How to Use Primex’s Testnet: A Step-By-Step Guide (With Screenshots)
FYI, we shared this testnet on July 7, 2022 on Twitter and Alpha Drops’ Telegram channel. This is a reminder to use the platform multiple times and try to provide valuable feedback in their Discord server.
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In May 2022, Primex launched the Alpha version of Primex Finance. This version enables users to test two main roles of our community-provided liquidity protocol — the Primex Lender and Primex Trader roles.
Before starting to test the Primex app, you might want to more about:
In this blog, we’ll explain everything there is to know about how to use the Alpha version of Primex Finance (aka Primex’s testnet). Let’s dig into it.
How to use Primex’s testnet
The purpose of Primex’s testnet is to allow users to test how the liquidity protocol works and to test the features in a safe environment, before releasing the app on the Ethereum Mainnet.
Step 1. Go to the Primex app
The first step is to launch the Primex application. Go to the official Primex Finance website (https://primex.finance/) and click on the “LAUNCH APP” button. You can also use this direct link: https://app.primex.finance/.
Step 2. Set the Rinkeby network in your wallet
Once you open the Alpha Primex app, you will see the option to “Connect Wallet”, but the app won’t let you connect your wallet until you have set the right network.
Most likely, you will get the following warning: “Unsupported chain id: XXX. Supported chain ids are: 4. Set Rinkeby network in your wallet.” The chain id mentioned referred to the chain your wallet is already set on.
As we have already mentioned, the Alpha Primex app is a test version of the future mainnet.
The Ethereum blockchain has several testnets available for apps, before deployment on the main Ethereum network (mainnet). For this purpose, we chose to use Rinkeby.
To be able to connect your wallet to the Alpha Primex app, you will need to set your wallet to the Rinkeby network first.
For testing Primex Alpha, please use MetaMask wallet.
Open your wallet, set it to the Ethereum Mainnet and then click on “Show/Hide test networks”.
And then search for the “Show test networks” option and switch on the toggle.
You should now be able to see the Ethereum testnets available. Please select the Rinkeby network for your wallet.
You can now connect your wallet to the Alpha Primex app.
Step 3. Generate tokens to start using the Primex’s testnet
Remember that the purpose of the testnet is to test and troubleshoot DApps before going live on the Ethereum mainnet, where users must use real Ether (which may be too expensive for testing purposes).
To get some tokens for the testnet, you first need to get some ETH from the Rinkeby faucet.
First, you need to get copy your wallet’s address and then copy it into the faucet. Here is the address in the Primex app. Click on the Copy icon.
You can also get the address directly from your MetaMask wallet.
Then you have to paste it into the Rinkeby faucet and you’ll instantly 0.1 Rinkeby ETH every 24h without any authentication.
After you have ETH in your wallet (to pay for the gas fees), you can go back to the Primex app and use the Tokens Faucet to generate the tokens needed by the liquidity protocol.
When you click on “Tokens Faucet”, you will be able to mint four different tokens:
- Wrapped Ether
- Wrapped Bitcoin
- USD Coin
- Chainlink
Assuming you have already some ETH from the Rinkeby faucet in your wallet (those are needed to pay for the transaction fee and minting), click on “Mint”. Note that you can only mint new tokens once per day, for the same wallet. You’ll need these tokens to test the Lender and Trader roles on the Primex app.
The Alpha Primex app will give you a notification after you have successfully minted the tokens.
Step 4. Test the Primex Lender role on Alpha Primex app
Primex Lenders will deposit their assets in one or more Credit Buckets (Credit Bucket is a smart contract that is used by Lenders to provide liquidity that funds Traders’ margin debt). Through these buckets, Primex Traders are able to borrow liquidity for performing Margin Trading (step 5).
Please read more on how the Primex Lender role works here: https://blog.primex.finance/what-is-primex-part-2-3fa28038747d
Anyone can become a Lender. The Lender role enables you to earn the fees collected by the Credit Bucket, which are paid by Traders.
Firstly, you will need to go “Lend” > “Buckets” tab from the top menu. Here you will see the available buckets that you can use to deposit your liquidity and become a Primex Lender.
