The Element Protocol testnet is live at testnet.element.fi!
All of the team’s efforts so far have been leading up to this moment. Today is not only an important milestone for the Element team and community, but it also marks the last step of our roadmap before our official Mainnet launch.
As we steam ahead towards our mainnet release, we feel that open communication is critical to optimizing the value of our testnet.
We need your help to test the platform and review the code so we can incorporate that feedback into our mainnet release. If you encounter difficulty with the UI or find something unintuitive, let us know! Even if you had an amazing experience, tell us what you enjoyed about it!
The main goals of this release are:
- Allow anyone to test the platform — all of it.
- Find bugs in the UI or smart contracts
- Get feedback from the community
The best place to leave your feedback is the #testnet channel on Discord. That’s where the team will be hanging out to help answer questions!
We hope you are as excited about this as we are! Here are the details:
The Element Platform
In short, the platform has a total of six tabs all accessible on the side navigation panel. Each page has a specific purpose as summarized below:
The Earn page allows you to access fixed yield from buying assets at a discount. Exit anytime! The Principal Tokens are redeemable one-to-one with their base asset once they have reached their maturity date. To boost your APY further, you may stake your tokens on the portfolio page.
Stay Liquid with Principal and Yield Tokens and gain capital efficiency on your existing positions. Mint Principal and Yield Tokens, boost your APY by staking in available pools and view your current APYs across all available terms.
Track all of your Principal Tokens, Yield Tokens, and Staking Positions.
Principal Token Pools
The Principal Token Pools page allows you to buy and sell principal tokens or provide liquidity by staking them in Element Principal Pools. Explore all available principal trading pairs and exchange them for base assets!
Yield Token Pools
Much like the Principal Pools page, the Yield Token Pools page allows you to buy and sell Yield Tokens or provide liquidity by staking them in Element Yield Pools. Explore all available yield trading pairs and exchange them for base assets!
Join our community and learn more about Element Finance with helpful resources!
The Protocol Source Code
Element Protocol’s core codebase has four main components:
- A tokenized wrapper for yield-bearing positions.
- A Tranche contract that creates and redeems fixed yield tokens.
- A create2 based deployment system.
- A user proxy that wraps common sets of user actions.
The Goerli Deployment
This is a list of categorized addresses that correspond to the Element Protocol Goerli deployment. Each contract is deployed and has been verified on Etherscan.
Goerli Testnet Faucets
There are faucets available for the Goerli-ETH and simulated USDC tokens, so you can put the Element deployment to the test.
Goerli-ETH Faucet: You may request 14 Ethers / 1 day, 35 Ethers / 3 days, or 87.5 Ethers / 9 days from the faucet. Requests are tied to common 3rd party social network accounts — anyone with a Twitter or Facebook account may request funds within the permitted limits. Additionally, if you ask nicely in the #testnet Discord channel, we can manually send you some Goerli-ETH to test the platform.
Goerli USDC Details:
- Address: 0x78deca24cba286c0f8d56370f5406b48cfce2f86
- Ticker: USDC
- Decimals: 6
Core Protocol Contracts
WrappedPosition: a tokenized wrapper on yield-bearing positions. It converts between an internal balance representation and the underlying tokens.
Tranche: creates and redeems fixed yield tokens. The outstanding amount of underlying assets can be redeemed from the contract from Principal Tokens.
WETH (90 day term): eP:eyWETH:06-AUG-21-GMT
WETH (7 day term) eP:eyWETH:14-MAY-21-GMT
USDC (90 day term) fyUSDC:06-AUG-21-GMT
Element Yield Token eyWETH:14-MAY-21-GMT
Element Yield Token eyWETH:06-AUG-21-GMT
Element Yield Token eyUSDC:06-AUG-21-GMT
UserProxy: a convenience library to consolidate the actions needed to create interest or principal tokens to one call. It will hold user allowances and can be disabled by authorized addresses for security. If frozen users still control their tokens and can manually redeem them.
- UserProxy: 0xB8d8DD04385De3cbc84132F31dD84d5DaF0675fD
Custom Balancer Curve Contracts
ConvergentCurvePool: an implementation of an automated market-making (AMM) algorithm that allows two tokens that converge in price to be market-made more efficiently than standard options.
- WETH (7 day term): 0x9eB7F54C0eCc4d0D2dfF28a1276e36d598F2B0D1
- WETH (90 day term): 0x5941DB4d6C500C4FFa57c359eE0C55c6b41D0b61
- USDC (90 day term): 0x40bf8A2eCB62c6B880302b55a5552A4e315b5827
The team has been hard at work on our roadmap but the real work truly begins when we launch on Ethereum Mainnet and we start to see our strong community build with us on top of the Element Protocol. We have already seen community members begin work on potential projects mentioned in our Construction Paper. We are eager to work with builders in the community and help bring their projects to life. So far, these projects range from:
- Yield ladders via a vault
- Minting through Curve Pools
- Automating the Yield Token Compounding flow
- Exit liquidity for fixed rate positions on L2s
Over the next few days and weeks, keep an eye out for more functional features, complementary tools, and educational materials.
Element is built on the belief that financial freedom and financial products should be accessible to people worldwide. Together, we will build better, more stable, and efficient financial systems while staying true to the principles of decentralization that make DeFi so powerful.
We couldn’t be more excited to work with our awesome community to test the Element over the next few weeks.
Join Our Community! 🧝
We want to hear from you! You can always ask questions in our Discord if you are interested in reviewing our code, providing feedback, or just want to learn more.
Come hang out in the #testnet Discord channel for testnet talk!