Days ago we launched Egoras Interest-free Crypto-loans on public testnet for the Binance Chain network. Egoras would be airdropping EGC to users who join the testnet.
Here’s all you need to know about this development and a step-by-step process to use the testnet:
What are Egoras Interest-free Crypto loans?
Egoras Interest-free crypto loan is a lending protocol that allows Egoras token holders to stake their cryptos to be used as interest-free loans to borrowers. In return, they earn attractive Annual Percentage Yield (APY) paid weekly.
The protocol equally loans interest-free eUSD to users in exchange for crypto collaterals.
What is the testnet?
The testnet is a test environment for Binance test coin on Binance Smart Chain (BSC) Remote Procedure Call (RPC). To use the testnet, follow these steps:
- Set up your RPC
2. Create a Metamask wallet account for Binance Smart Chain.
Metamask works as an extension for Chrome, Safari or Brave. If you already have a meta mask wallet, you can skip this step.
- Connect your Metamask with Binance Smart Chain
Add a Network to your Metamask wallet:
Fill in the required information in the boxes and click on save
Use these testnet credentials to add a network:
Network name: Binance Smart Chain
New RPC URL: Use either one of these BSC RPC endpoints:
- Chain ID: Use 0x61 or 97 in decimal (if 97 doesn’t work, try 0x61)
- Currency Symbol: Use BNB
Claim some testnet token to your account
- Click on your address to copy it from Metamask
- Go to faucet page: https://testnet.binance.org/faucet-smart then paste your address in the box and click on [Give me BNB]. Please note that you cannot claim more than 1 BNB every 24hours.
After funding is sent, you will see an increase of your balance of your test Metamask.
Collaterize your test BNB on Egoras
Once you’ve claimed BNB, go to https://crypto.egoras.com/ and follow these steps to collaterize your test BNB.
Click on [Launch app] button to launch into the testnet
Connect your Metamask wallet by clicking on [Connect Wallet] and selecting [Metamask]
Once in, the test BNB balance should reflect on the app.
Enter the value of BNB you want to collaterize (e.g. 0.5 BNB) and a relative value of EUSD to be generated for it (e.g 50 EUSD). Pay attention to the Max amount of EUSD that can be generated. If the EUSD value fits, all indicators would be in “green’ colour.
Click on [Generate] to collateralize your BNB
Confirm collateralization on your Metamask. This should apply in a pop-up window:
Once confirmed, you can view your transaction details on the BscScan testnet. Simply click [View on bscscan] to view
Play around on the testnet and have fun! To give feedback on your test results as well as your opinions, please do so in our Telegram community.
Egoras microfinance protocol provides micro-credit to small entrepreneurs and enterprises who cannot take shelter of banks for banking and other services.