The time has finally come. Today we’re releasing Ion Protocol’s testnet to the public—it’s time to reveal what we’ve been working on behind the scenes.
Here’s a timeline of what’s to come:
Below we’ll share how to use the testnet and an overview of the different features we’re going to market with, but first, a summary of who we are.
Ion Protocol is a lending and borrowing platform built specifically to support staked and restaked assets. Our vision is to create a unified market to empower stakers’ and restakers’ collateral as the de-facto store of value in DeFi. We aim to provide our users with the best platform available to earn with their LSTs and restaking positions.
When you first arrive to the webapp, you’ll connect your wallet and switch networks to Ion Protocol Testnet.
Then go to the Borrow page to mint your testnet tokens.
Upon entering Ion Protocol, you can access up to three products: Lend, Earn, and Borrow.
In Ion Protocol, everything begins with ETH liquidity. By depositing and supplying ETH or WETH, lenders earn the yield from borrowing activities. When the staking yield increases or when we introduce new markets with higher-yielding collaterals, the interest paid from those markets gets passed on to lenders.
Steps to Lend:
When you first open the Borrowing page you’ll find market-specific data. This data tells you more about the state of the borrow market that you’re interacting with, including details like the max LTV, total borrowed, and the net borrow APR.
Scrolling down you’ll find the position creation dashboard. The first tab is the Earn tab. At the launch of testnet, you can Earn with wstETH, ETHx, and swETH. In the Earn tab, you can leverage loop your collateral to compound your staking yield. Ion’s market parameterizations are collateral-specific, which means each market has its own interest rate curve, LTV, and estimated staking yield. Choose what’s right for you!
Steps to Earn:
To maximize capital efficiency and ease of use, we’ve implemented flash loan-based strategies. All you have to do is select your desired max slippage and adjust the slider to indicate how much you’d like to multiply your collateral and the staking yield. Below the position creation module, you’ll find basic and advanced information regarding the position creation, the market, and your wallet.
Under the leverage tab, you can increase your position size by using the leverage slider. Under the deleverage tab you can reduce your position by using the leverage slider. Under both tabs, you’ll find the same information as you did under the Earn tab.
Steps to Add Leverage:
Steps to Deleverage:
The Borrow tab is very similar to the Earn tab, however, you’ll notice there is no leverage slider and max slippage input. In the Borrow tab, you’ll be able to borrow ETH against wstETH, ETHx, and swETH in the most capital-efficient markets available for these collateral types.
Steps to Borrow:
In a previous article, The Vision Behind Ion Protocol, we went deep into how we made this all possible. Now it’s time for you to experience firsthand the product behind the vision. Here are some steps you should follow:
Looking forward to hearing all of your feedback!