Introduction
This guide explores the highly anticipated Monad testnet, providing insights into its features and functionality.
What is Monad?
Monad is a Layer 1 blockchain designed for high efficiency, offering 10,000 transactions per second (TPS), single-slot finality, and low hardware requirements while maintaining full EVM compatibility.
Key Innovations
- Optimistic Parallel Execution: Executes transactions in parallel using multiple virtual machines, predicting dependencies for optimal scheduling and merging results sequentially for accuracy and efficiency.
- Asynchronous Execution: Allows execution to start after consensus is reached, running parallel to the next block’s consensus to improve throughput.
- MonadBFT: A custom Byzantine Fault Tolerance (BFT) mechanism based on HotStuff, reducing communication phases from three to two. Its latency-aware design enhances performance by adapting to real network conditions.
- MonadDB: A specialized state database that optimizes Merkle Patricia Trie storage for high-performance parallel access. It reduces RAM usage by leveraging SSD storage, lowering costs and making the network accessible to consumer-grade hardware.
Step 1
First, head over to the monad.xyz testnet & connect your wallet.
Step 2
Now insert your wallet address to receive some tokens from faucet. If you have been active with your wallet, then you should already have some tokens available.
Step 3
Now when you scroll down you should see some tokens we can purchase using our MON test tokens. Buy a small amount of each.
Step 4
Now if we scroll down some more, we can see another task.
Press "Play Now".
Now press "Register and Play for free".
Step 5
Once you're in, you can head to the Shop page and scroll down to find the Daily Prize claim.
Step 6
Lastly, let's perform some swaps with our test tokens over at: kuru.io/swap
Step 7
We can also perform swaps using MON token over at swap.bean.exchange
Step 8
Next, go to the Liquidity tab & press Add Liquidity.
Press "Max" for the second token (USDC).
Then Enable USDC.
Then press "Supply".
Then "Confirm Supply".
Step 9
Now we should deploy a contract on Monad testnet using Owlto Finance
Select Monad testnet, then press "Deploy". Confirm transaction with wallet.
Step 10
Now head over to MagicEden and mint this free Overnads: Open Edition NFT!
Step 11
Next, head over to Curvance and connect wallet.
Now press the Faucet button.
Press Claim All to receive all test tokens.
If that doesnt work just claim each one individually.
If you press the Notifications icon, you can find some tasks to complete.
Deposit & Collateralize Assets
For this task, we just need to deposit assets. We can deposit the test tokens we just claimed.
Input any amount of WBTC, press Approve, then press Continue, then Confirm Deposit.
Borrow Assets
For the next task, press Borrow.
Input any amount, for this guide I will use 25%. Press Continue, then Borrow.
Repay
For the next task, we need to Repay the loan, but there may be a cooldown to use this feature.
Input any amount, press Approve, then Continue, then Repay.
Lend Assets
Now go to the Lend tab and press Lend on USDC.
Input any amount then press Approve, then Continue, then Lend.
Lock CVE
Next, we need to lock some CVE tokens. Input any amount and hit Approve, then press Create Lock.
Unlock CVE
Now we just need to unlock some CVE.
Find you locks and press Manage.
Now we want to press Unlock.
Releasing early incurs an 80% penalty, but we should do it anyway to complete the task.
Withdraw
Finally, perform a withdrawal of your WBTC.
Input any amount, press Continue, then Withdraw.
Step 12
Head back to testnet.monad.xyz and scroll down to explore a variety of DApps that support the MON token. It's recommended to interact with as many of these dapps as possible rather than spamming transactions within one dapp.
Outro
That's all for this guide!
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Disclaimer: This guide is provided strictly for educational purposes and should not be considered financial advice. The content is designed to offer insights into various web3 topics & projects.
We do not recommend putting real money into random projects without conducting plenty of your own research first. It is crucial to make informed decisions based on your own understanding and risk tolerance.