Gearing up for Testnet ⚙️
Hello Stackers!
We hope you survived the market turbulence of the past few weeks. We sure did and went heads down into the preparation of Arkadiko testnet. As promised, here are some details on our upcoming testnet launch.
Arkadiko is going live on testnet on the 16th of June, so mark that date in your calendars! Since this will all be on testnet, no real money is used yet and you can experiment in whichever way you like.
Testnet will run for approximately 8 weeks until mid August. There will be two testnet releases:
- 16th of June: Arkadiko Testnet Release Candidate 1 (RC 1)
- Late July/Early August: Arkadiko Testnet RC 2 which contains bug fixes found in the first release candidate
What’s on?
The first product we launch is a crypto-collateralised stablecoin (xUSD), and we’d love your help to test and break it. Keep the following in mind while testing Arkadiko:
- Make sure you have the Stacks Web Wallet installed as Arkadiko uses this wallet heavily to authenticate and sign/send transactions (see https://www.hiro.so/wallet/install-web). You can request STX testnet tokens from the Testnet faucet.
- Arkadiko creates two new tokens: xUSD, a stablecoin, and DIKO, the governance token. Both are built according to the Stacks fungible token standard (called SIP-010).
- You can mint xUSD by depositing STX as collateral in the Arkadiko smart contracts.
- People repay their vault loans by returning xUSD plus a little more to cover the fixed interest on the loan (called the stability fee). The loan can be paid back anytime, as there is no repayment schedule. The protocol enforces the price by selling off a person’s STX if its total value falls below 150 percent (liquidation ratio) of however much xUSD the user borrowed. All STX will be sold through auctions to stackers who are registered with the protocol.
- All open and non-liquidated vaults are eligible for DIKO rewards. Every Stacks block will see a reward of up to 320 DIKO, which will be rewarded pro rata to vault owners.
- DIKO that is earned can be staked in the staking module. In the first year, we will distribute 25 million (of 100 million) DIKO to our users, which means there is tons of incentive to be an early xUSD minter and staker!
- When a vault needs to be liquidated, we will consider the xUSD minted by the vault as bad debt. To cover this bad debt, the protocol will raise the equivalent xUSD in a collateral auction by selling off the vault’s collateral.
- Oh yeah, we have some basic swapping functionality on testnet as well, where you will be able to trade the following pairs: DIKO/xUSD, xUSD/DIKO, STX/xUSD, xUSD/STX.
All of the above will be exactly the same on mainnet, meaning the earlier you get acquainted with Arkadiko, the better! Get that unfair advantage as a power user today ;)
I broke Testnet
Congratulations! Send us an email at philip@arkadiko.finance with a detailed explanation on how you broke a certain piece of functionality. The top 3 of most severe smart contract bug will be rewarded with 100 STX tokens. There will be other incentives for early testnet users as well.
Last but not least: we will be tweeting the URL for testnet later in June, so keep an eye on our Twitter account @ArkadikoFinance. If you want to learn more about Arkadiko, read our previous blog post. See you soon!
Get In Touch
🌐 Visit us at Arkadiko.finance 🌐
💬 Chat with us on Discord (#arkadiko channel) 💬
📚 Read our documentation on Gitbook 📚
🐦 Find us on Twitter — @ArkadikoFinance 🐦
