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Phezzan Protocol Rinkeby Testnet Walk-through
This is a detailed walk-through for those who are not that familiar with crypto or DeFi. If you are degen, please read our pinned Tweet. Phezzan Protocol testnet is not that different from other testnets.
Phezzan Protocol will be the first perpetual DEX on zkSync 2.0. Its testnet is live on Rinkeby, and will launch on zkSync 2.0 in July 2022.
The mission of Phezzan is to Democratize Perpetual Trading for All.
Derivatives trading constitutes a significant part of financial markets. Currently over 70% of crypto trading volume comes from perpetuals trading. Perpetual DEXs currently have less than 1% of that market share. In 5 years, with the development of NFT/SocialFi/GameFi, users' assets will be on-chain and trading on DEXs will be more convenient compared to trading on CEXs.
The main features of Phezzan Protocol Mainnet V1 will include:
a) Sub-second liquidation so Phezzan can support high leverage and volatile coins
b) Cheap fees and fast execution to onboard more retail users
c) Fair trade execution, less sandwich attacks
d) Multi-collateral support, including yield bearing assets
e) Web3 native popular tokens such as $APE and $GMT
f) Friendly UI/UX: mobile support, no complicated steps, etc
g) Build a community that’s not only for professional traders
Phezzan Protocol firstly launches its testnet on Rinkeby, Ethereum’s testnet. Then Phezzan Protocol testnet will launch on zkSync 2.0 in July 2022.
The Phezzan team recommends you to use a new address for testnet activities.
3.1 From MetaMask browser extension
Click MetaMask icon on browser extension, then click “Ethereum Mainnet”, then select “Rinkeby Test Network”from the dropdown menu.
If you don’t see Rinkeby from the dropdown menu, click your profile picture, open MetaMask setting, choose “Advanced”, then turn on “Show test networks”
3.2 From MetaMask Mobile
Open MetaMask app, click “Wallet” on top middle of your screen, then select “Rinkeby Test Network”
You will need some testnet ETH to pay for gas fees, which is cheaper (around 0.00005ETH per transaction on Rinkeby) than trading on ETH mainnet and 0.1 ETH can be used for a long time. Get testnet ETH at the following addresses:
They all have some kind of restrictions, please follow their requirements accordingly.
Connect your wallet to Phezzan testnet, click “Deposit”.
Then click “Claim USDC”.
You will get 100,000 USDC per time, there is no limit on how many times you can claim.
Before you can trade or provide liquidity, you need to deposit your aUST into Phezzan testnet.
You will see a prompt. Enter the amount you want to deposit. If this is the first time you deposit any amount, you need to click the “Approve” button first. After you approve the deposit, click the “Deposit” button on the prompt.
It’s similar for testnet token withdrawals.
On the left panel of testnet website, there is a list of coins that can be traded. Click on the coin you want to trade.
On the top right corner, you will see a form where you can submit your order. Currently, Phezzan testnet only support market order. Limit and stop orders will be supported later.
You can toggle “Long” and “Short” on the top, to select long or short order.
Below, you can enter the amount you want to trade. Alternatively, you can drag the “Buying Power” slider to choose the percentage of buying power you want to use.
Further below, you can select the maximum slippage you can accept. If your order fails to execute within your maximum slippage, your order will fail even though you still need to pay for gas fee.
Click “Confirm Long/Short” to submit your order.
Once your order is successfully executed, you can view your position in the bottom panel.
To close your position, simply click on the “Close Position” button in the bottom panel.
On the left panel of testnet website, toggle the “Pools” button. You will see a list of coins that you can provide liquidity to. Click on the coin you want to provide liquidity to.
On the right of the webpage, click on the “Add Liquidity” button.
In the pop-up prompt, you can select the amount of liquidity you want to provide. You can also select the price range and max slippage tolerance.
Click “Add Liquidity” button to confirm.
Once your order is successfully executed, you can view your LP position listed in the “Liquidity Positions” section.
The Phezzan team will try its best to answer every question and address every suggestion. However, if we are not able to handle all questions/suggestions due to volume, we may form a focus group. We will announce the details if we choose to form a focus group in the future.
SELECTED testnet participants will get Phezzan token airdropped at token launch. Specific details such as who/when/how/snapshot still undecided as of 2022/7/7. The Phezzan team will announce the details AFTER testnet closes, most likely at TGE. If you are participating Phezzan Protocol testnet for airdrop only, the Phezzan team will try our best to make you very disappointed.
The Phezzan team