1KX is a DeFi protocol that allows for creating single token liquidity pools (instead of token pairs). This can be done by grouping the tokens into a pair with the platform's stablecoin OSD.
The project's single liquidity pools will help save capital, and optimize the experience for trading participants, liquidity providers, and also third-party projects.
Currently, the 1kX beta is on testnet on zkSync, users can now join for a chance to receive airdrop in the future.
Instructions to join testnet on 1kX
Summary of steps:
- Get ETH faucet tokens to make Gas fees
- Make a transaction Swap at least 5 times
- Borrow and repay at least 5 times
- Create and withdraw liquidity at least 5 times
Project homepage: beta.1kx.exchange
Step 1: Go to the main page of the project, and connect the wallet at ‘Collect Wallet’.
Note: When participating in the testnet in general, you should only use secondary wallets to connect to projects, avoiding unnecessary risks when connecting to the main wallet.
During the connection process, the message to add network to the wallet will appear; select 'Approve'
The wallet address appears. You have successfully connected.
Select Test Token to start receiving testnet tokens.
You will not be able to conduct transactions on the platform yet because of the lack of gas fees, so at the next step, you need to visit the zkSync homepage to claim ETH tokens as Gas fees.
Step 2: Visit this link to receive ETH testnet tokens on zkSync: portal.zksync.io/faucet
Connect MetaMask wallet to ZkSync Portal.
Select 'Request Funds from Faucet' to receive testnet ETH tokens to the wallet.
You will then automatically be switched to Twitter. Post this Tweet with your wallet address, and an amount of ETH tokens will be transferred directly to the wallet you entered.
Step 3: Return to the interface of 1kX, and select 'Trade'.
Choose any token pair. In this example, I choose BTC and ETH, now you enter a random value according to the amount of testnet tokens received.
After the successful transaction notification, you need to repeat step 3 for a total of 5 times.
Step 4: At the interface of 1kx, select 'Pool', and continue to select 'Borrow' at any token.
Select the token you want to borrow, then enter the desired amount, click 'Borrow'.
After completing the loan, continue with the repayment process, select 'Repay'.
Similar to when borrowing tokens, enter the number of tokens you want to pay, then select 'Repay & Remove collateral'.
Repeat step 4 at least 4 more times, including the borrow and repay processes.
Step 5: Also at the interface on the 'Pool' tab, proceed to add liquidity by clicking on the '+' sign.
Choose any token to proceed with 'Add Liquidity'.
After adding liquidity successfully, continue to withdraw liquidity, click on the '-' sign.
Enter the desired withdrawal value, select 'Remove liquidity'.
Repeat step 5 for a total of 5 times, including 'Add Liquidity' and 'Remove Liquidity'.
Note: If there is not enough gas in your wallet to complete the above steps, you can delete the previous Tweet and repeat step 2 to get the Gas fee again, then you can keep up with the next steps.
So you have completed the net test for 1kX project on zkSync. Wish you luck in receiving the airdrop for the project's testnet participants soon.