The public beta of Dank decentralized lending protocol is a basic community public beta test event, which the main purpose is to collect feedback on the protocol’s use experience and bugs. We hope to find any potential or undiscovered bugs and problems through this event.
From: 9:00 am, Wednesday, 18 August 2021 (GMT-4)
To: 9:00 am, Saturday, 25 August 2021 (GMT-4)
Participants are requried to complete the process of Supply, Enable Collateral, Borrowing, Repayment and Disable Collateral of any 3 supported assets.
Before you Start
✍Before you start participating the event, it is necessary to remind all participants that you are required to prepare several tools in advance:✍
A Web3-compatible Ethereum wallet (e.g. MetaMask🦊)
Make sure your wallet under Kovan Testnet contains enough Ether
If everything is ready,we shall start the testing process.👇
Copy and send your wallet address from Kovan testnet in the #Test Token channel of Dank Discord server, and wait for the test token to arrive.
For those who couldn't find the test token in their wallet, please enter the contract address manually for enabling in your chosen wallet. The addresses are below:
Open https://app.dank-protocol.com ; make sure your Web3-compatible Ethereum wallet is connecting with Kovan Testnet and using the correct address.
④ Supply Assets💰➡🏦
At first, click on the asset that you want to supply.
A pop-up window will appear with displaying the Supply APY (amount of token/year) and the Distribution APY (amount of DANK/year).
Before you can supply assets, you are required to Enable it first. Click on Enable and Confirm the transaction. This will allow the Dank Protocol to interact with the asset in your wallet.
To supply an asset, type the wanted amount at the top of the pop-up. Your wallet balance is showing at the bottom of the pop-up, and you are able to enter with the MAX button. Click Supply, and submit the transaction.
⑤ Use as Collateral
Before you can borrow assets from the protocol, you are requried to provide supported asset as Collateral. Press the toggle on the right side of the asset, click on the Use as Collateral button, confirm and sumbit the transaction.
Use as Collateral
⑥ Borrow Assets🏦➡💰
First, click on the asset that you’d like to Borrow.
A pop-up will appear, displaying the Borrow APY (amount of token/year) you’ll pay, and the Distribution APY (amount of DANK/year) you’ll earn by Borrowing the asset.
To Borrow an asset, type the quantity you’d like to borrow at the top of the pop-up. For convenience, the 80% LIMIT button will borrow up to 80% of your Borrow Limit. The impact on your Borrow Limit meter will be displayed.
Click Borrow, and submit the transaction.
⑦ Repay Borrow
First, Click on the asset that you’d like to Repay.
A pop-up will appear, and switch to Repay section.
To repay the loan, type the quantity you’d like to repay at the top of pop-up.
Click Repay, and submit the transaction.
⑧ Disable as Collateral
After you finished the above processes, you need to Disable an asset to be used as collateral by pressing the toggle on the right side of the asset.
After you completed the above processes with Three different assets in total. The rewards are:
The first 2000 addresses can receive genesis NFT of the protocol by completing all the testing process.
Participants who submit the corresponding user’s experience feedback (includes front-end optimization and bug feedback) can get Dank’s goverance tokens and share 5000 USDT rewards.
In order to collect the rewards mentioned above, participants are required to submit your address and other questions by filling up a Google Form. Further details about releasing rewards will be announced officially after the event.
If there are any questions, please feel free to join the Dank Discord community server!