ETCH Market Staking Protocol Testnet Guide | PeakyClub

Hello, friends!

I had previously written an informative post about @EtchMarket.

Now, I will provide information about the #Ethscription Liquidity Protocol. We will be experiencing it on the #testnet network.

Before that, let me give you a bit of information about what it is and what it isn’t.

The design purpose of the Ethscription Liquidity Protocol is to provide the necessary liquidity for transactions of tokens issued by the Ethscription Protocol and to ensure the ecosystem operates healthily on its own by enabling liquidity providers to obtain benefits through a reasonable incentive mechanism. The Ethscription Liquidity Protocol consists of two parts: the Fusion Protocol and the Sharing Protocol.

Stake Your “Mint” Ethscriptions!

After minting Ethscriptions, when staked, 50% of the balance will be locked in the Vault, while the remaining 50% will be transferred to the Available balance. Ethscriptions locked in the Vault can potentially receive a share of the market fee and can be redeemed at any time.

View Locked Ethscriptions in the Vault!

Redeem Locked Ethscriptions in the Vault!

Users can only redeem their locked Ethscriptions in the Vault and need to make a payment only for the locked balance. Hence, the reservation of Ethscriptions is ensured securely and in a decentralized manner, eliminating the need to worry about the risk of staked Ethscriptions being stolen by hackers.

Staking Rewards!

On the etch.market platform, the service fee for Ethscriptions tokens will be reduced to 1%. An additional 1% service fee will be directed to the Vault Treasury, intended to reward token stakers. It’s important to note that the service fee generated by each token is distributed as a reward to the stakers of that specific token. This mechanism ensures that individuals staking a particular token are compensated with a portion of the fees generated from transactions involving that token.

Reward Swap Period!

30 day

Reward Calculation Rules!

Each Ethscription is locked for one day (24 hours) to earn a reward point (not etch.market platform points). There is a minimum of one reward point for less than one day.

Rewards = Service Fees * Reward Score / Total Reward Score

Split Protocol!

Available Balance!

Staking Ethscriptions results in obtaining an available balance.

Transferable Balance!

After Ethscription is split, available balance decreases while transferable balance increases.

Stake Your “Mint” Ethscriptions!

Split “Transferable” Ethscriptions!

After the split and confirmation, the “transferable” Ethscriptions can directly trade on the market.

Now it’s time to experience it. Let’s proceed with our transactions!

Sure, let’s head to the website from here.

https://goerli.etch.market

We’re connecting our wallet, and we’ll be on the Goerli testnet. Next, we navigate to the “Tokens” section at the top.

On the opened page, you’ll see tokens ready to be minted. We’ll mint any of these tokens by clicking on the one we want.

I’m minting ethx ERC-20.

We click on “ethscribe” in the top right corner and proceed to mint. You can mint as many as you want. I’ve minted 3–5 times.

After completing the minting process, we navigate to the “Marketplace” section from the top.

On the opened page, we click on the “My” section on the right side.

Here are the tokens we minted. We click on the three dots at the bottom right of each token and then press “Stake”.

We click on “Stake”.

At the place where we staked, there’s a “+split” option at the top right. We click on it.

I enter “500”, split, and then confirm the split.

I click on the three dots for the token I split into 500, then select “Burn”.

I return to the Marketplace section, find our token, and click on it to access its details.

When we reach the Vault section, we see the tokens we staked. I click on “Redeem” for one of them.

We click on “Redeem” and withdraw it back.

Lastly, I stake all the remaining tokens I have, keeping them in this state.

I navigate to the “Stake” section at the top and from the “Tokens” option on the top left, I find and select our own token, ERC-20 ETHX.

Here, you can see how much each person has staked. You can also find your own stake amount.

My view looks like this right now.

Currently, the number of users using the platform is very limited. Due to the simplicity and speed of transactions, I believe it could be beneficial for you to engage.

If they want to generate hype for the platform, they might consider offering rewards, including on the testnet, similar to other platforms like Ordinal Wallet. That’s why I wanted to be involved and tried to explain it to you.

Thank you for reading.

Originally published at https://mirror.xyz.