QuickSilver Goes Live On Testnet, Bringing Decentralized Lending To Elastos

With the Tokswap AMM and ShadowTokens cross-chain bridge live and running, the Elaphant Team has now released Quicksilver, the third DeFi lego built on the Elastos tech stack. Governed by the holders of its native token, SIL, Quicksilver is a decentralized lending platform based on Compound’s smart contract modules that is designed to provide ELA tokenholders with superior liquidity within the Elastos ecosystem. The platform has been released in test net only, and can be accessed via the following steps:

  1. Create or import a wallet on Metamask using the Google Chrome browser.
  2. In Metamask’s “Networks,” tab, select “Ropsten Test Network.”
  3. Visit either or both of the Ethereum Test Coin Faucets, at Ropsten and Metamask and request ETH test coins.
  4. Switch to the ELA test net using Metamask’s custom RPC parameters below: RPC URL: https://rpc.elaeth.io ChainID: 21 Explorer: https://testnet.elaeth.io/
  5. Visit the Elastos Test Coin Faucet and request ELA test coins.
  6. Migrate ETH test coins to ELA’s test network via ShadowTokens. For detailed instructions, please visit the following GitHub page: [ShadowTokens Test Coin Migration].

After successfully transferring ETH test coins to the ELA test net, a variety of actions become available to users, who may:

  1. Use the TokSwap protocol to exchange their ETH test coins for other tokens including ELA.
  2. Deposit (stake) ETH and/or ELA into Quicksilver to lend out ELA, ETH, FIL, and USDT to borrowers on the platform.
  3. Act as a borrower in Quicksilver, and earn SIL tokens in exchange for participation. At present, SIL tokens can already be exchanged directly for USDT in TokSwap, and will be exchangeable into FilDA tokens as well when FilDA goes live in early 2021.
  4. Deposit ELA, ETH, USDT, or hFIL – an ERC20 version of FIL issued by Huobi – into Quicksilver, and earn sTokens. sTokens directly parallel the “cTokens” users receive in Compound (cUSDC, cBTC, cETH) and sTokens can be traded directly for other tokens via TokSwap, when liquidity providers generate sufficient liquidity for a given trading pair.
  5. As Quicksilver’s development advances, depositors will also become eligible to earn SIL. SIL acts as a governance token that supports the decentralized management of the Quicksilver protocol. SIL can also be exchanged for FilDA.

For SIL tokens and sTokens, token issuance will be conducted gradually, and in proportion to the magnitude of each user’s contribution to and participation in the protocol. Although no issuance model has been formally released, the following major variables will shape token issuance metrics:

  • Number of Transactions
  • Transaction Types (deposits for staking, loans, exchanges, etc.)
  • Profit Generated

Note: As mentioned above, the Quicksilver platform has been released in test net only, and should therefore be accessed with prudence. As with all decentralized protocols, users are responsible for managing risk prior to and while utilizing Quicksilver’s lending platform.

As always, to remain up to date with the latest developments, platform launches, and general news surrounding the Elastos ecosystem’s rapidly expanding DeFi scene, stay tuned here at the official Elastos Info Blog.