Testnet is live!
This day has been so hotly anticipated that it seems like a long time coming, but we should remember that what you are about to test was merely an idea just a short time ago. So after many long hours of development, it’s hats off to the Clearpool dev team for delivering exactly on time!
You will soon see that using the Clearpool app is surprisingly easy and self-explanatory. But here are a few pointers to help you get started.
How To Use the Clearpool Testnet
Connecting to Clearpool Testnet
Click [Connect] on https://app.clearpool.finance/ and connect with either MetaMask or Wallet Connect.
Note: You will need to be connected to the Rinkeby Test Network.
Claiming Your Test ETH for Rinkeby Testnet
To test our product, you will need some ETH to pay for gas.
Don’t worry; you can get it for free via the Rinkeby Testnet Faucet:
- Request funds via Twitter by making a tweet with your Ethereum address pasted into the contents (surrounding text doesn’t matter, but we would be happy if you could mention our Twitter @ClearpoolFin).
- Copy-paste the tweets URL into the input box on this Rinkeby testnet Faucet website and fire away!
Claiming Your Test USDC Tokens
Click the [Claim Test Tokens] button at the top of the app to claim your test USDC, which you will need to test the protocol.
After clicking the [Claim Test Tokens] button, in order for the USDC token to be visible in your wallet you can ‘Add custom token’ and enter the following address: 0x4B6f808D66454ef03DB77a770a99b2660484033A
Note: You can claim test tokens from the faucet every 24 hours.
Earn Page and Pool Pages
The Earn page is where you will find all of the active borrower pools
Initially, you will see one single test pool available. Later on, four further named test pools will appear on the testnet version:
- Folkvang cpFOL-USDC
- Wintermute cpWIN-USDC
- FBG cpFBG-USDC
- Hex Trust cpHEX-USDC
Click on a pool to see more information about that pool and its borrower.
On the Pool page, you will see details of your position (if/when you have one), the latest borrower activity, the APY for the current utilization rate, and what it would be across the full range of utilization, and more information related to the pool and the borrower.
On a Pool page, click [Provide Liquidity] and input the amount of USDC you want to lend.
You will need to approve the use of your USDC in your wallet first before confirming the transaction (2 wallet confirmations).
Once the second transaction has been confirmed on the network, the pool page will update, and you will see your position both on the pool page and on the earn page.
You will also now see the cpTokens relevant to your position in your wallet (when viewed on Etherscan).
Click [Withdraw Liquidity] on the Pool page and input the amount of USDC you want to withdraw.
There will only be one wallet confirmation needed for withdrawals.
Once the transaction has been confirmed on the network, the USDC + accrued interest will be returned to your wallet, and the cpTokens will have been removed.
Claiming CPOOL Rewards
As an LP, you will earn CPOOL rewards in addition to the interest that you earn from lending to the pool.
To claim your CPOOL rewards, click the Claim CPOOL button at the top of the app and confirm the transaction in your wallet.
The testnet is also being tested by several permissioned borrowers.
We will be publishing a separate article announcing the institutions taking part and the feedback from each of them.
During the early stages of the Clearpool launch, whitelisting new borrowers will be conducted by the Clearpool core team.
Community governance whitelisting will be available after the mainnet launch.
During the testnet period, 100% APY CPOOL staking has been extended on KuCoin and AscendEX. A new staking mechanism will be introduced when Clearpool has launched on the mainnet.
Staking CPOOL will be a necessary action for all borrowers, who must stake an amount of CPOOL to make a proposal to launch a liquidity pool.
Staking will be optional for all other users; however, by staking CPOOL users can significantly enhance the rewards that can be earned through providing liquidity and participating in whitelist voting.
More details on staking will be released soon.
Clearpool is a Decentralized Capital Markets Ecosystem, where institutional borrowers can create single borrower liquidity pools and compete for uncollateralized liquidity directly from the DeFi ecosystem.
Liquidity providers on Clearpool can earn attractive yields, with pool interest rates enhanced by additional LP rewards paid in CPOOL — Clearpool’s utility and governance token.
Clearpool LP tokens, called cpTokens, are the building blocks for a system of tokenized credit that will provide Clearpool LPs with risk management and hedging capabilities. As more institutions realize the benefits that decentralized finance can bring to their organizations, Clearpool will provide the new architecture to facilitate flows between the $120 trillion traditional capital markets and the burgeoning DeFi ecosystem.
Clearpool is backed by a long list of top investors from both traditional venture capital and blockchain, including Sequoia Capital India, Arrington Capital, Sino Global Capital, Hex Trust, Huobi Ventures, Kenetic, HashKey, and many more.