Timeswap V2 Testnet User Guide 🤌🏻⌛️
Timeswap is the first fully decentralized lending/borrowing protocol in DeFi using a three-variable AMM enabling fixed-maturity, oracle-less lending & borrowing in a completely self-sufficient manner. Like Uniswap, but for lending & borrowing.
V1 has been live on Polygon mainnet since March 2022 & chugging along well despite volatility & crashes in the ecosystem with over $5 Mn in total app activity.
The team’s been working on V2 for the past 6 months, figuring out ways to make the base more capital efficient, and after all the work — we’re confident of boosting capital productivity by 5x in V2 🫡
In simple English, 5x more bang for your buck than earlier 🤑
For the curious ones, here’s a high-level overview of how we enable that — https://medium.com/timeswap/introducing-timeswap-v2-9ac962c048e6
Transition price?
It’s the price that an LP (liquidity provider) sets as an expected price for the underlying asset at maturity (while creating the pool) & remains fixed throughout duration of the pool
Now you’re all set to swap tokens through time!
Lending:
- Bidirectional pools: On Timeswap V2, you’ll have the flexibility to lend either TG-MATIC or TG-USDC in the same pool.
- There are different risks while lending different tokens.
- Opening position -
You can lend either token, though pool parameters will differ for each because of different risk exposure.
E.g., Lending TG-USDC accrues 11.98% APR & comes with 124.5% insurance protection.
Whereas TG-MATIC accrues 12,109.97% & insurance protection of 99.95%. These numbers are highly risky, and lenders will earn APR only if borrowers repay.
Dapp will also show a warning for the same -
- Dashboard:
Here, you can check your positions -
After lending 1000 TG-USDC & 1000 TG-MATIC
- V2 enables lenders to exit the pool before maturity by clicking Approve and Close
- You can lend more by clicking Lend More option.
Note: Dashboard shows your total lend positions in terms of both directions/states expected at maturity; therefore, you can see the total TG-USDC to be received at maturity in the form of TG-MATIC or TG-USDC.
Closing positions:
Position can be closed anytime by clicking close position; it’ll be a two-click process: i) approve ii) close
- Users have the choice to redeem the entire deposit either in TG-MATIC or TG-USDC.
Redeeming 2,177 TG-MATIC as shown in the dashboard below!
Or, redeeming 1,772 TG-USDC instead of TG-MATIC. This is made possible by swapping USDC on a DEX).
Note: Since positions in V2 are represented using the ERC-1155 token standard while closing the lend position, the dapp will ask for permission to burn your NFT & redeem the deposited amount — so you can safely click confirm.
Borrowing:
Similar to lending, you can borrow any token in the pool by locking the other token as collateral & pool parameters will be different for borrowing TG-USDC & borrowing TG-MATIC!
- Opening positions
Let’s borrow 1000 TG-USDC & 1000 TG-MATIC, respectively
2. Dashboard
Borrow dashboard looks like:
3. Closing positions/repayment
- You’re already familiar with closing borrow positions before maturity, plus the dashboard breaks up debt in terms of TG-USDC & TG-MATIC, giving separate & clear information.
- You can repay any of the positions (TG-USD/TG-MATIC) you want. One can always click on the Borrow More option to borrow more assets.
- Similar to lending, closing borrow positions/repayment will be a two-click process: i) approve ii) repay
Note: Since positions in V2 are represented using the ERC-1155 token standard while repaying debt dapp will ask for permission to burn your NFT & unlock collateral — click confirm to safely unlock & withdraw your collateral.
⏳ That’s it, happy Time Traveling! ⏳
