Built on a Liquity V1 fork, CNYT inherits its secure and efficient design while optimizing ETH/CNY pricing and risk controls. The testnet invites everyone to get hands-on, provide feedback, and potentially earn airdrop rewards for early participation.

CNYT Core Mechanism

Collateralize ETH to borrow CNYT (minimum 110% collateral ratio), maintained via oracles for peg stability.

Key Features (see Whitepaper v1.0 for details):

• Non-Custodial: Fully automated smart contracts—users retain full control of their funds.

• No Governance: Parameters are fixed post-deployment; no one can alter them.

• Stability: Dynamic fees, liquidations, and redemptions ensure 1 CNYT ≈ 1 CNY.

Main Functions:

• Vaults: Deposit ETH to borrow CNYT; automatic liquidation for low collateral.

• Stability Pool: Deposit CNYT to earn ETH and JIAOZI rewards.

• Redemption: Swap CNYT for equivalent ETH, with fees adjusted based on market conditions.

• Oracle: Dual-oracle verification for ETH/CNY prices, with built-in safety buffers.

JIAOZI Incentive Token

JIAOZI has a total supply of 100 million tokens, designed to bootstrap liquidity. It captures fees from borrowing and redemptions, distributing them to stakers. Allocation highlights:

• 32% to pool depositors and frontend users.

• 12% for bounties, events, and early user airdrops.

• Additional rewards for CNYT/ETH liquidity providers.

The testnet simulates real mainnet scenarios to help us refine the live deployment.

Get Started: Interact and Test

Testnet URL: https://test.jiaozi.finance

Use a faucet to claim Sepolia ETH (e.g., Sepolia Faucet), and dive right in. Your interactions will help us debug oracles and liquidations.

Below is a beginner's guide.

Getting Started Guide: CNYT Sepolia Testnet

Connect your wallet like MetaMask to the Sepolia network. Claim test ETH from a faucet—it's all for simulation only!

Preparation

• Switch your wallet to Sepolia (RPC: https://rpc.sepolia.org, Chain ID: 11155111).

• Claim ETH: Use the Sepolia Faucet.

• Open test.jiaozi.finance and connect your wallet.

Step 1: Open a Vault and Borrow CNYT

• Click "Open Trove".

• Enter ETH deposit amount (e.g., 1 ETH) and CNYT borrow amount (collateral ≥ 110%).

• Review the fee (approx. 0.5%).

• Confirm the transaction.

• Success! You'll receive CNYT—check your collateral ratio on the dashboard.

Step 2: Deposit into the Stability Pool to Earn Rewards

• Click "Deposit".

• Enter CNYT deposit amount.

• Approve and confirm.

• Once deposited, claim ETH and JIAOZI rewards. (New interactions in the "Stability Pool" allow claiming rewards; you can also click "Adjust" to modify deposits and refresh.)

Step 3: Adjust or Close Your Vault

• Click "Adjust": Modify collateral or debt.

• Click "Close Trove": Repay CNYT and withdraw ETH.

• Redemption: Click "Risky Troves" to swap for ETH and test the peg (optional).

Step 4: Stake JIAOZI

• When test JIAOZI is available, click "Start Staking".

• Deposit JIAOZI to earn yields.

Step 5: Add to UNIPOOL (ETH/CNYT LP)

• Go to Uniswap and select testnet mode in settings.

• Choose V2.

• Add liquidity to the CNYT/ETH pool with any amount.

• CNYT Address: 0x712a83ee33554880e4ea53f4883e1fef55d327a4

  

• Visit lp-rewards to stake your LP Token.

• LP Token: 0x57a91d43D4b5CEA8d4c532e82A80e70918fcb016

• Claim LP staking rewards.

Next Steps: Mainnet Incoming

From testnet to mainnet, we're prioritizing community feedback. Check the official site jiaozi.finance for updates, join Discord/Telegram to share ideas, and dive deep into the whitepaper for technical details.

Start testing today—early birds get the surprises. Let's build CNYT together!