Introduction
For this guide, we're going to take a look at the Liqfinity testnet and learn how to use their platform to earn points for a potential future airdrop!
What is Liqfinity?
Liqfinity is a crypto platform offering risk-free borrowing, liquidity provision, and reward opportunities. Key features include no liquidation risk, 100% Loan-to-Value (LTV), no time limits on loans, and competitive rewards for liquidity providers. Sentinel AI secures loans with dynamic, market-based fee calculations, ensuring borrower control and rewarding liquidity providers through hourly fees. The platform's AI agent, QUANT AI, provides expert assistance and plans to automate tasks like loan management, market tracking, and programmable actions.
Step 1
First, we need to create a Liqfinity account: app.testnet.liqfinity.com/sign-up and login.
Step 2
Press the "Let's Rock!" button to enter the dashboard.
Once your in, you will notice that you've already been provided with $100,000 in testnet tokens, which means we can go ahead and start interacting with the testnet.
Step 3
First, let's borrow some USDT by using our testnet assets as collateral.
Let's start by using our LTC, so head over to the Borrow page and click "Borrow" for LTC.
When the pop-up appears, input any amount of USDT that you want to borrow using LTC, then press the "Borrow" button, then "Confirm".
Now borrow more USDT using the other tokens as collateral (ETH & BTC).
Step 4
Now we're going to provide our USDT as liquidity to earn rewards.
To do this we need to go to the Liquidity page and press the "Lock" button.
Input any amount of USDT from the available balance and press "Lock", then "Confirm".
The larger your share of the pool is, the larger your reward will be!
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.
I 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.