Liqwid Lend/Borrow Markets Testnet Launch

Cardano's first algorithmic money markets are live on preview testnet! (LQ governance token rewards for use, check Discord!)

We’re thrilled to open our preview testnet app to the public, launch time now! Our core dev team has built relentlessly for 1.5 years to achieve this development milestone and we are excited to begin receiving feedback from our community and users. To all the Cardano and Liqwid early testers who try out the app and provide feedback to help us improve the app UI/X ahead of mainnet launch, we thank you. Your critical role in helping us identify improvements and optimizations is greatly appreciated. Special thanks to the Liqwid Community Managers and Cardano SPOs who helped in the “friends and family” phase of initial testing, we are here thanks to your efforts! Give it a go: https://lq-app-market-testnet-launch-deploy.netlify.app/

Liqwid public testnet includes the following features:

Support for Nami, Flint and Gero wallets

Lend ADA to the Cardano Market and mint qADA (interest accrual starts here)

Borrow ADA against your qADA collateral at the market rate

Light/Dark mode

Low transaction fees to lend and borrow

The following are upcoming integrations and features (in the order they’ll be shipped):

LiqwidDAO governance portal (on-chain voting, delegation, etc.)

Oracle price feeds integration (ADA price feed in current app is hardcoded at $0.50)

Liquidation system integration (current app does not have liquidations)

Lode wallet support

Run a Batcher node (open-source tooling)

*Oracle and liquidation contracts are completed, devs are wiring these into liqwid-offchain (on-chain integration is done).

Please send us your testing feedback at https://forms.gle/LkZJXLxRzbwpQXTdA

LIQWID TESTNET USER GUIDE

Before Testing

- Install the latest Nami/Flint/Gero wallet Chrome/chromium extension

- Create a new wallet if necessary and once you are done you can click the avatar in the top right to access the wallet’s menu

- Switch to the “Preview” network under Settings→Network

- Fund your Preview testnet wallet using the Cardano faucet at https://docs.cardano.org/cardano-testnet/tools/faucet

- In the wallet menu click on “Collateral” and add collateral (requirement to interact with Cardano dApps)

Testing

1. Access the app at https://lq-app-market-testnet-launch-deploy.netlify.app/ click on “Connect Wallet” and select one.

*Be sure you have completed the wallet collateral setup step as described in the section above.

2. Supply and Borrow from the Cardano Market

Click on the asset icon in the Supply or Borrow Markets column for the Market you want to interact with. Supply Markets actions include Supply (i.e., lend) and Withdraw, the Borrow Markets actions include Borrow (against supplied ADA) and Repay.

*You must enter some qADA collateral amount before you can Borrow ADA

*Since this is a recently bootstrapped market, max borrow is currently 35 ADA until there is more supply and batching cycles (as more tADA is supplied it will get divided among the 4 demand UTXOs). For our testnet the Batching system is set to automatically process the latest transactions every 500 seconds.

The minADA represents an amount can’t spend below for ADA markets. For the Supply UTXOs minADA is set to 0 meaning you can supply and repay any amount as these actions have no minimum. There is a floating minADA for demand UTXOs so borrow and withdraw actions will incur some minimum ADA amount per UTXO.

We are working on an updated API for off-chain so that the minAda amount can be subtracted from the reported values in the demandActions field of ActionUTXOInfo.

Have you encountered any errors/issues?

Please follow these quick steps to help us quickly diagnose and fix this issue!

- Right click and choose Inspect to open the developer tools, select the console tab

- Copy/paste the error from the console tab

- All issues should be reported here: https://forms.gle/LkZJXLxRzbwpQXTdA

Technical Infrastructure Stack

Liqwid has built and maintains multiple Plutus/Plutarch smart contract testing and tooling libraries we use extensively throughout the app. A few of these include liqwid-plutarch-extra, liqwid-script-export, plutarch-context-builder, plutarch-quickcheck and plutarch-units. At the wallet infrastructure level we make use of Cardano-transaction-library. CTL is a Purescript library for building smart contract transactions on Cardano built by MLabs.

Ogmios and Ogmios Datum Cache round out our current off-chain infrastructure used for websocket connection and querying the chain.

*The dependency chain here goes Liqwid ---> CTL ---> Ogmios/ODC.

*Ogmios is deprecating some functionality CTL requires and the near-term plan is to move to a chain indexer (CTL support for Blockfrost is in development).

The batching system is also purpose built for the Liqwid money markets and is a fundamental component of the protocol’s ability to scale while still prioritizing decentralization. We look forward to sharing more technical details here leading up to mainnet launch. We also plan to open up our tooling for the community to start running batchers and processing Liqwid Supply and Demand transactions in the lead up to launch. 🚀