EasyFi

Electric Smart Contracts have now been deployed on the BSC Testnet on BNB Chain. The following screenshots have been taken from Electric’s Alpha release UI on the BSC Testnet. The process to open and close a margin trade has been explained screen-by-screen.The Electric Testnet is connected to the PancakeSwap Testnet to enable the margin trades.<h2 id="header-0">#1: Connecting Your Wallet to Electric Testnet</h2>Connect your Metamask wallet to the Electric App. Ensure that you are on BSC Testnet.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/1e77299b27194e368a516e92068a0756.png">Asset Pools Page with list of assets available to Trade<h2 id="header-1">#2: Adding Test Asset xUSDC from Faucet</h2>The Testnet version of Electric has one asset to test on called xUSDC. Click on “Faucet” shown on the top right of the Pool page.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/a2e147cf5a6e4882bc72d25cb7c6b156.png">Obtaining xUSDC from EasyFi FaucetOn clicking the Faucet link, you will be asked for adding your Mumbai Testnet Wallet Address. Paste your wallet address in the space provided and “Send Request”.Please note: These tokens have no value on any blockchain mainnet and are minted only for testing and experience purposes.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/797c3b029f2246c5879373014cc39ad5.png">Requesting for xUSDC transfer from EasyFi Faucet to your BSC Testnet Wallet<img src="https://academy-public.coinmarketcap.com/optimized-uploads/00e7805831aa4e298130684aa0e4947b.png">Confirming xUSDC Transfer on BSCScan Testnet<h2 id="header-2">#3: Supplying Assets to the Liquidity Pool</h2>To get started on Electric, the user needs to “Deposit” an asset as collateral to the pool of assets shown here — in this case you have to deposit xUSDC of course. Also select the leverage you want to obtain on this deposit.Follow the process of Approval and Confirmation of the process of Blockchain (BSC Testnet).<img src="https://academy-public.coinmarketcap.com/optimized-uploads/cf07163166084e4988338999d2aa2648.png">Adding Asset amount and Loan details in Leverage<img src="https://academy-public.coinmarketcap.com/optimized-uploads/bfca30a1d7f345c3a8ddd8874c3b6d2b.png">Deposit Approval for Asset<img src="https://academy-public.coinmarketcap.com/optimized-uploads/001cbc243705489b92895b6be9cd0175.png">Collateral Deposit Confirmation for xUSDC<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d3ffeedc0d9a4a5c971a9478574c7bec.png">Confirming Asset Deposit with Leverage<img src="https://academy-public.coinmarketcap.com/optimized-uploads/bbb3a5c12061497eb6de7498d3728e36.png">Checking on BSCScan Testnet for Transactions<h2 id="header-3">#4: Opening new margin positions &amp; Trade</h2>Once the asset is deposited in the pool, the Margin and Trade options will be activated for the user. You can open multiple Margin Positions for different trades using xUSDC.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/acf08744c5024f759d1e52ea90493df4.png">Trade &amp; margin adjustment options are activatedClick on Trade on the above screen. It leads to the screen below (Figure 11) that will create the pair that you intend to trade on PancakeSwap DEX (Testnet).Select the Input token and the Output Token to create the margin trading pair.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4f6b93a4c0fc4f3ebd169531dc369e8f.png">Selecting the Input &amp; Output tokens to create the Margin Trading Pair<img src="https://academy-public.coinmarketcap.com/optimized-uploads/8836022168424a43bea38e1eafbcd42e.png">Confirming the Trade on Blockchain<img src="https://academy-public.coinmarketcap.com/optimized-uploads/2ae005ca03554e908b4dc021730d35a4.png">Transaction Complete Confirmation<img src="https://academy-public.coinmarketcap.com/optimized-uploads/1fe3b50c54ba4c0787e76f63df3321ac.png">Corresponding Transactions on BSCScan<h2 id="header-4">#5: Checking &amp; Closing Your Trade Positions</h2>We move to the next tab on the screen that displays all the trade positions currently live and closed by the user. This page allows you to close any position you have based on your plan for Profits / loss strategy.On Clicking the Close Position Button, the system calculates your Profit &amp; Loss (P &amp; L) and the Value of the profit or loss in USD.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/fcf89c6a10fe4bceacb01f84bb75ef21.png">Checking Your Trade Positions<img src="https://academy-public.coinmarketcap.com/optimized-uploads/10346dff453940b1be440be7019e6c05.png">Closing the Margin Position on AMM<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f746a1b765f34aa7a00a227bd783a6f1.png">Close Position Confirmation in Wallet<img src="https://academy-public.coinmarketcap.com/optimized-uploads/f73bb9863acc4800887680a74defda19.png">Position Closed on Electric &amp; AMM<h2 id="header-5">#6: Verifying Transactions on BSCScan Testnet</h2>You can check &amp; verify the above transactions on BSCScan Testnet for Creating Position &amp; Closing Position.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/b95702575ed6422aace0dad801a18e10.png">Electric Margin Trading Transactions on BSC Testnet Blockchain<h2 id="header-6">About EasyFi Electric</h2>Electric is a decentralized, permissionless, scalable, secure, leverage trading platform, from EasyFi, that enables traders to take out short-term loans to trade margin positions from publicly sourced liquidity from different AMMs / decentralized exchanges.Litepaper: <a href="https://bit.ly/EasyFi-Electric-Litepaper" rel="noopener noreferrer nofollow">https://bit.ly/EasyFi-Electric-Litepaper</a><h2 id="header-7">About EasyFi</h2>EasyFi Network is a universal layer-2 multi-chain money market protocol for digital assets with focus on liquidity sourcing &amp; capital efficiency for structured lending in a non-custodial manner. The Protocol is currently live on Polygon, Binance Smart Chain and Ethereum.<a href="https://easyfi.network/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/EasyfiNetwork" rel="noopener noreferrer nofollow">Twitter</a> | <a href="https://t.me/easyfiNetwork" rel="noopener noreferrer nofollow">Telegram</a> | <a href="https://easyfi.network/easyfi-whitepaper.html" rel="noopener noreferrer nofollow">Whitepaper</a> | <a href="https://medium.com/easify-network" rel="noopener noreferrer nofollow">Blog</a> | <a href="https://app.easyfi.network/" rel="noopener noreferrer nofollow">Ap</a>p | <a href="https://bit.ly/EasyFi-Electric-Litepaper" rel="noopener noreferrer nofollow">Electric Litepaper</a>…To learn more about $EZ and EasyFi, please go through our <a href="https://easyfi.network/easyfi-whitepaper.html" rel="noopener noreferrer nofollow">whitepaper </a>and other articles on this publication. Stay tuned for more news &amp; updates on our <a href="https://t.me/easyfiAnn/" rel="noopener noreferrer nofollow">Telegram channel</a> and join the <a href="https://t.me/easyfiNetwork" rel="noopener noreferrer nofollow">official group</a>. You can also follow us on <a href="https://twitter.com/EasyfiNetwork" rel="noopener noreferrer nofollow">Twitter</a>.

A Guide to EasyFi Electric Testnet on Binance Smart Chain

Table of Contents

EasyFi Network

Other articles published on Nov 16, 2022

Gasless Payment in dApps, Ethereum Roadmap & More

Quidd Collector’s Council Meeting Notes — November 8th, 2022

MiaSwap officially launches Mainnet version

OpenSea Will Impose Creator Royalties On All Collections After Community Outrage

Berlin Testnet to Upgrade for BTP Development Code Testing

On-chain data showed FTX in trouble right before it collapsed

Join our free newsletter for daily crypto updates!