In this example, we will choose the wETH Primex Bucket, but you can choose any of the buckets available (assuming you have the tokens needed for the deposit).
Click on “Deposit”.
Next, you can choose the amount of wETH to deposit in this Credit Bucket. Click on “Deposit”.
Since this is your first deposit to the Primex app, you will have to give permission to Primex to access your asset. You will have to confirm this transaction from your wallet.
Remember that this is a test environment, and you are playing with the test tokens. However, everything simulates the required actions as if it was the mainnet. This includes wallet confirmations. You can always check the network of your wallet on the top of the window.
After the app gets access to your asset, you will have to confirm the depositing transaction from your wallet.
After a few moments, you will get a confirmation from the app. You will also see the “Withdraw” button on the Credit Bucket. You can withdraw your funds at any given time.
To manage your deposits, go to the “Lend” > “Deposits” tab (top menu). Here you will see all your deposits, and other details such as earned interest for each one, deposit term, and for how long you’ve deposited the assets (fixed-term deposits are not available in the alpha).
You can also use this dashboard to withdraw your deposit. Simply hover over the asset, and the “Withdraw” option will appear.
And that’s how you can become a Primex Lender on Primex’s testnet.
Step 5. Test the Primex Trader role on Alpha Primex app
Let’s explore the Primex Trader role. Please find more details about this role here: https://blog.primex.finance/the-roles-in-primex-finance-protocol-role-1-primex-trader-2b03ca92ad96
Firstly, you can experiment with the Margin Trading feature, by going to “Trade” > “Margin trading”, in the top menu. Note that Traders can also deposit a balance on the Primex app (“Trade”> “Balance” tab) that they can then use to open a position.
To understand how margin trading works, please see https://docs.primex.finance/guides/features/margin-trading.
Here you can select between a “Market” or a “Limit” order, and select the trading pairs and the amount you want to trade.
The Trader can set the following options for each trade:
- Credit Bucket
- When to take profit (auto-execution)
- What DEX to use (Uniswap, SushiSwap, or Primex automatic selection of DEX)
- Leverage (2x, 5x, custom)
- Expert mode (this feature allows high slippage trades that may result in bad rates and lost funds)
The Primex DEX selection allows the app to automatically choose the best DEX for a Trader’s swap for both opening and closing positions.
In future versions, the selector functionality will be expanded to enable more complex and profitable swaps. The swap will be able to through several pairs on several DEXs and chains, thus enabling multiple-hop trades.
Trades can also choose the Credit Bucket for their trade. To change the Credit Bucket, click on “Change Bucket” on the top. You can search for a specific Credit Bucket, or apply filters that suit your needs. Note the differences between each Credit Bucket such as different assets, maximum leverage, and others. Read more about how Credit Buckets work here: https://docs.primex.finance/guides/credit-buckets.
Scroll down to see all the details and at the bottom, you’ll see the “Open Position” button. Select the desired details for your trade and open your position.
Your wallet will ask you to give permission to the Primex app to access your asset, in this case, wETH.
Aftewards, you will need to confirm the deposit for opening the margin trading position. Carefully review the transaction and click on “Confirm”.
After the transaction has been confirmed, you will see your open position on the app, right under the market chart.
To close a position, simply hover over your open position and the “Close position” option will appear.
You can also see your Trader deposits on the “Trade” > “Balance” tab (top menu). You can choose to deposit funds to Primex for opening a new position.
Congrats on becoming a Primex Trader on the Alpha Primex app!
How to become a Primex Early User
If you’ve already tried and tested the Alpha version of our app, then you might be interested in our Early User program.
We’ve created the Primex Early User program to allow you to be part of our testing and development.
This program gives you early access to the Primex app and allows users to adopt the Primex Lender, Trader, or Keeper roles. As an Early User, you will also receive access to:
- Our private Primex Early User Discord channels
- Communicate with the Primex’s core team
- Private challenges
- Exclusive prizes
Only registered users can take advantage of these Primex Early User benefits. If you are just as excited as we are to be one of the first to start using Primex, please submit your application.
