Risedle Protocol Testnet Launch — A User Guide
After three-weeks of a hackathon, the testnet release of Risedle Protocol is here.
Risedle is a permissionless leveraged token market protocol. Anyone can create leveraged version of any ERC20 token. It is also a simple way to get leveraged exposure to a variety of tokens without risk of liquidation and earn high yield by lending a token.
In this post we will show you how to try our testnet version.
What to expect
Most of the core functionalities is already there, anyone can lend their token, earn interest, mint and redeem the leveraged tokens. Currently, the UX need more improvements (e.g. Transaction error is not handled yet) and the smart contract implementation need to be optimized.
So when we upgrade the smart contract or the interface, we may break existing implementation and you may lost your testnet balance.
Kovan ETH faucet
You need to have some KETH in order to interact with the Risedle Protocol.
Go to Chainlink Kovan Faucet.
Copy paste your address:
Then click the “Send request”.
Wait up to 1 minute.
You should receive your KETH:
0.1 KETH is more than enough. You are good to go.
Risedle tokens faucet
Currently you need to manually mint the testnet token, here is step by step guide to mint your tokens.
Risedle USDC faucet
Go to Risedle USDC Faucet smart contract on etherscan.
Connect your wallet:
Then run the mint function:
Click “Write” button, confirm the transaction, then you should receive 100 Risedle USDC faucet token.
Risedle WETH faucet
Go to Risedle WETH Faucet smart contract on etherscan.
Do the similar step as the Risedle USDC faucet token.
Now you should have your testnet USDC and WETH ready. Next step, you can start earning yield and leverage your WETH.
Lend your USDC
Go to demo.risedle.com/vault
Click deposit to start earning variable interest on your USDC testnet token.
The interest is accrued in real time. You can redeem your rvUSDC token to receive the USDC back.
Update 24/10/2021: Malicious users has spammed our testnet, we will upgrade the contract first. See the announcement on the discord for more info.
Update 25/10/2021: Better faucet has been deployed, now you can use it normally
Leverage your WETH
Go to demo.risedle.com/products/ethrise
Click mint to get 2x leveraged exposure on your WETH testnet token.
You can redeem your ETHRISE token to receive the WETH back.
Update 24/10/2021: When you mint ETHRISE, it will failed because our sandwich/mev attack protection got triggered due to the kovan WETH/USDC price is a way cheaper or a way expensive from the real price of ETH. See the announcement on the discord for more info.
Let us know your feedback!
The next step is to join our discord and send some feedback for Risedle Protocol. Let’s build this together!
Closing
Risedle Protocol is in the early phase, currently we are optimizing the smart contract implementation and prepare it for the security audits.
Please join us to shape the future of the Risedle Protocol!
risedle.com ✦ Twitter ✦ Discord ✦ Github
