Prime Protocol Testnet Guide

Published on: 08.12.2022
Prime Protocol Testnet Guide

Prime Protocol Testnet Guide will help many users to understand how testnet is being conducted. Prime is excited to share this beta version of Prime to test the functionality behind its cross-chain borrowing platform.

The Prime Protocol is building the first natively cross-chain prime brokerage. It believes the future is multi-chain, and DeFi needs new financial primitives to increase capital efficiency.

HERE IS THE STEP-BY-STEP GUIDE TO FOLLOW FOR THE TESTNET

1. Borrowing on Prime Protocol

  • Head over to the application website and connect your wallet. Prime testnet currently supports Metamask and Wallet Connect.
  • In order to make transactions on Prime testnet, you will need to obtain some tokens via a blockchain faucet. Start with Fantom — click on the first link and enter your wallet to receive your free faucet tokens. After you have received your tokens, you can repeat the process on any other chain that you’d like to test.
    FAUCET LINKS
    Fantom | Fuji | Moonbase Alpha | Mumbai | Goerli
  • Now that you have your faucet tokens, return to the testnet. In the upper right corner, click the “select network” dropdown and select Fantom. The application will direct you to add the selected network to your wallet.
  • Once you have selected a network, navigate to the “Faucet” tab of the application. This page will allow you to mint your collateral tokens needed to test the functionality of Prime.
    🧨 Click the dropdown arrow and select Fantom to begin. Navigate to the BTC column and click “Mint.” A message will pop up asking you to confirm the transaction to mint testnet collateral tokens.
    🎐 After your transaction has been completed, you will receive a green pop-up stating that your balance has been updated.
    Once you’ve successfully minted your BTC tokens, click on “DOT” and “USDC” and confirm both transactions to add coins from several blockchains to your balance. You can easily swap to any blockchain you want to mint tokens from any supported chain using the dropdown menu under Faucet.
  • After you’ve minted your faucet tokens, return to the dashboard.
  • You can now deposit your collateral tokens into the protocol. Select “Deposit” in the BTC column.
NOTE:

Prime Protocol is a cross-chain application, meaning that there are multiple steps in each transaction. You may notice that a transaction completes in Metamask, but is still pending on the application. This is normal and is a part of the cross-chain transaction process on Prime.

  • Type “5” in the deposit amount box to deposit 5 Bitcoin into your Prime Balance and click deposit.
NOTE:

You must approve 2 separate transactions each time you deposit a new coin into your account. You must first complete an approval transaction, and then the actual deposit transaction.

  • When the transaction completes, you will now see the “Deposited” balance of your portfolio reflect your deposit amount. Repeat step 7 to deposit DOT and USDC. Deposit 1000 DOT and 1000 USDC into Prime. Once this is complete, you can now request a loan

If you are wondering what transactions you’ve just completed, there is a window on the dashboard that will always show you the 5 most recent transactions on your account, no matter what chain the transactions were on.

  • To request a loan, navigate to the borrowed balances portion of the dashboard. Find the “USP” line, and click “borrow.”

  • You can now request a loan amount, and you will see the maximum amount you can request directly below. Enter 10000 in the loan amount box and click next. You will see an overview of your transaction, including the network you’re requesting the loan on, collateral type, loan amount, and project health ratio of your account.

  • Finally, press “take loan” and confirm the transaction. When the transaction is completed, you have officially borrowed against your entire portfolio!

Swapping stablecoins on Prime Protocol

  • After you’ve tested loans, now let’s try swapping. Navigate to the swap tab at the top of the application. Prime’s Swap feature allows you to swap between stablecoins.
  • Select USP in the swap amount dropdown box. In the “swap for” box, select USDC from the dropdown menu. You will see your stablecoin balances listed underneath the swap amount box. You should now have a balance of $10000 of $USP on Fantom. Enter 5000 in the swap amount box to signify swapping $5000 worth of $USP for $USDC, and click swap.

After confirming the transaction, your balance will update to reflect the amount you swapped for.

Bridging $USP between chains

  • After you’ve tried swapping, navigate to the Bridge tab on the application. The Bridge feature of Prime allows you to bridge $USP to any supported chain on Prime.

Fantom is already selected in the first menu. Navigate to the second dropdown, and choose Moonbase. Enter 2500 in the bridge amount box to signify bridging $2500 of $USP from Fantom to Moonbase. This step will require 2 transactions if you are bridging $USP from a new chain. Your balance on both chains will update when your transaction is complete.

Withdrawing funds from Prime Protocol

  • After you’ve successfully tested the Bridge feature of Prime, return to the dashboard to test a withdrawal from your account. Return to the BTC column under Prime Balances, and select the “Withdraw” button.
  • A pop-up window will appear, and you will be able to see your total balance as well as your maximum withdrawal amount. This amount will be lower than your total balance if you currently have a loan out on the protocol. Enter 1 in the Withdrawal amount box to signify withdrawing 1 Bitcoin from your account. After hitting next, the window will update to display the overview of your transaction. Hit the withdraw button and confirm the transaction to complete your withdrawal.
  • After you’ve tested the Withdraw function, you can now test the ability to repay all or part of your $USP loan with the remaining collateral in your account. To test this functionality, click “repay the loan.” You can repay your loan from any chain that you hold a balance of that asset on, so click the network dropdown and switch to the Moonbase network. Enter 2500 in the repay amount box to signify repaying $2500 of your $USP loan via Moonbase, even though you originally borrowed the loan on Fantom.

Repaying your loan can come from any chain that you have a $USP balance on. You can easily swap chains from the network dropdown menu, and your balance will be shown underneath the “Repay amount” box. Prime helps make your DeFi experience easier using cross-chain!

ABOUT Prime Protocol

Prime building the first natively cross-chain prime brokerage. It believe the future is multi-chain, and DeFi needs new financial primitives to increase capital efficiency.

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