Finally, the Olive v2 Testnet is here and in this guide, we’ll take you through the steps to explore the Olive v2 Testnet, providing a hands-on experience of it’s unique features.
You stand to grab a share of incentives as you participate! Participate in the GALXE campaign here https://galxe.com/olive/campaign/GCdrxUGiMD
Getting Started… Connecting Your Wallet:
Visit the Olive Testnet platform- https://www.oliveapp.finance/
Click on "Connect Wallet." and select your preferred wallet.
Input your invite code, which you can obtain by tweeting to @0xOlive or from the #Invite code channel in the Olive Finance Discord community. Join here if you haven’t- https://discord.com/invite/oxolive
After entering the code, click "Verify."
You’ll earn your first Olive Drops!
Minting Testnet Tokens
You will require Testnet ETH to perform this operation, you can acquire it from the Arbitrum Goerli Faucet- https://faucet.triangleplatform.com/arbitrum/goerli
Once you have Testnet ETH, go to Olive Testnet and click on 'FAUCET' to mint Testnet tokens.
You’re now prepared to explore Olive v2’s various features.
Olive v2 Vaults
Olive Finance's core concept revolves around vaults, each intricately linked to a specific strategy contract and a dedicated lending pool for borrowing purposes. Within these vaults, users can perform several actions:
Depositing Assets:
Visit the vaults page and make a deposit.
Observe the oTokens you earn based on your deposits.
Choose your desired leverage, while keeping an eye on the Health Factor.
Click "approve" to complete the transaction.
Pro tip: Click on 'Max' for a smooth experience while adjusting leverage.
Monitor your position, including important information like Health Factor and APY. Withdrawing from Vaults:
To withdraw, go to the withdrawal section and enter the oTokens amount for withdrawal.
Click "Withdraw" and pay the required gas fees to complete the transaction.
Managing Positions and Vault Health:
To maintain a healthy Health Factor and avoid liquidation, manage your leverage.
Visit the Manage tab, set your leverage through a simple drag, and click on the Leverage/Deleverage button.
Pay the necessary gas fees to confirm the changes.
Olive v2 Lending Pool
Olive's lending pools operate similarly to Aave's over-collateralized lending model. Here's how to navigate the lending pools:
Depositing Assets:
Click "LEND" to access Olive’s USDC pool.
Enter the desired amount of USDC, and you will see the corresponding atokens generated.
Click "approve," set your USDC limit, pay gas fees, and click "Deposit."
Withdrawing from the Lending Pool:
Go to the Withdraw tab, enter the balance you wish to withdraw.
Click "Withdraw" and confirm the gas fees. Your withdrawal is complete. Olive Drops Don’t forget to explore the Drops page, where you can track your Olive drops and get a glimpse of your investments.
Additionally, there are exciting activities to engage in.
Consider referring friends!
In conclusion, While you dive into the Olive v2 Testnet and experience it’s innovative DeFi features, feel free to share your thoughts and suggestions through the Testnet Feedback Form- https://docs.google.com/forms/d/e/1FAIpQLSfAxC7AHXKvydXkCL9k7zFSrkP-kWg3cLu95IdmVwbWTeP-sA/viewform.
There are exclusive rewards for Testnet users, with the quantity corresponding to the severity of reported bugs and awarded on a first-come basis. Stay tuned for updates and enhancements as Olive Finance continues to evolve!