Spectrum Finance is building an open-source cross-chain DEX. Currently live with their Testnet on Cardano, the team announced an airdrop for early users on their Medium page.
Without further ado, let’s see how we can play with it using an Eternl wallet, some test tokens and the swap, add & remove liquidity features. Ready Pirates? Gooo 🏴☠️
Download Wallet
Get Test Tokens
Swap, Add & Remove Liquidity
Feedback
Conclusion
Before visiting the website, we need to download an Eternl wallet ⬇️:
Install & Open: chrome.google.com/webstore/detail/eternl
Click on “Mainnet" and select “Preview Testnet”
Click on “Add Wallet” and select “Create Wallet”.
All you have to do starting from now is following the instructions to create your wallet. Don’t forget to secure your seed phrase and don’t share it with anyone.
Your wallet is ready to claim some test tokens:
Select “Receive” & copy your wallet address
Visit the faucet page, scroll down & paste your wallet address to request some test ADA tokens: docs.cardano.org/cardano-testnet/tools/faucet
Note: tokens arrived 5 mins after the request. You’ll receive 10,000 t₳.
Before using our test tokens, we need to click on the “Plug” (Green = Good). Once done, it will be easy to connect to the website using your Eternl Wallet
Connect to the Spectrum Finance website & use your 10,000 t₳ to swap between all the tokens available:
Select pairs & click on “Swap”
Approve the transaction - Put your password - Approve
I know it’s annoying but i suggest you to repeat the steps for all tokens, just in case it matters.
We have all the tokens & time to add some liquidity to the pairs available:
Go here: app.spectrum.fi/cardano/liquidity
Click on “Add Liquidity”
Select the pairs & add liquidity. Repeat for all pairs.
We still have one feature to try, removing liquidity:
Go back here: app.spectrum.fi/cardano/liquidity
Click on “Your Position” & select “Pool Overview”
Click on “Remove Liquidity” - Select the quantity you want to remove - Remove
Note: Don’t remove all the liquidity and repeat for all pairs. You can also click on “Increase Liquidity” if you want to add more to the pool.
We can now leave a quality feedback as usual simply by completing the form on the website:
Click on “Leave a Feedback” or here to complete the form.
Well done Pirates, even the bear market can’t stop you! 🏴☠️ A couple of days ago, Spectrum Finance released information about the Tokenomics & Launch of the $SPF token.
The total supply will be 1,000,000,000 $SPF tokens and a bit more of 75% will be distributed to the community. However, here we are testing the platform on Cardano (already live on Ergo).
The team mentioned that more than 2 million tokens (0,22%) will be allocated for Cardano Testnet participants. 🪂
Grab your Eternl wallet and execute some transactions to provide a quality feedback at the end. We never know the value of tokens we accrue now for the next cycle.
On to the next one 🖤
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