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Guide: How To Use DEX
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Standard Protocol DEX — Testnet Launch on Rinkeby & Shibuya Network. Come out and Play!
It is finally here! The most anticipated Standard Protocol MVP — DEX mainnet launch is coming in October.
🚀 Standard Protocol DEX: apps.standard.tech
📕 Introducing Standard Protocol DEX
Standard Protocol — first Multichain Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets, that will operate within Polkadot and other ecosystems is launching two most awaited products in October — Meter Stablecoin and DEX. Both will be launched on Shiden Network!
Prior to mainnet launch, Standard Protocol has just released testnet DEX, operating on Rinkeby and Shibuya for the time being. Come out and Play in our battleground testnet environment and check what unique functions Standard Protocol Team has prepared for the mainnet launch.
Why is Standard Protocol launching its own DEX and what is in store for users? When moon? When Lambo?Because of the upcoming Standard Protocol MeterUSD ($USM) Stablecoin Launch on Shiden Network.
Most of the time, a DEX is indeed representing the market itself. Having an in-built DEX means that, rather than giving all the power back to the invisible hand, the protocol will somehow be enabled with the capability to directly influence, usually in the form of farming rewards and other parameters adjustment, on how they want to grow their ecosystem.
Our DEX is one of the key gears in our stablecoin “machine”.
💎 What are in store for Standard Protocol users?
- Arbitrary trading during bearish market
- LP Farming — for the community to yield more STND tokens.
- Bounding for dividends — a new way to earn passive income.
Dividend Pool on Standard Protocol DEX
The Standard Protocol team took an unique approach when designing the stablecoin — Meter. Instead of putting the undervalued CDP for members-only auctions like MakerDAO, Standard liquidates assets directly to its DEX.
Such design not only allows full transparency to our community to swap for the recently liquidated collaterals but indeed also enables arbitrary, in this case, discounted assets, available to everyone publicly on DEX during a bearish market promptly.
But whats is even more exciting than arbitrary trading of liquidated assets, its the Dividend Pool — unique mechanics for Standard Protocol DEX.
🛠 Dividend Pool Mechanics
In our whitepaper V1, we’ve mentioned that Standard Protocol is a DAO, and owning STND — Governance Token — will yield passive income based on stability fees earned from collateral redemption.
The Dividends Pool collects a split of the 0.05% fee in LP tokens. Members who bonded STND for 30+ days will be able to withdraw those LP tokens as dividends rewards. We are indeed distributing that 0.05% translation fee to our fans and Standard Protocol Degens who share the same vision.
Since we are sharing earnings as it is (LP tokens), this should shield STND from most market-manipulative tactics that might be influenced by our DEX, and hence enabling a better DAO foundation for the future.
For the moment the team will be piloting a few selected LP to enable them with Dividends features, i.e. a portion of 0.05% of the transaction fee will go to Dividend for STND bonders. This will be the first experiment Standard will run on its MVP to maximize earnings to the Community, and we’re thrilled to see how these mechanics will achieve in the coming months.
👩💻 Experience with the Standard Protocol DEX
Now, you can play around with the DEX, some scenarios for example:
- User pools WETH / DAI
- Start accruing fees from LP
- Can stake WETH / DAI into the farm and starts to accrue STND tokens
- The user receives rewards in STND from farming and can put this STND to bond on dividends pools
- From bonding STND with 30+ days timelock, on dividend pool, user accrues rewards in LP tokens of whitelisted pools.
- Unpool claimed LP rewards share and “split” the LP to WETH and DAI, can Sell WETH + DAI to buy more STND to put to dividend pool bond, or can add this accrued rewards in WETH / DAI LP to farm more STND
Or, develop your tactics!
Disclaimer Info: SBY — erc20 pairs add liquidity is unfortunately not working currently because of the EVM on testnet, but it will be ready for mainnet launch. If You want to add liquidity on Shibuya Network please wrap SBY to WSBY and use WSBY — erc20 to add liquidity
📌 Step-by-step Testnet Guide
Check out our full Step-by-step Testnet Guide here to try out different module functions, including Swap, Liquidity, Farming and Dividend Pool!
👾 Video Demo Tutorial
Here is the Standard Protocol DEX demo video to help users to start testing.
👇 Getting Testnet Token
To fully experience Standard DEX on testnet Rinkeby and Shibuya, You need to get Standard Protocol STND token and Shibuya Network SBY Token. You will need also some ETH for the Rinkeby network so here are the faucet links:
- Rinkeby Ethereum Faucet — https://faucet.rinkeby.io
- Standard Protocol STND faucet — https://discord.gg/nhfCSS4J
- Shibuya Network SBY faucet — https://discord.gg/QqksRrnK
About Standard Protocol
Standard Protocol is the first Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets that will operate across multichain ecosystems, with our in-built DEX as a market maker to ensure capital-efficient liquidation process and stability of our stablecoin MeterUSD ($USM). It is also a recipient of the Shiden Network Builders Program Grant, Polygon #DefiForAll Fund and Polkadot Web3 Foundation Grant. Standard Protocol strives to innovate as the next-generation digital asset and prides itself on its global community growth approach.
- Standard Protocol DEX — Testnet Launch on Rinkeby & Shibuya Network. Come out and Play!
- 🚀 Standard Protocol DEX: apps.standard.tech
- 📕 Introducing Standard Protocol DEX
- 💎 What are in store for Standard Protocol users?
- 🛠 Dividend Pool Mechanics
- 👩💻 Experience with the Standard Protocol DEX
- 📌 Step-by-step Testnet Guide
- 👾 Video Demo Tutorial
- 👇 Getting Testnet Token
- About Standard Protocol