Apr 7, 2021
Gambit Testnet Begins
After a long duration of development, the Gambit Testnet is now live!
To try it out:
- Set up Metamask for BSC Testnet
- Get Testnet BNB using the BSC Testnet Faucet
- Go to http://gambit.financial/trade
- Start trading!
Features to try:
- Mint USDG using BNB
- Burn USDG for BNB
- Zero-slippage Swaps between BTC, ETH, BNB, BUSD
- Open long / short positions
- Manage positions
Note that minting and burning USDG happens simply when doing a swap, .e.g if you swap BNB to USDG you will mint USDG and if you swap USDG to BNB you will burn USDG.
For any bug reports or issues, please send a direct message on Telegram to xdev_10.
The selling points of Gambit
While the initial pitch of Gambit is a protocol for an interest-generating stablecoin, there has been consideration on whether that fully captures the benefits of the protocol.
Viewed from another perspective, the Gambit protocol creates a new method to provide liquidity. Usually when providing liquidity, you would need two assets and there is a risk of impermanent loss.
The much awaited Uniswap V3 improves capital-efficiency by allowing liquidity to be concentrated at selected price ranges, when prices change by a large percentage, liquidity providers might have to manually adjust their selected price range.
In comparison, the experience of providing liquidity on Gambit is much simpler. You can mint USDG with a single asset and all liquidity is focused around the asset’s price using the price feeds from Chainlink. The assets are not just used for swaps, but also for leverage trading.
USDG is equivalent to a liquidity provider token, but it is a unique one. It is a liquidity provider token that is interchangeable regardless of the originating asset you use to provide liquidity and it has mechanisms in place to reduce impermanent loss through maintaining its peg to 1 USD.
If the value of the assets in the system increase, the earning power of each USDG token increases as well. When USDG is burnt, the remaining USDG tokens would now own a larger percentage of the interest-generating assets in the system.
So while USDG is very likely to maintain its peg to 1 USD, it is not its end goal, neither is it essential to its utility. We will look into how this angle can be emphasised more in the docs and messaging.
What’s Next?
We will be creating a launch plan for the Gambit Mainnet Beta, will update on the plan in the coming week.
Connect with us
- Website: https://gambit.financial/
- Twitter: https://twitter.com/GambitProtocol
- Telegram: https://t.me/GambitProtocol
- Announcements: https://t.me/GambitAnnouncements
