Testnet Guide
Getting Started with Palladium: A Feature Walkthrough
I. Prepare Yourself
Connect your Metamask using the Connect Wallet button on the app. If you are using Botanix Testnet for the first time, the app will try to add Botanix Testnet network details to your Metamask. If you have a different network selected in Metamask, the app will try to switch you to the Botanix Testnet.
Tip: For your safety, you should always review your Metamask prompts carefully before you approve them. If you don't understand what the app is trying to do, reject the request!
Alternatively, you can manually add the network details in your Metamask. Use the following specs:
Network Name: Botanix Testnet
RPC URL: rpc.ankr.com/botanix_testnet
Chain ID: 3636
Currency Symbol: BTC
Block Explorer URL: testnet.botanixscan.io
Once the wallet is connected successfully to the app, you can see your EVM address in the app.
Ensure you have sufficient testnet BTC to pay for gas fees. If you are a first-time Botanix user, review the link here to get some testnet BTC. There are various options listed, in our opinion, Mutinynet faucet + Botanix Bridge should get you the fastest.
II. Get some mock WBTC
BTC is rare, and well, testnet BTC is rarer! We don't want you to limit testing Palladium, so we allow you to mint PUSD with mock WBTC.
Find the "Get mock WBTC" button in the app sidebar. Click on the button and sign the transaction to get some mock WBTC.
Click on the WBTC icon in the top navigation bar to quickly import the mock WBTC to your Metamask. (Did you review what Metamask was prompting before you confirmed it? Remember, security first!)
III. Open Trove
Navigate to the "Mint PUSD" section from the sidebar.
Here, input the amount of WBTC you want to provide as collateral.
Once you input the above you will get to see the maximum PUSD you can mint. Select an amount that suits you. Note that Trove balance cannot be lower than 100 PUSD so you must input a value above 100 and below your maximum limit (on which your position will be liquidated).
Once you input the amount of PUSD you want to mint you can review the additional details of your Trove in the right side information panel.
Note that there is a liquidation reserve which is added to your Trove debt. Liquidation reserve is used if your position needs to be liquidated. Otherwise, the liquidation reserve is refunded in full when you close your Trove. You can also note that a one-time borrowing fee is charged in PUSD and added to your total debt.
Once you have reviewed the details you can click on the Open Trove button and sign the transaction.
Once the transaction is confirmed you will be redirected to the Trove Dashboard which will show real-time details of your position. Here you can keep an eye on your LTV and adjust your Trove if needed so you don't get liquidated.
Tip: Click on the PUSD icon in the top navigation bar to quickly import PUSD in your Metamask.
IV. Adjust Trove
Navigate to the "Mint PUSD" section in the sidebar. If you already have a Trove opened you will be automatically redirected to the Trove Dashboard where you can see your Trove's details and adjust your position.
You can use the "Mint" tab to mint more PUSD. In the same section, you can also provide more WBTC so your minting allowance is increased.
Just input the amount in the respective boxes and click on the "Update Trove" button.
Note that you can just deposit more WBTC to improve your trove’s health. You don't have to mint new PUSD if you only want to add collateral. Similarly, you may also just mint more PUSD without providing any extra collateral if your LTV permits that. You just have to leave one of the input box empty and the transaction will go through.
You can use the "Repay" tab to return the PUSD you have minted. By repaying PUSD you can improve your Trove's health and avoid liquidation. In the same section, you can also withdraw the collateral.
Just input the amount in the respective boxes and click on the "Update Trove" button.
Note that like the Mint section, both input boxes here also work independently. You can just repay your PUSD without withdrawing any collateral, or you can withdraw collateral without repaying your PUSD debt. Both fields are optional depending on your needs. Just keep an eye on your LTV and liquidation price when performing these actions.
Also, note that you cannot repay your debt such that Trove's debt balance would go below 100 PUSD. This is the minimum Trove debt required at all times. You can close the Trove to repay your debt in full.
V. Close Trove
Navigate to the "Mint PUSD" section in the sidebar. If you already have a Trove opened you will be automatically redirected to the Trove Dashboard where you can find the "Close Trove" tab.
Closing your Trove will completely close your position on Palladium. To close a Trove you must pay the entire debt in full and your wallet must hold the required balance. Liquidation reserve will be refunded and adjusted in your paid-in-full PUSD debt transaction. Full collateral will be sent to your address upon closing the Trove. Note that you must acquire the deficit PUSD (paid to the protocol in minting fee) externally. You can do this by minting PUSD from a different address or by acquiring it on a DEX.
To close the Trove, simply click on the Close Trove button and sign the transaction.
VI. Stake PUSD
Navigate to the "Stake PUSD" section in the sidebar.
Here you can stake PUSD which will be deposited to the stability pool of the protocol. The stability pool is the first line of defense used to remove bad debt from the system.
When a Trove LTV exceeds its threshold, anyone can liquidate the Trove. The Trove is liquidated using the funds deposited in the stability pool. Essentially the Trove debt is paid using the PUSD deposited in the stability pool and the PUSD in the stability pool is converted to the collateral asset. Plus the stability pool depositors get to keep the 10% liquidation penalty charged to the Trove owner.
You can claim your WBTC along with the surplus reward in the "Claim" tab of the Stake PUSD page.
You can also unstake your PUSD using the "Unstake" tab on the Stake PUSD page.
VII. Redeem PUSD
Redemptions are one of Palladium’s most unique and important protocol features. The redemption mechanism gives PUSD holders the ability to redeem the underlying collateral at face value at any time. Redemptions pay off the debt of the lowest collateral vaults, in return for their collateral.
Note that Redemptions are not the same as paying back your debt. To repay your loan, adjust your Trove on the Repay tab of the "Mint PUSD" page.
Ideally, you should use the Redeem PUSD feature if you don't have your own Trove.
To redeem your PUSD for $1 worth of collateral simply input the amount you want to redeem, click on the Redeem button, and sign the transaction.
Once the transaction is confirmed, the equivalent amount of collateral (minus the redemption fee) will be received in your wallet.
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