DeFi is the latest step in the transformative financial technology movement that started with bitcoin 11 years ago. Cryptocurrency trading on decentralized exchanges (dexs) is one field where decentralised applications (dApps) have taken off. There is no corporation or other organization offering the platform; it is completely peer-to-peer.
What is Xpool?
X-pool is an open source decentralized protocol – built on top of the Binance Smart Chain platform that allows users to borrow assets from the platform, deploy their assets, and make profits with ease.
Users deposit funds they wish to lend, which are then collected into a pool. Borrowers may then draw from those pools when they take out a loan.
Xpool provides a completely decentralized and permissionless way while maintaining full custody over borrowers and depositors’ coins.
All loan transactions are done through smart contracts, which is recorded and stored on blockchain. It ensures high trusted level, security, auditability, authenticity.
Build on Binance Smart Chain
Compared with the Ethereum network, Binance Smart Chain has much better speed and much lower transaction fees. It is gaining a competitive advantage and liquidity.
The XPOOL cryptocurrency offers holders several advantages. For instance, XPOOL borrowers don’t get charged a fee if they take out loans denominated in the token. Also, borrowers who use XPOOL as collateral get a discount on fees. Borrowers who post XPOOL as collateral can also borrow slightly more.
- Details of Xpool Testnet airdrop campaign
- Total XPO reward: Up to 2,100,000 XPO (This fund is used for all of Listing/Airdrop campaigns, this Xpool alpha testnet is one of those). Depending on the amount and price of XPO token, the amount of XPO released for each Airdrop will be decided at the end of campaign).
- Airdrop time: March 31st, 2021 to 10:30 PM (GMT+8) on April 04th
- Reward timeline: 3 days after XPO IDO program, we will check and summarize the result of Xpool alpha testnet. Then lucky users who receive reward from the Airdrop campaign will be SELECTED RANDOMLY among those following exactly the testnet instructions below.
Guideline to test and claim XPO
First you will need the following:
- Chrome browser
- Metamask connected to Binance Smart Chain
- Utilize our testnet & faucet
- You have to complete all of the steps in this instruction, which help you meet requirements to receive the reward from Xpool Airdrop campaign!
- If you intentionally create multiple wallet addresses to spam or cheat, Xpool protocol will take your wallet address to blacklisted on the Xpool mainnet.
- The parameters on the testnet may deviate from the actual data on the market, therefore you need to check the data to ensure accuracy when operating on the system.
Step 1: Add the Testnet to Metamask
- Get BNB testnet
First you need to have BNB on Binance’s testnet platform to be gas in all Xpool transactions.
Open your Metamask on Chrome and click the dropdown where it says “Main Ethereum Network” on top of the Metamask popup and change to BSC testnet network
- Click on “Custom RPC” and enter the following information:
- Network Name: BSC Testnet
- New RPC URL: Click Here
- Chain ID: 97
- Symbol: BNB
- Block Explorer URL: Click Here
Press “Save” after filling in the information above.
Please refer to other RPC urls at: Click Here
You have now successfully added the BSC Testnet to your Metamask and can switch between Ethereum networks and BSC with a click of the network switch.
- Go to Here paste your Metamask BNB address then click “Give me BNB”
Step 2: Get Testnet Coins
- Visit here and click “Connect” on the right side of the screen.
Select your browser wallet.
- Open your Metamask on your Chrome browser
- Open Xpool and choose [Deposit] testnet coin you want to receive for free
You have two ways to participate in Xpool testnet and get reward after the campaign ends. If you complete both 2 ways, you will receive more XPO tokens.
You have to deposit at least 1 stable coin (USDT, BUSD, USDC or DAI) for earning testing.
You have to deposit at least 1 token (USDT,DOT, ADA or LINK) for borrow testing.
Step 3: Test the Product
Option 1: Test as lender
Go to Xpool.app chose deposit the token that you’ve already got faucet:USDT, BUSD, USDC or DAI
Open Metamask browser then click [Confirm] on your Meta Mask wallet to confirm your transaction.
Noted: If this is your first time using this token you’ll need to perform two transactions. The first is to approve the Xpool smart contract to withdraw your tokens from your wallet and the second is to perform the actual transaction.
After confirmation on your Meta Mask, you have successfully deposited the asset to Xpool. You can check your balance at the Dashboard section.
Wait at least 1 day in order to receive interest from Xpool testnet, after that withdraw your token and interest from Xpool.
- To implement [Withdraw], you need to go to the [Deposit] section in the dashboard and snap on [Withraw].
- Select the amount to withdraw and click [Continue] to process the withdrawal transaction
- You can check your transaction hash at BscScan and manage your new balance in XPool at Dashboard section.
Option 2: Test as a borrower
You can faucet any tokens in Xpool to claim tokens for free.
Click [Deposit] on the menu bar, choose the asset you want to deposit, then enter the amount you want and click [Approve].
After confirming the transaction on the Meta Mask, you wait for a few seconds for the transaction to succeed.
Click the [Borrow] section on the menu bar.
Click on the currency you want to borrow.
Please enter the amount you would like to borrow, then click [Continue]. The system will show you the health factor index of the loan.
You can choose either [Stable Rate] or [Variable Rate] for your loan, then click [Continue].
Click [Borrow] and confirm on your Meta Mask wallet to complete the borrow process.
Now you have borrowed successfully.
Step 6: To repay your asset, you need to go to the [Borrow] section in the dashboard and snap on [Repay].
Please input the amount of borrow asset you want to repay, then click [Continue]
The system will show you the statistics about the transaction, please check it carefully and make sure that it is correct, then click [Approve] to confirm your transaction.
Click [Repay] to finish your repay process.
After confirming the transaction on your Meta Mask, you have repaid your loan successfully. You can check your transaction hash at BscScan.
Step 7: The last step is withdraw your assets from Xpool. You need to click [Dashboard] on the menu bar, then in [Deposit information] section, click [Withdraw].
Select the amount to withdraw and click [Continue] to process the withdrawal transaction
You can check your transaction hash at BscScan and manage your new balance in XPool at Dashboard section.
Your transactions arising on Xpool will be saved and stored on Binance smart chain that helps the Xpool team check all of the cases which meet their requirements. Rewards from Xpool Airdrop campaign will be given to those who complete all of the step-by-step testnet introductions.
In general, we hope that with this detailed tutorial you can join this program easily and get more XPOs from the Airdrop reward campaign.
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