We are thrilled to announce the launch of the Velar Artha PerpDex testnet on Bitlayer! This milestone allows users to experience the power of leveraged trading on Velar Artha, the world’s first decentralized perpetual contracts exchange with Bitcoin finality. By participating in this testnet, you will have the opportunity to trade with up to 10x leverage and provide valuable feedback to help us enhance the platform.

To get started with the PerpDex testnet, follow these steps:

Step 1: Download & Setup MetaMask Wallet

To interact with the Velar Artha PerpDex and sign transactions, you will need to set up a MetaMask wallet. Download and install MetaMask from their official website.

Step 2: Set Up Your Wallet

Follow the instructions provided by Metamask to set up your account. Make sure to securely store your seed phrase, as it is crucial for recovering your account if you lose access to your wallet.

Step 3: Add Bitlayer Testnet to Metamask

To interact with the Velar Artha PerpDex on the Bitlayer testnet, you need to add the testnet to your Metamask wallet. Simply head to Bitlayer website, click on Developer tab on top left, and click on “Add Bitlayer Testnet” under “Testnet” section.

Once you’ve added the Bitlayer Testnet, simply change the network to Bitlayer Testnet on MetaMask.

Step 4: Obtain gas token BTC from the Bitlayer Faucet

To interact with the PerpDex, you'll need testnet BTC. Visit the Bitlayer faucet at https://www.bitlayer.org/faucet and follow the instructions to obtain testnet BTC to pay for blockchain fee.

Step 5: Connect Your Wallet to Velar PerpDex

With testnet BTC in your wallet, visit the Velar Artha PerpDex and click the "Connect Wallet" button. Follow the prompts to connect your EVM-based wallet (e.g., Metamask) to the platform.

Step 6: Obtain vBTC and vUSDT from Velar Faucet

Head to https://perpdex.velar.com/faucet, connect your MetaMask wallet to receive vBTC and vUSDT to get started with trading on Velar Artha PerpDex testnet. Once you’ve received testnet vBTC and vUSDT, make sure to add these tokens in your wallet by clicking on “Import tokens” in your MetaMask and filling-in the contract address for both vBTC and vUSDT. Here are the contract addresses:

vBTC: 0x465Ba4Db34D3746cDB0D84A81995cd4Bec3f4f15

vUSDT: 0xd471d7D8F25365552e163cd8422B23c89E424565

vBTC-vUSDT LP Token: 0x4be74e1793Ecc8470e9F33Ef2B15116929afBFE4

Step 7: Select a Trading Pair

Choose the trading pair you wish to trade from the top-left corner of the PerpDex interface. Currently only one pair (vBTC-vUSDT) is live. In the coming weeks, more pairs will be made available for trading.

Step 8: Open a Long or Short Position

Using the side panel on the PerpDex interface, you can open a long or short position with up to 10x leverage. Adjust the leverage slider to your desired level, set the entry price, and specify the order size. Click "Long" or "Short" to open your position.

It’s worth noting that for opening a long position, you’d require vUSDT as collateral. Similarly for opening a short position, you’d need vBTC as collateral.

Step 9: Monitor Your Open Position

Once you have opened a position, it will appear in the "Positions" section of the PerpDex interface. You can monitor key metrics such as Net Value, Order Size, Market Price, Entry Price, Leverage, Collateral, and unrealized profit or loss. These metrics will be made available soon.

Step 10: Close Your Position

To close your position, click the "Close" button next to your open position in the "Positions" section. Upon closing the position, you can check the details under the “Trades” tab.

By following these steps, you can start trading on the Velar Artha PerpDex testnet on Bitlayer and experience the power of leveraged decentralized trading. If you encounter any issues or have questions, feel free to reach out to the Velar community on Discord for support.

Happy trading!