Nexon Finance Testnet is Here 🔥

6 min readDec 19, 2022

Originally published at https://nexonfi.substack.com on December 19, 2022.

It has just been more than two weeks since we launched the Early Access form for Nexon’s Testnet and we’ve received an overwhelming amount of responses and the number only keeps going up!

We want to thank our community for supporting Nexon’s vision! Thank you for showing everyone in the DeFi community what true faith and perseverance look like when you stand by a cause you believe in with the utmost dedication. We value your contribution at every step of the way. 🚀

We are happy to announce that the Nexon Testnet is now live and ready for testing!

Check it out here 👉 https://testnet.nexon.finance

Read on to find out how you can make the most of the Nexon testnet access.

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What can you expect from the testnet?

In the first iteration of the testnet release, we focus on the main Nexon features for testing. The testers will be able to try out Nexon’s decentralized and permissionless lending and borrowing features. Users will be able to:

Lend and earn easy interest on your crypto assets in seconds.
Borrow against their crypto and access true liquidity.
Increase their return on investment through leverage.
Short assets easily with systematic liquidation management.
Create flexible Leveraged yield farming strategies through Nexon.

How are the interest rates set?

The interest rates for these transactions are defined by an interest rate, applied to all borrowers uniformly, which adjusts over time as the relationship between supply and demand changes.

The history of each interest rate, for each money market, is captured by an Interest Rate Index, which is calculated each time an interest rate changes, resulting from a user minting, redeeming, borrowing, repaying, or liquidating the asset.

Which Blockchain is Nexon built on?

Nexon is built on zkSync, a Layer 2 solution commonly referred to as a ZK rollup. The ZK stands for zero-knowledge, which is a cryptographic term for one party being able to prove to another that something is true, without revealing any other information. zkSync provides the best foundation for building a protocol that’s secured, low-cost, efficient, and ideal for mass adoption.

Nexon circumvents the problem of high Ethereum gas fees by leveraging zkSync’s low network congestion and significantly reducing gas costs without sacrificing security or user control.

Why Nexon?

Nexon fuses all the DeFi essentials onto a single platform where users can short, borrow, lend and use leverage to increase returns.

Nexon has different products like Pooled lending & P2P lending with a view to creating a suite of products within the Nexon ecosystem.

We believe that everyone has the power to realize their value on the blockchain.

In the era of blockchain, we must embrace openness and complete decentralization. We hope to build an open and autonomous ecosystem on Nexon to empower our users to tap into the power of Web 3.0!

Nexon — The protocol for all your lending & borrowing needs.

The testnet will continuously evolve, bringing in more enhancements and upgrades with every release. Reach out to us via any of our social channels to tell us about your Nexon Testnet experience. We’re always open to feedback and are constantly building towards our vision!

We’re building Nexon for the entire DeFi community, and we want you to help build this experience with us.

Click the links below to join the community and stay up to date with all things Nexon!

Go check out the testnet now!

How to use it?

Users can start testing the app by following the steps below:

First, you will need the following:

Chrome browser
Metamask connected to Zksync testnet
You are ready to test our app

Steps to use our app:

Step 1 — Add the Testnet to Metamask

Go to this URL https://chainlist.defillama.com/chain/280
Connect your wallet.
Once connected, click on “Add to metamask”.
Add zksync testnet to your Metamask wallet.

Step 2 — Testnet Tokens/Coins

So as of now all the users whitelisted for the testnet phase I, would have received testnet tokens and ETH tokens for gas fees. You can also request zkSync testnet ETH from other faucets.

Step 3 — Use Nexon Markets App

Since you have received testnet tokens that are supported on Nexon Markets App, you can begin using the platform.

Users will now be able to:

Supply their testnet coins on the protocol and receive a dynamic APY rate rewarded per block.
Use their supply as collateral by toggling the collateral switch and then going into the borrow market tab and borrowing whichever coin they want within their borrow limit.
Withdraw their supply.

Overview:

The interface consists of 3 main parts:

Markets Overview: It shows overview (total supplied, borrowed, and liquidity) of all markets.
My Account: It shows the total supplied, borrowed, and net APY of user in all markets. Below that is the borrow limit section which displays the user’s borrow limit based on assets supplied and used as collateral.
Supply & Borrow Markets: The user can see all available markets for supply and, borrow here. They can interact with the markets by clicking on the same. When you click on the market you and greeted with a dialog. This dialog has four tabs(Supply, Borrow, Withdraw & Repay) explained further.

1. Supply:

Using this tab you can supply their desired amount of the token to the market (once approved by the user). And even enable their supply as collateral.

2. Borrow:

Using this tab you can borrow their desired amount of tokens from the market given there’s enough liquidity and for borrowing assets user must supply and enable assets as collateral.