EasyFi Electric on Binance Smart Chain
A Guide to conducting Margin Trading on Pancakeswap Testnet using Electric
Electric Smart Contracts have now been deployed on the BSC Testnet on BNB Chain. The following screenshots have been taken from Electric’s Alpha release UI on the BSC Testnet. The process to open and close a margin trade has been explained screen-by-screen.
The Electric Testnet is connected to the PancakeSwap Testnet to enable the margin trades.
#1: Connecting Your Wallet to Electric Testnet
Connect your Metamask wallet to the Electric App. Ensure that you are on BSC Testnet.
#2: Adding xUSDC from Faucet
The Testnet version of Electric has one asset to test on called xUSDC. Click on “Faucet” shown on the top right of the Pool page.
On clicking the Faucet link, you will be asked for adding your BSCScan Testnet Wallet Address. Paste your wallet address in the space provided and “Send Request”.
Please note: These tokens have no value on any blockchain mainnet and are minted only for testing and experience purposes.
#3: Supplying Assets to the Liquidity Pool
To get started on Electric, the user needs to “Deposit” an asset as collateral to the pool of assets shown here — in this case you have to deposit xUSDC of course. Also select the leverage you want to obtain on this deposit.
Follow the process of Approval and Confirmation of the process of Blockchain (BSC Testnet).
#4: Opening new margin positions & Trade
Once the asset is deposited in the pool, the Margin and Trade options will be activated for the user. You can open multiple Margin Positions for different trades using xUSDC.
Click on Trade on the above screen. It leads to the screen below (Figure 11) that will create the pair that you intend to trade on PancakeSwap DEX (Testnet).
Select the Input token and the Output Token to create the margin trading pair.
#5: Checking & Closing Your Trade Positions
We move to the next tab on the screen that displays all the trade positions currently live and closed by the user. This page allows you to close any position you have based on your plan for Profits / loss strategy.
On Clicking the Close Position Button, the system calculates your Profit & Loss (P & L) and the Value of the profit or loss in USD.
#6: Verifying Transactions on BSCScan Testnet
You can check & verify the above transactions on BSCScan Testnet for Creating Position & Closing Position.
About EasyFi Electric
Electric is a decentralized, permissionless, scalable, secure, leverage trading platform, from EasyFi, that enables traders to take out short-term loans to trade margin positions from publicly sourced liquidity from different AMMs / decentralized exchanges.
EasyFi Network is a universal layer-2 multi-chain money market protocol for digital assets with focus on liquidity sourcing & capital efficiency for structured lending in a non-custodial manner. The Protocol is currently live on Polygon, Binance Smart Chain and Ethereum.
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