The Paycheck XPC token has launched on the Goerli Test Network and is now ready for users to begin testing the staking process. To be clear, a testnet is an iteration of a mainnet where users can experiment with test tokens before they venture out to use real tokens on the live network.

This process aims to teach users about the staking process and doubles to ensure everything works correctly within our network, platform, and applications. It also allows holders the opportunity to practice using our tools with test tokens, which serves as a perfect test simulation before engaging with real tokens and live applications.

Alright, let’s get started. First things first! You should set up your MetaMask wallet! If you don’t have a MetaMask wallet yet, then you need to visit www.metamask.io and follow the steps to set one up.

The MetaMask web application currently supports five browsers, Chrome, Firefox, Brave, Edge, and Opera. Choose your browser and begin the setup process. We recommend using a browser that you keep specifically for accessing crypto and DeFi web applications.

Download the MetaMask web wallet onto your preferred web browser. Then, follow the steps provided by MetaMask to complete the installation and setup process.

If you need help with setting up a MetaMask wallet, then we recommend checking out this helpful article from CoinDesk:

https://www.coindesk.com/learn/how-to-set-up-a-metamask-wallet/

Once you have your MetaMask wallet all set up and ready to go, it’s time to visit the Paycheck Beta Website:

https://beta.paycheck.io/

Great! You have arrived at our landing page. Click the “Connect Wallet” button to connect your MetaMask wallet to our website.

A pop-up will appear in your MetaMask wallet asking if you approve our website to connect to your wallet. Follow the prompts in your wallet. Click the “Next” button and then the “Confirm” button to complete the process.

Now your wallet is connected, and it’s time to grab some free XPC testnet tokens. Scroll down until you see the Faucet screen. The Faucet application gives users free testnet tokens. Press the “Visit Faucet” button to be taken to the Faucet application page.

Click the help text in blue writing to discover what you need to do to receive and use XPC testnet tokens.

You can see details here about connecting to the Goerli Test Network, Goerli ETH, and adding the Paycheck XPC and Paycheck Locked XPCL tokens to your MetaMask token list.

Open your MetaMask wallet and change your network to the Goerli Test Network. If it does not appear on your network list, then click the “Ethereum Mainnet” button and click show/hide test networks.

Tap the ON switch to show test networks in your MetaMask Wallet.

Now that you have switched to the Goerli Test Network, you will need to obtain some free Goerli ETH to pay for transaction fees.

You can find the link to the Goerli Faucet in the information pop-up window or you can follow the link here:

https://goerlifaucet.com

Currently, a free Alchemy account is required to receive free Goerli ETH. This process is in place to stop robots from spamming the Goerli Faucet.

Suppose you don’t want to proceed through the Goerli Faucet and Alchemy signup process, or you encounter errors claiming free Goerli ETH. In that case, a Paycheck team member or community member may be able to send some of their Goerli ETH directly to your wallet, affording you the ability to skip the Goerli Faucet and Alchemy signup process entirely.

Click the “Alchemy Login” button in the top right corner of the page.

After you click the button, you’ll see this screen. Click the “Signup” text.

Fill in the credentials and click the “Sign up” button. A verification email will be dispatched to you for confirmation.

After you verify the email, you will be met with this page. You can set any variables into the following fields. This project doesn’t require any specific credentials. The main focus is to choose the Ethereum chain.

Keep following the steps. This field is not important.

This field is important. Select the Ethereum chain.

Select the free plan option. You can choose a paid plan option if you want to support the developers.

Fill in your payment credentials if you chose a paid plan. Click “Skip for now” if you opted for the free version.

The final step is to let them know how you heard about Alchemy. Fill in your chosen text and click the “Let’s Build” button. It will then direct you back to the Goerli Faucet Page.

Congratulations, you have successfully completed the Alchemy signup process! Now it’s time to request your free Goerli ETH!

