Argo Testnet Tutorial - Lending Protocol On Aptos

Argo Testnet Tutorial - Lending Protocol On Aptos

Argo Overview

Argo is a lending protocol on Aptos that allows users to deposit $APT to be able to mint and borrow stablecoin $USDA, $USDA is a stablecoin pegged to the US dollar. Argo also has a mechanism similar to MakerDAO on Ethereum,Argo protocol will help create liquidity for investors with idle assets, and is implemented in the Aptos ecosystem.

Argo is anticipated to launch the mainnet phase when Aptos formally starts the mainnet on 1st day (estimated November 2022).

Argo testnet tutorial and retroactive oppoturnity

On September 22, Argo announced the launch of the Devnet phase of the platform as well as the stablecoin $USDA powered by Aptos on Twitter.

The following below is a detailed step-by-step tutorial to help users experience the features on the Argo platform.

Step 1:

Go to Argo's homepage HERE. Next, the user clicks on the 'Try Argo devnet' section.

Step 2:

The user proceeds to connect the crypto wallet to the platform. Currently, Argo is supporting crypto wallets on the Aptos ecosystem such as Pontem wallet, Martian wallet and Petra wallet.

In this article, the writer uses Martian, so the writer will choose the Martian wallet to connect. Next select 'Approve' to proceed with the connection.

Argo homepage when when connecting the wallet successfully
Argo homepage when connecting the wallet successfully

Step 3:

Before proceeding to the next step, the user needs to prepare a test $APT token in his wallet. Or users can get $APT HERE. Then click on 'Claim APT' to get test $APT.

Step 4:

The user selects 'Borrow' and clicks on 'Open vault' to open the debt position.

Continue to select 'Open new APT vault' and select 'Approve' to complete the step of opening the Vault.

Step 5:

Users then need to deposit $APT into the Vault that was just opened, the writer will deposit 10 $APT into the Vault. Then click 'Approve' to complete the $APT deposit.

Step 6:

Users can go to 'Mint' section to receive $USDA, Argo's stablecoin.

Users can also withdraw the $APT they have previously deposited in the 'Withdraw' section. Then click 'Approve' to withdraw $APT to crypto wallet at any time.

Users can also return the $USDA borrowed from Argo in 'Repay' section. Note: Users will not be able to repay 100% of the $USDA loan they borrowed, because the loan is accrued interest on every block.

Step 7:

Users should test Argo's features and operations as often as possible, such as deposit, withdraw, borrow and repay section, and review user interface on the website to find as many errors as possible. Users can then report these bugs and contribute comments at the #feedback channel on Argo's Discord for a chance to receive a retroactive from the project if the project is officially mainnet.

#feedback channel in Argo's Discord server
#feedback channel in Argo's Discord server
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