Ultimate Guide for Huobi Eco Chain Testnet
Welcome to our Step-by-Step Guide to test Beyondfi on HECO’s Testnet. The purpose of this guide is for you to follow each step and complete the test.
Before we begin, we are going to summarize key dates and facts.
- You have 48 hours to test.
- The testlink will only be provided to the WHITELISTED APPLICANTS in a SEPARATE channel.
- All applications after Jan 5th are not accepted.
- Addresses from the same IP are excluded
- Whitelist Applicants will be publicly notified and reached out by the team. (Check your email, Telegram DMs and Discord)
- Test Huobi Tokens and Test ETH tokens will be sent to the applicants
- There will be a feedback survey and you must complete it to receive the rewards.
8. Capture a screenshot of your full list of assets (in the left-side menu bar of Beyond DEX platform), along with your Metamask address.
We will verify whether you have successfully completed the process.
Let’s begin.
ⓐ Preparation
- Metamask wallet
- Add HECO Testnet to your Metamask wallet
** Detailed guide on adding HECO Testnet to your wallet: HERE.** - Kovan Testnet on your Metamask
This is to send you the Test BYN token and Test ETH to your Ethereum Kovan Testnet Address
* Note: If you do not see Kovan Testnet on your Metamask wallet, go to :
4. Add xBYN tokens to the Kovan wallet
xBYN token can be imported from following contract address:
0x4cfa63923a1f151659698bebda617061accaa91e
5. If you have followed above promptly, you should be able to see :
HECO TESTNET — 0.1 HT
KOVAN TESTNET — 0.03 eth & 20000xBYN
on your Metamask wallet.
If you do not see these assets on your wallets, please contact our community manager via Discord.
ⓑ What should I test?
ⓒ How to test
1. Go to Beyondfi HECO testnet: HERE
2. Select your Metamask wallet network to Kovan testnet.
3. Create a Beyondfi Wallet on the testnet.
(This wallet is ONLY for the HECO testnet)
* Please save the wallet address via the copy button and save it in a separate place.
4. Log into Beyondfi HECO testnet again.
5. Now, go to “Bridge” section in Beyondfi HECO testnet.
6. Type in the amount of BYN you want to convert to HECO network and click Transfer.
*IMPORTANT NOTE: When you type in the BYN amount, add 18 digits of zero(”0”) at the end, given the BYN amount is calculated in wei unit basis.
*IMPORTANT NOTE#2: You might need to edit the gas fee level in the Metamask. When making a signature, click “Edit” and change the gas fee to an appropriate level.
*Note#3: If the transaction gets rejected due to the gas fee, please re-adjust the fee amount and continue to transfer until it is approved.
7. Select HECO testnet on your Metamask wallet
8. Transfer HT to Beyondfi Wallet.
A) Copy your Beyondfi wallet address (shown on the left side; as shown on the above image).
B) Go to your Metamask wallet and click SEND. Then, paste your Beyondfi wallet address.
C) Now, you will be able to see HT under the Asset list.
9. Go to “Stake” section on the top of the menu bar.
10. Then, press “Get hBYN”.
Here, put the amount of HT token you would like to swap to hBYN. Then, press GET hBYN button
*Note: Now, you will be able to see hBYN on the Asset list.
11. Now, Go to the “Invest” section. You can Swap hBYN to hUSDb
Here, put the amount of hBYN token you would like to swap to hUSDb.
Then press confirm button.
Detail info on the section : Here, you stake your hBYN to mint hUSDb (basic underlying synthetic asset, which tracks the price of US Dollar). With the hUSDb, you can trade various synthetic asset tokens provided in Beyond DEX.
Moreover, in return for staking, you get staking rewards and trading fees.
The value of minted hUSDb is around 33% of the value of staked hBYN (Collaterization ratio = 300%). In other words, 300% worth of BYN is required to have enough assets backing up the newly minted synthetic token in the system.
Example: If you staked 300 BYN(when BYN is $1) , you get $100 bUSDb.
12. Now, Go to “Trade” Section
In this section, you can trade various synthetic assets with hUSDb. This is the part where you trade to generate profit.
13. Final check
After you successfully complete all the above steps, please capture a screenshot of your full list of assets (in the left-side menu bar of the Beyond DEX platform), along with your Metamask address. We will verify whether you have successfully completed the process.
Since the testnet is going to be open for 48 hours and only contains major features on Beyond DEX, please note that the Reward, Redeem and Transfer function is not available in the current testnet version. Stay tuned for HECO mainnet which will include all features and broader-base synthetic assets for trading.
About Beyondfi
Beyond is a decentralized synthetic product trading platform where users can create and trade synthetic financial products, unlocking the full potential of decentralized finance and derivatives without limits. With prominent key partners including Huobi Ventures, Spark Digital Capital, and OKex Block Dream Fund, Beyond Finance allows users to trade decentralized products without any restrictions, allowing individuals to reach their fullest to fully realize the value of Decentralized Finance.