Copy your MetaMask wallet address and place it into the wallet field. Then, click the “Send Me ETH” button to request 0.25 Goerli ETH.

Awesome! You now have some Goerli ETH to pay for transaction fees!

Now return to the Paycheck Faucet. You are almost ready to claim your free daily 5,000 XPC tokens.

Before requesting your free XPC tokens, you need to add the XPC token to your wallet list. Likewise, if you also plan to test the Lock application, you will need to add the XPCL token to your wallet list.

Here are the contracts:

Paycheck XPC 0x57860ab7Ac1dd6605dd73d5a9d559DC187363fF3

Paycheck Locked XPCL 0xC1413cfF8F7814A4D24565f2B26303A59AC265Fa

Now, click the “Import tokens” text at the bottom of your wallet.

Copy the Paycheck XPC contract address and enter it into the “Token Contract Address” field in your MetaMask wallet. Then click the “Add Custom Token Button” followed by the “Import Token” button. This process will add the XPC token to your wallet list.

You have successfully added XPC to your wallet list. If you plan to test the Lock application, then you can follow the same steps to add XPCL to your wallet by using the Paycheck Locked XPCL contract address.

Now it’s time to request your free XPC testnet tokens. Copy your MetaMask wallet address and paste it into the Faucet “Wallet address” field. Then enter the amount of test XPC testnet tokens you would like to obtain. Just remember that the request limit is 5,000 tokens per day. Fill out the fields and click the “Submit” button.

You’ll receive a pop-up message from MetaMask. Click the Confirm button to accept the XPC testnet token donation from the Faucet application.

The XPC testnet tokens you requested have successfully been transferred to your wallet. In this example, the maximum of 5,000 tokens was requested.

Now, let’s head back to the Paycheck Beta Website and scroll down to the Stake application. Enter the number of XPC tokens you want to stake in the “Enter amount” field. In this example, it will be 2,000 tokens.

Click the “Stake” button to proceed. You’ll receive two pop-up messages from MetaMask. Click the Confirm button on each pop-up message to first, allow the Stake application to interact with your wallet, and second, confirm the Stake transaction.

After the transaction processes, you will receive confirmation in the Stake application that your stake has been successfully completed.

You can view your active Stake deposits in the “Unstake” tab. To unstake a transaction, click the “Unstake” button and follow the confirmation prompts in your MetaMask wallet. It is recommended to hold each stake for at least 90 days to avoid any early withdrawal penalty fees.

Returning the next day, we can see that rewards have been generated! Awesome! Let’s claim the rewards!

Click the “Claim” button in the Stake application. Then, click the “Confirm” button in your MetaMask to confirm the transaction.

Congratulations! You have successfully claimed your rewards! Check back tomorrow for more rewards!

So, that’s it! It’s a relatively simple process from start to finish! As always, if you have any questions or need help, feel free to access our Discord and Telegram servers for free live assistance!

Happy staking and we will catch you in the next one!

The protocol is currently connected to the QuickSwap Testnet, but eventually the idea is that this is going to get connected with DEXs / AMMs on Polygon, Binance Smart Chain, Ethereum to start with and gradually expand to other networks.

Please Go to the EasyFi App for the Electric Testnet: https://app.easyfi.network/

There are two Tabs on this screen:

• Pools — The various asset pools available on Electric to conduct a margin trade

• My Positions — All your current closed or open margin positions will be reflected there with real-time calculation of your Margin trades and the effective P&L based on current asset price on the DEX.

Please note: We are connected to QuickSwapDEX Testnet and hence the prices will not be fluctuating too much. You will also need to learn about the xUSDC asset — you can obtain it using the Faucet Link provided on the screen.

#1: Connecting Your Wallet to Electric Testnet

Asset Pools Page with list of assets available to Trade

Connect your Metamask wallet to the Electric App. Ensure that you are on Mumbai Testnet.

