Velar Dharma Testnet: A Guide
We are excited to announce that the Velar v1 Dharma Testnet is now live! This marks a significant milestone for Velar as we take the first step towards building a one-stop DeFi suite with Bitcoin finality.
By participating in this test network, you will have the opportunity to experience the power of Velar and provide valuable feedback to help us improve the protocol.
To participate in the testnet, follow the steps below:
Step 1: Download a Bitcoin wallet
You will need to Bitcoin wallet to interact with Velar Protocol and sign transactions. The two most popular Bitcoin wallets are Hiro download here and Xverse download here.
Step 2: Setup Bitcoin Wallet
Follow the instructions to set up your Bitcoin Wallet account. Make sure that you keep your seed phrase secure and accessible, as it is an important security feature that will help you recover your account in case you lose access to your wallet.
Step 3: Change the network from Mainnet (default) To Testnet
Once you have set up your Bitcoin wallet, change the network to Testnet in the wallet settings. This will allow you to interact with the Velar app. This step is important, as Velar Mainnet is yet to launch and is currently deployed on Testnet.
Step 4: Get Testnet STX from Stacks Faucet
The next step is to get Testnet $STX from the Stacks Faucet. Testnet $STX is the cryptocurrency that is used on the Stacks blockchain. You can get Testnet $STX for free from the Stacks Faucet by visiting this link and connecting your Bitcoin wallet.
It’s worth noting that it takes some time for $STX to appear in your wallet, so it’s recommended to wait around 10–15 mins. This is because every transaction needs to be confirmed on the Bitcoin network.
That’s it! You are now ready to participate in Dharma Testnet.
Step 5: Use the Velar Swap Function
After you have received Testnet STX in your wallet, visit the Velar app and use the swap function to swap your Testnet STX for Testnet VELAR. This step will enable you to swap Testnet STX for Testnet VELAR.
Step 6: Add Liquidity in STX/VELAR Pool
Once you have Testnet VELAR tokens, you can add liquidity to the STX/VELAR pool. All you have to do is select the STX/VELAR pool and click on “Add Liquidity.” This exercise will allow you to earn fees for providing liquidity to the pool. Adding liquidity to the pool is an important step, as it will help you earn rewards and support the Velar network.
Step 7: Remove Liquidity from STX/VELAR Pool
To remove your liquidity from the STX/VELAR pool, select the same pool on the Velar app and head to the “My Liquidity” tab, and click on the “Remove Liquidity” button. This will allow you to withdraw your Testnet STX and Testnet VELAR tokens from the pool and receive your share of the fees earned by the pool.
It’s important to note that removing liquidity from the pool will affect the overall liquidity of the pool and may impact the fees earned by other liquidity providers.
By following these simple six steps, you can get started with Velar and be a part of this journey. If you have any questions or need assistance with any of the steps, feel free to reach out to the Velar community on Discord.