Strips announces the launch of the testnet and releases a user guide

Source: Planet Daily

Happy New Year! To celebrate the start of 2022, we are about to launch the public testing of Strips! We are excited to showcase Strips' amazing new UI and introduce some features and updates that have been deployed on the page.

Strips Finance is the next-generation fixed income platform for global investors. From interest rate trading to bond trading, we are building the infrastructure for DeFi 2.0. Strips Finance will become the world's first decentralized interest rate derivatives exchange.

Strips is currently only available on the Arbitrum testnet:

Network Name: Arbitrum Testnet

New RPC URL: https://data-seed-prebsc-1-s1.binance.org:8545

ChainID: 421611

Symbol: ETH

Block Explorer URL: https://explorer.binance.org/smart-testnet

Features and Updates:

• Users can stake STRP-USDC LP as collateral in the liquidity pool

• Trade and stake STRP to earn rewards

• Real-time reward acquisition

• Real-time addition or withdrawal of collateral

• Staking can earn higher trading rewards (up to 200%)

• Historical APY chart

• Improved liquidation engine

• Can dynamically calculate the average entry price of trades

• Optimize gas fees to reduce transaction costs

Getting Started

Cross-chain ETH to Arbitrum Testnet

Get free ETH:

• a. Go to https://faucet.rinkeby.io/ and follow the instructions to receive ETH on the Rinkeby testnet

Cross-chain ETH from the Rinkeby testnet to Layer 2's Arbitrum testnet

a. Go to https://bridge.arbitrum.io/

Note: Switch to the Rinkeby Ethereum testnet

• b. Enter the amount of ETH you want to cross-chain to the Arbitrum testnet and click Deposit.

Link to Strips

• Go to https://app.strips.finance to connect your Metamask wallet

• Follow the prompts from Metamask to switch to the Arbitrum testnet network

Get testnet SUSD and SLP from the mint page

Note: To learn what Sushi's LP is, please click here for more information.

How to Trade

• Select Market

• Choose Default Leverage (up to 10x leverage)

• Enter Position Size

Choose Long or Short

• 1. Long: You believe the fixed rate will rise 2. Short: You believe the fixed rate will fall

• Confirm your trade on the pop-up page Note: If your slippage is too high, you may need to increase your maximum slippage

• Confirm the two transactions in your Metamask wallet

Table:

• Blue Line: The blue line represents the floating rate

• Orange Line: The orange line represents the market fixed rate

Open Position

After placing your order successfully, your open positions will be displayed at the bottom.

Note: If you do not see your position, please refresh the page.

• Market rate: Current fixed rate price

• Floating rate: Current floating rate (for the funding provider)

• Notional: The position opened

• Side: Long or Short

• Avg. Entry Price: Average entry price of the position

• Margin ratio: Current margin ratio of the position (below 3.5% will automatically trigger liquidation)

• Unrealised Pnl: Current unrealised profit and loss of the position

Staking Tutorial

• Click DEPOSIT to select the market

• Enter the amount of Sushi LP (SLP) tokens you want to stake

• Confirm the deposit in Metamask (if it's your first deposit, you may need to confirm twice)

What’s Next?

We are about to hold a trading competition.

This event will distribute rewards of $100,000.

Each participant has the chance to share the rewards, and if you want to get ahead in the competition, you can experience and practice on the public testnet before the event starts!