Backd testnet guide

The Backd protocol has been deployed on Kovan testnet. Through testnet, users can simulate core protocol functions such as providing liquidity and registering collateral top-ups. This blog post will serve as a quick introduction and guide to Backd on testnet.

For extensive information on Backd testnet, refer to the docs.

Providing liquidity on Backd testnet

Open your wallet and connect to the Kovan Test Network.

If possible, please use MetaMask for connecting to Backd on testnet.

Deposit Kovan ETH and other assets into your wallet

Just like on mainnet, you will need ETH in order to execute transactions. If you do not have any Kovan ETH (KETH) in your wallet you can get some from the Kovan faucet in the Backd Discord server! To do so simply join the server, click on the kovan-faucet channel, and paste your wallet address. After pasting your address the bot will react with a 👍 when Kovan ETH has been sent to your wallet. Once you have KETH you can get DAI and other ERC-20 tokens from the Aave faucet.

Connect your wallet to Backd on testnet

Once connected to Backd a shortened version of you public address will be displayed in the top right hand corner. Click on “View Pools” to provide liquidity

Click on one of the available Backd liquidity pools

Deposit assets by clicking “Deposit and Stake”

You can now view your Backd liquidity

Creating a top-up position

Now that you have Backd liquidity you can open a top-up position. Before creating a top-up position you need to have an open borrow position on Aave testnet.

Example: Borrowing on Aave

Deposited USDC into Aave

Borrowed KETH at a low, or risky, health factor

New dashboard

Registering loans for top-ups

After clicking “Actions” Backd will automatically display any supported loans that are open on your connected address. Click “Register an Action” to create your position.

Select which loan you would like to top-up or enter a wallet address then click “Continue”

Select which liquidity pool you would like your funds to come from

Enter your desired parameters then click “Confirm Top-up Position”

“Confirm”

View and (if desired) delete position

If desired, withdraw your Backd liquidity

After completing all of the above steps, you have officially tested the core features of Backd on Kovan testnet! As always, the Backd community is welcoming of contributions and feedback. If you notice anything or have any ideas for improvements we would love to hear them in our Discord server!

There is no Backd Governance Token yet! Don’t fall for scams!
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