Learn how to add Mumbai Testnet RPC Network to your Metamask wallet here: https://docs.polygon.technology/docs/develop/metamask/config-polygon-on-metamask/

You will be starting on the Pools page.

#2: Adding xUSDC from Faucet

The Testnet version of Electric has one asset to test on called xUSDC. Click on “Faucet” shown on the top right of the Pool page.

Obtaining xUSDC from EasyFi Faucet

On clicking the Faucet link, you will be asked for adding your Mumbai Testnet Wallet Address. Paste your wallet address in the space provided and “Send Request”.

Please note: These tokens have no value on any blockchain mainnet and are minted only for testing and experience purposes.

Requesting for xUSDC transfer from Faucet to your Mumbai Testnet Wallet

On successful transfer of xUSDC tokens you will be able to see it in the Wallet. You will be sent 100 xUSDC tokens to start your Margin Trades on Electric Testnet.

Successful Transfer of xUSDC

Click on the Import Tokens on Metamask and Add the xUSDC contract on Polygon Mumbai Testnet: 0x5D61549Df3eD548227F797208A0aE01453b4666d.

100 xUSDC tokens will be transferred to your Mumbai Testnet Wallet

Once this part is through you are ready to begin testing the Margin trading process on Electric Testnet.

#3: Supplying Assets to the Liquidity Pool

To get started on Electric, the user needs to “Deposit” an asset as collateral to the pool of assets shown here — in this case its xUSDC of course.

Start by Depositing an Asset on the xUSDC pool

This is when the user will be asked to deposit collateral to the pool shown. This is the screen where the user may seek leverage between 2x to 5x for the deposit. In this case we have selected the highest leverage i.e., 5x.

So, on a deposit of 10 xUSDC the 5x Leverage is ~ 40 xUSDC

Adding Asset amount and Loan details in Leverage

On clicking Deposit the process of blockchain based approval and confirmation will be done.

Deposit Approval for Asset

Confirming Asset Deposit on 5x Leverage

#4: Opening new margin positions & a Trade

Once the asset is deposited in the pool, the Margin and Trade options will be activated for the user. You can open multiple Margin Positions for different trades using xUSDC.

Trade & margin adjustment options are activated

Click on Trade on the above screen. It leads to the screen below (Figure 11) that will create the pair that you intend to trade on QuickSwapDEX (Testnet).

Select the Input token and the Output Token to create the margin trading pair.

Selecting the Input & Output tokens to create the Margin Trading Pair

Enter the Input token amount — here xUSDC — to receive the amount of xETH as output tokens as shown in Figure 12.

Click on Trade and Confirm the transaction on the blockchain.

Getting ready to trade

Trade transaction Confirmation on Blockchain

#5: Checking Your Trade Positions

We move to the next tab on the screen that displays all the trade postions currently live and closed by the user. This page allows you to close any position you have based on your plan for Profits / loss strategy.

Checking Your Trade Positions

#6: Closing your Position

On Clicking the Close Position Button, the system calculates your Profit & Loss (P & L) and the Value of the profit or loss in USD.

Closing the Margin Position on AMM

Final Closing Position confirmation on the Blockchain

#7: Verifying Transactions on Polygon Mumbai Testnet

You can check & verify the above transactions on Mumbai Testnet for Creating Position & Closing Position.

Margin Trading Transactions on Polygon Mumbai Testnet Blockchain

About EasyFi Electric

Electric is a decentralized, permissionless, scalable, secure, leverage trading platform, from EasyFi, that enables traders to take out short-term loans to trade margin positions from publicly sourced liquidity from different AMMs / decentralized exchanges.

Litepaper: https://bit.ly/EasyFi-Electric-Litepaper

About EasyFi

EasyFi Network is a universal layer-2 multi-chain money market protocol for digital assets with focus on liquidity sourcing & capital efficiency for structured lending in a non-custodial manner. The Protocol is currently live on Polygon, Binance Smart Chain and Ethereum.