How to get started with OpenLeverage on the Kovan Testnet
As an illustration, this article will guide you through how to open a position, place a margin trade, or lend your crypto assets to make profits. Let’s get started!
Wallet Setup:
We currently support using the desktop Firefox or Chrome version of the Metamask wallet for interacting with the OpenLeverage Protocol. MetaMask is a browser plugin that you can download here. Click the “Kovan test network” button on MetaMask for switching.
Get Ethereum Kovan Testnet WETH Token:
- To receive Kovan ETH, which you need to cover gas costs, you need to go to https://faucet.kovan.network and claim KETH with a Github account.
- To receive Kovan ETH through https://gitter.im/kovan-testnet/faucet. use your Github or Twitter account to sign in. Copy and post your address into the chat and the bot will automatically assign you 5 Kovan ETH.
Claim Test Tokens:
We have created a few experimental tokens to be used on the testnet. Go to “Get Testnet Tokens” in the top menu, these are free experimental test tokens, just select one, then click “Mint” on the right side. The new tokens will be deposited into your MetaMask wallet, but to view them, you may need to add the test token to MetaMask.
Adding test token to MetaMask:
Copy the contract address first and you need to find the “Add Token” button on MetaMask wallet. Paste the corresponding address of the test token in the space of Token Contract Address, and the token symbol and decimals of precision will be automatically identified, then click “Next”.
Click “Add Tokens”, the amount of tokens you selected are added to your wallet.
Margin Trade Guide:
This article will take UNI-USDT, Long UNI with 3× leverage, and 200 USDT margin funds as an example.
Click the “UNI-USDT” trading pair to start. The middle of the dApp is the chart of the trading pair, and the right side is the margin trading operation panel. You can adjust long/short, leverage, and depositing margin funds according to your risk appetite.
After click the “Long UNI with 3.0×” button, the confirmation page of MetaMask will pop up. After checking all the information, click the “Confirm” button. The transaction is submitted and you can now view the trade by navigating to the “My Position” menu, or by refreshing the page after it is confirmed successfully.
Note: The user who operates for the first time with USDT will need one more step of authorization confirmation.
Click “Margin Trade” - “My Position” in the menu bar to view your position (it also shows under the trading pair price chart if you refresh the page), as well as operations for closing positions and adding margin.
To close your position, you may click “Close” and optionally enter a number or select a percentage to close some or all of your position.
To add additional margin to avoid liquidation, you may click “Add Margin” and specify a number or percentage of your available wallet collateral to increase the margin available. Add more margin to avoid having your position liquidated.
Click “Margin Trade” - “History” to view the details of historical margin trading and the status of liquidation.
Liquidation Guide:
Under the “Margin Trade” menu, select “Liquidation” to see all available positions. If any position is available for liquidation, a button “Mark Liquidating” will become available. Click “Mark Liquidating” to call the smart contract, and the position status will then show “Liquidate”. This is a two step process to avoid flash loan attacks.
Those who call the clearance smart contract and complete the position liquidation successfully will be able to get the OLE reward by four times the value of the gas fees consumed.
Lend To Earn Guide:
Click “Lend to Earn” in the menu bar to select the lending pool of the trading pair you want to add liquidity. By clicking on the “FEI-wETH” row, we can see an example where we are depositing 5,000 FEI.
Enter the amount you want to deposit, click “Approve” to authorize the transaction, then click “Deposit” to confirm. The MetaMask transaction confirmation will pop-up automatically, click the “confirm” button, and wait until the transaction shows success.
In the “My Lending” column, you can see the current deposit status, enter the amount in the blank space to withdraw funds and the interest you earned.
Reminder:
Please note the OLE token will NOT be launched with the main-net and will be separately launched at a later stage. Watch out for fake coins!!!
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