Bandot ALPHA Unsecured Lending System Testing & IBO Activity

The latest version of the Bandot ALPHA testnet is online: The unsecured lending module has begun testing. We would like to invite users to experience the new unsecured lending testnet, and join our promotion activity to win an IBO whitelist allocation.

Initial Bandot Offering: Bandot first release will adopt a whitelist model.

In December last year, we launched a public test of the stablecoin mortgage module testnet and received support and feedback from a large number of users. Here, we want to thank everyone for their support.

Today, we have completed another important milestone. In the new version of the Bandot testnet, the unsecured lending function has been achieved and is ready for testing.

In the previous version of the stablecoin mortgage module, the Pandora testnet functions included — pledging DOT from Polkadot.js to exchange bUSD stablecoins, reversing bUSD back to DOT, and redeeming DOT from the testnet.

In this testnet, some basic functions of unsecured lending are realized:

What can a lender do?

Deposit assets in the loan pool and authorize a certain amount of guarantee to one or more specific wallet accounts.

Withdraw the remaining assets of the current account any time.

Loaned funds will receive a certain annual interest rate.

What can a borrower do?

After the first step of KYC, the funds guaranteed by the lender can be loaned out.

Repayment to the lender at any time.

Repayment funds need to pay a certain annual interest rate.

Detailed Guide to Bandot Pandora Unsecured Lending System

This guide is for users on PC. It is strongly recommended to download and use the Google Chrome browser with up to date plug-ins.

Create a Polkadot.js Account (users that already have an account can skip this step)

1. Download Google Chrome browser (use Google to search Google Chrome)

2. Enter the following URL in the browser, and click to download the Polkadot.js plug-in directly:

https://chrome.google.com/webstore/detail/polkadot%7Bjs%7D-extension/mopnmbcafieddcagagdcbnhejhlodfdd/related

3. After the download is completed, click on the extension in the upper right corner of the browser to find Polkadot.js, which is the orange logo. Choose Create New Account, copy and record your mnemonic phrase in a proper, safe place (forgetting the mnemonic phrase will make it impossible to retrieve the account), check the agreement and tick the box, click Next, enter the account name and password twice.

(The orange words is the mnemonic phrase, please keep it secure)

The number above is your DOT address

Faucet and Loan Guarantee Application

Go to Bandot telegram group: t.me/hellobandot

Type #Lendtest + your DOT address + @BhavinGala

Our delegator volunteer will later guarantee you with a certain amount of DOT lending quota.

Test Function A: KYC Verification

Open the testnet website in the browser:

https://lend.bandot.io/

The testnet will automatically connect to the Polkadot.js plugin. If the plugin has been logged out, please log in again with your username and password. If you forget your password, please log in with the mnemonic phrase you record in the previous steps.

Click【borrow】 at the top of the page

Click【KYC Verification】on the page, enter your name and email address in the pop-up page. The name and email address of the testnet are not required to be real, but the format of email address should be correct: a@b.c

Submit.

Test Function B: Borrow

Continue on the loan page, click【Delegator】in the drop-down menu, and choose the delegator account. The page will display the available amount for borrowing.

Enter the amount you would like to borrow.

Switch to the repayment interface, and take a screenshot with the amount of borrowed assets.

Test Function C: Repayment

Continue on the repayment page, select the delegator, and enter the repayment amount.

IBO Activity & Rewards

After testing the various functions of the Bandot unsecured lending system, we encourage users to share the news and screenshots across social media. 150 users that complete these tasks will win IBO allocations.

To enter:

  1. Follow @hellobandot on Twitter
  2. Quote & Retweet “Bandot Pandora Unsecured Lending System Testing & IBO Activity” post on Twitter
  3. Take a screenshot of successfully borrowing in [Test Function B: Borrow], the borrowing amount cannot be 0.

150 participants will be chosen to obtain IBO allocations.

  1. Submit Application Form: https://forms.gle/8JvnWpDoMdYY8SjD7

At this point, congratulations on your successful experience of the first step of the Unsecured Lending System. If you have any questions about this version of the testnet, please feel free to give us feedback through the community. We will distribute rewards for valuable feedback.