overview
Orderly Network is an infrastructure platform built on top of Near Protocol. Orderly Network uses a decentralized on-chain Orderbook to provide liquidity and allows traders to execute orders directly using smart contracts while providing the desired flexibility with size and price of the order.
One can see the recent boom in DeFi as a result of more and more professional traders and market makers entering the DeFi space. However, AMM platforms are designed for retail traders and usually do not facilitate a more complex trading strategy. While DEX trading orders with the Orderbook mechanism are increasingly in demand, very few of them are currently able to provide the necessary trading experience. Many lack liquidity, transaction speed, and transaction costs.
With the goal of helping DEXs build an Orderbook system with the same trading experience as most CEXs (centralized exchanges), including the “big boss” in the online trading platform – Binance. The developers of the protocol say that Orderly’s aggregation capabilities will allow developers to build dApps for financial instruments such as:
- Spot Trading
- Margin Trading (Margin Trading)
- Perpetual Swaps ((Forward Swaps)
- Lending and Borrowing
Founded in April, Orderly Network received an initial investment from Near and that liquidity platform WOO Network , which recently successfully raised $20 million in a seed funding round from several Industry leading venture capitalist. Market Maker Kronos Research will provide initial liquidity, ensuring liquid trading pairs after the platform goes public.
The project is still in the early stages and has not launched the token yet. Currently, Orderly Network is opening a testnet with the first exchange to launch on the platform, also known as Woo Dex which has a fairly user-friendly interface. I will guide you through the following article!
Steps to perform testnet with Woo DEX
To join the project’s testnet, you need to have a Near Testnet wallet and connect to the project. If you don’t have a Near testnet wallet, go here to create one. The steps to create a Near testnet wallet are similar to creating a NEAR mainnet wallet.
Note : Mainnet account will be different from testnet network so you will not be able to use mainnet account to login to testnet network.
Steps to take
First, you need to access the testnet link of the project then perform the testnet steps as below.
Step 1: Connect to Near Wallet Testnet
After accessing the link above, click on “Connect Wallet”. And connect to Near Wallet Testnet.
After following the above steps, you will see at the top right of your wallet name, that means your wallet is connected to Woo Dex .
Step 2: Deposit money into the trading platform
After completing the testnet wallet creation step above, you will have 200 NEAR testnet to start using. Click on Deposit
In addition, you also need to add testnet tokens to trade on different pairs. On the website, you can see the section “Get 1000 USDC test” , click on it to get USDC testnet to your wallet.
So you have 2 assets: 1000 USDC and 200 Near (testnet) in your wallet. Now click on “Deposit” to deposit testnet tokens from your wallet into the platform.
Note: You need to leave a little Near in your wallet for transaction fees. When you make a deposit, you wait about 2-3 minutes, the amount will be updated in the “Balance” section.
Step 3 : Click on the icon as shown in the picture to go to the transaction tab and choose the interface you want, here I choose “standard” , everyone can try other interfaces.
Step 4 : The next step you click the Trading tab and can start trying basic operations like buying, selling, depositing, withdrawing and other interesting functions.
Community
Official information and community channels of the Orderly Network project
Conclusion
Above is a guide to join the Orderly Network project testnet for newbies, you can refer. Hopefully, the above information will help you understand the content and how to participate in the Testnet program to understand more about the Orderly Network project and be able to earn many attractive rewards. Wish you have a pleasant experience
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