any brackets that are in-the-money, BracketX will show them with a green button next to them indicating the claim amount less the 5% platform fee.
Simply click "CLAIM" and approve the transaction in your wallet. You will get a success message.
Withdrawing claimed funds
To withdraw any claimed funds and access the Account screen, click on your wallet address at the top right of the screen. If the wallet address is colored green, it means you have an amount you can withdraw.
Withdraw
On this screen you will see any USDC and ETH available for you to withdraw. Click “WITHDRAW” and approve the transaction in your wallet. You will receive a success message and your withdrawal is complete, and within up to 15 seconds will usually show up as added to your wallet.
Alerts
If you’d like to receive alerts on your positions, please add your email to the account screen and click update.
We are excited to let you all get familiar with BracketX and try it out for yourself. If you have any questions, comments, or suggestions, please feel free to ask them on our Discord on our #bracketx channel.
Check out our docs here to learn more about the protocol.
— The Bracket Team
