BTCFi is a Bitcoin-based DeFi platform that extends the use of Bitcoin from centralized services to the decentralized ecosystem, enhancing its mainstream adoption. Following the Pre-Launch event on March 14th, we are thrilled to announce the official launch of BTCFi, the Bitcoin-centric asset management platform, with the unveiling of our testnet today.
BTCFi — Bitcoin-based Asset Management Platform
BTCFi allows users to deposit Bitcoin and mint BtcUSD, a stablecoin backed by Bitcoin collateral, all in a completely decentralized manner. In our newly unveiled BTCFi Testnet, users can deposit WBTC and BTCB from the Bifrost Network to mint BtcUSD, enabling a seamless transition to Bitcoin-backed stablecoin assets. Minted BtcUSD can be utilized as assets on BiFi, a cross-chain deposit and lending service, and Everdex, a decentralized exchange. Unlike single staking services, BTCFi offers diverse asset utilization beyond Bitcoin staking with BtcUSD.
BTCFi aims to revolutionize the DeFi space by providing various use cases for Bitcoin as an asset within DeFi and contributing to the innovation of Bitcoin-based DeFi ecosystems.
BTCFi Testnet Guide
You can get BTCFi testnet tokens on BTCFi testnet website and below are the few steps to get testnet tokens.
- To receive testnet tokens visit BTCFi website, and head over to the Dashboard.
- Click Connect Wallet button to connect your wallet.
3. Then click faucet button next to Connect Wallet.
4. As seen in the image above, after clicking faucet button, you will be directed to the Bifrost Network faucet website. Choose types of tokens you want to receive shown as number 1.
5. As seen above, enter your wallet address in number 2 and click request button in number 3.
How to Use BiFi Testnet
After receiving tokens using faucet and minting BtcUSD, you can lend or borrow assets using BtcUSD. Follow two steps to use BiFi testnet.
- Visit BiFi website and click Connect Wallet button.
2. Click menu button shown as number 1 next to Connect Wallet and click network shown as number 2 to switch to testnet.
How to Use Everdex Testnet
Similar to BiFi testnet, you can use BtcUSD in Everdex testnet with few clicks. Follow two steps below.
- Visit Everdex and click Connect Wallet to connect wallet.
2. Click menu button in number 1 next to Connect Wallet. Then click Mainnet in number 2 to switch network from mainnet to testnet.
That concludes the tutorial for how to connect, and to enable testnet for these services. Before the official launch of BTCFi, you can use the testnet versions of BTCFi, BiFi, and Everdex to plan your DeFi strategies to optimize your yields. If you want more details on how to deposit on BiFi and Everdex, please refer to our GitBook guide. Don’t miss out on your opportunity to test it out, and please let us know if you have any feedback regarding the service. Thank you.
