Oct 16, 2020 · 5 min read · cat
Welcome everyone to Linear Finance’s testnet and we thank you for your interest in participating. For your testing, our team has decided to introduce our Buildr dapp and this guide below will show you the steps on how to use Buildr. A prerequisite to testing Buildr is that you will need to have Ropsten TESTNET Ethereum and TESTNET LINA.
If you have completed our Early Tester Program Google form, you will find that we have already deposited test LINA into your wallet. If you did not and still want to participate, do not worry. Simply fill out the Google Form https://forms.gle/QvfHuNsXUM3VjBW76 or Shimo Form https://shimo.im/forms/VGjYvtDQywvD38Kd/fill (for testers from China), provide your wallet address and we will send out test LINA in the next batch.
Whilst this is the first showcase of a part of our product to the community, the importance is for you to try Buildr and push it to the extreme limits and find as many bugs and improvements and report back to us so our team can work on this for mainnet launch. Essentially, the more you “break” our Buildr, the better the product will be at the end.
We welcome your feedback and bug reports in our Discord channel under the “tesnet” subchannel (https://discord.com/invite/emFXWaq). As mentioned, here will be a bug bounty and LINA rewards will be distributed to participants that are successful. More details on this will follow
So let’s get started:
First off, what is Buildr?
Buildr is part of Linear’s decentralised application suite. Users can stake LINA tokens to build ℓUSD, the base currency of Linear Exchange. Stakers are entitled to staking rewards and a split of the transaction fees generated by Linear Exchange. Users can then use ℓUSD minted to purchase synthetic assets on Linear Exchange to gain different investment exposures. ℓUSD can also be moved to other protocols or dApps within the DeFi ecosystem. As such, Buildr will involve three separate functions in this case, Build, Burn, and Claim which we will explain below:
Let’s start with Build first so let’s prepare your wallet for the transactions:
Step 1: Switch your Metamask Wallet to the Ropsten Test Network
On your Metamask wallet, select the down arrow on the Network tab.
Select the “Ropsten Test Network” in the menu.
Step 2: Retrieve test Ethereum from Metamask Ethereum Faucet
Go to https://faucet.metamask.io/ and press “request 1 ether from faucet ” to claim your test ETH. Test ETH will then arrive into your metamask wallet shortly.
Now you are ready to build ℓUSD!!!
NOTE: The contract address for TEST LINA on Ropsten Network is below, please make sure to add this to your Metamask:
Step 3: How to build ℓUSD with LINA
3. You will enter the next page and you will will need to click on “Build ℓUSD” to continue to the next screen.
4. Note that in the current screen and other parts of Buildr, we have currently disabled the “Buy LINA” button. This is not a bug.
5. After clicking “Build ℓUSD”, users could build ℓUSD with options below.
A. Input the amount of LINA you want to stake, then Buildr will automatically calculate the amount of ℓUSD and P-ratio will be set to 500%
B. Input the amount of ℓUSD you want to build, then Buildr will automatically calculate the amount of LINA needed and P-ratio will be set to 500%
C. Click “Target ratio” button in the third box, to build the maximum number of ℓUSD regarding to the amount of LINA you had and P-ratio will be set to 500%
D. Input the P Ratio you want to build (has to be larger than or equal to 500%), then Buildr will automatically calculate the amount of LINA needed and determine to amount of ℓUSD
6. Once you have inputted your options, click on “Build Now”
7. You will be brought to a screen where you will need to complete three separate Metamask transactions to complete the ℓUSD build process.
8. Once your three Metamask transactions are completed, you have successfully built ℓUSD and this will be updated in the ℓUSD balance on the right hand side
Step 4: How to burn your ℓUSD
9. Click on the “Burn” tab on the Buildr page
10. You will be brought to a screen where you will need to complete two separate Metamask transactions to complete the ℓUSD burn process.
Step 5: How to claim your ℓUSD and LINA Rewards
11. After clicking the “Claim” tab, users could claim LINA or ℓUSD.
A. Users will receive LINA and ℓUSD rewards by creating debt via Linear.Buildr. The rewards are calculated based on the percentage of debt in the pool and distributed accordingly.
B. The claim rewards will be distributed roughly every 6 hours. And the claiming period will be open for 6 hours after the distribution. If you miss the time claim period, the rewards will be accumulated into the pool for the next distribution.
C. User will be able to claim their rewards upon fulfilling the following requirements:
I. P-Ratio reaches the target ratio.
II. Claim period is open.
D. Users can then edit the gas fee and claim the rewards
E. The reward LINA will be locked for one year from claiming the rewards
F. While the reward ℓUSD are unlocked, it can be used as raising the P-ratio, or paying the transaction fee in Linear.Exchange.
This concludes our Buildr testnet process and we appreciate your feedback on this. As we progress towards Mainnet launch, it is likely we will open more of the project for you all to test so please stay tuned. In the meantime, please join us for further testnet discussion in our Telegram and Discord channels.