Test the 1KX Protocol and Board the Hybrid DeFi Train.
This is a user’s guide for the 1KX protocol, which offers a Monolithic Decentralized Exchange + Automated Market Maker + Money Market + 0 slippage Perps Trading + Algo-stable Coin. It is a Hybrid Decentralized Finance Protocol on zkSync.
The 1KX protocol is still in the development stage and will see numerous changes and advancements. This testnet is not intended for Airdrop hunters and is only active on the zkSync testnet. Learn how to use the 1KX protocol with this guide, and when it launches on the mainnet, you’ll be able to make money as a liquidity pool provider via three different ways: fees for Borrowers, Swaps, and Perpetual Trading.
How to use the 1KX protocol
2. Add the zkSync testnet to your metamask wallet
Network Name: zkSync alpha testnet
New RPC URL: https://zksync2-testnet.zksync.dev
Chain ID: 280
Currency Symbol: ETH
3. On the 1KX home page, click Connect wallet at the top right corner and connect your metamask wallet.
4. Request for Test Tokens by clicking the Test Token icon. Your test tokens will be automatically airdropped to your wallet.
5. Once the test tokens are in your wallet, you can view them by hovering your mouse icon to your wallet on the 1KX home page as seen below.
6. You may now start trading, lending, and borrowing. Not all tokens are supported by the protocol, and not all functionality, such as the features for perp trading, earning, managing a portfolio, and statistics, are operational.
How to make swaps
- On the Trade page, remain on the swap option. Choose an asset you want to swap like $LINK and select an asset you intend to swap to like $BTC and click the swap button as seen below.
2. Clicking swap will initiate a transaction in your metamask wallet you need to approve as seen below for the transaction to be successful. The approval in your wallet is done twice for each transaction. Once this is done, you’ll get a success approval as seen below.
You have completed your first successful DeFi activity on the 1KX protocol.
How to deposit your assets to a pool
Remember as stated early that you can earn via depositing your tokens to pools. Here’s how to make a deposit:
- Visit https://beta.1kx.exchange/pools
- Click on deposit as seen below.
3. Select the asset you want to deposit/ add liquidity for. You’ll receive liquidity pool tokens in return for making your token deposit. Note that you can’t deposit an amount more that your balance for that asset.
4. Clicking Add Liquidity will initiate a transaction in the metamask wallet you need to approve as seen below for the transaction to be successful. The approval in your wallet is done twice for each transaction. Once this is done, you’ll get a success approval as seen below.
How to remove liquidity
- You can remove your asset from the liquidity pool by simply clicking on “Remove Liquidity” on the same pools page instead of “Add Liquidity.”
- Input the desired amount of your asset you want to remove from that pool and approve the transaction in your wallet.
- You can increase or decrease your liquidity provided by simply clicking on the +/- sign on the pool you have already added liquidity to as seen below.
4. Don’t forget to approve your transactions in your metamask wallet. Every successful transaction comes with a success pop-up on the screen.
Do well to join the 1KX community and stay up-to-date with developments while giving your feedback and suggestions. Together we can do more as a community!!!
Website: https://beta.1kx.exchange/
Discord: https://t.co/AH3HeMfEWd
Twitter: https://twitter.com/1kxprotocol
Gitbook: https://1kx.gitbook.io/
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✌Thanks for reading!!!
