We are thrilled to announce that Phase 1 of the Siren Flow Testnet is live for community testing! Thank you for joining us as we take steps together towards the Siren Flow Arbitrum mainnet launch.
Summary:
- Complete onboarding to Arbitrum Goerli Testnet.
- Participate in our Zealy (Crew3) campaign to receive USDC and ETH Testnet tokens.
- Begin exploring the Siren Flow Testnet.
- Share your experiences and feedback with the community and the team.
Siren Flow Testnet Phase 1 Walkthrough
Arbitrum Goerli Testnet
Follow the initial onboarding guide to:
- Install the Metamask wallet extension or app
- Create a wallet account
- Add the Arbitrum Goerli Network to your Metamask
Claim Testnet ETH and USDC
Once Arbitrum Goerli Testnet has been added as a network in your Metamask, you are ready to receive testnet tokens!
- Go to the Siren Questboard on Zealy.io.
- Create a Zealy account by connecting your Metamask wallet.
- Complete the Claim Testnet Tokens Quest–you will have to complete some other quests first in order to unlock it! Be sure to include your wallet address on Arbitrum Goerli Testnet in your submission. For help setting up your wallet and finding your address, please see the setup guide linked in the previous section.
- After you have completed the Claim Testnet Tokens quest, wait approximately five minutes for the Siren Flow faucet to deliver testnet tokens to your wallet.
Now you are ready to try out Phase 1 of Siren Flow Testnet! Go to https://app.siren.xyz/trade and click to connect your wallet on the Arbitum Goerli Testnet.
Note: Only addresses that have received testnet tokens solely from the Siren faucet will be eligible for any future testnet competitions. Addresses will be disqualified if they receive testnet tokens from any other source.
Testnet Phase 1: Trading
The ‘Trade’ tab allows you to buy and sell back both call and put options for various cryptocurrencies. You can choose between opening a call or put option, and then select a strike price for your trade. For this guide, we will buy options for WETH.
Due to Chainlink’s oracle restrictions on Goerli, only WETH, BTC, and LINK will be available for trading during testnet. Siren Flow mainnet will be able to support options for any asset that has a dedicated Chainlink price feed.
During Phase 1 of Testnet, the only asset available to trade is WETH. More assets will be added in future phases.
- First, select Call options and select the strike price for your option. If WETH is above the strike price on the day of your call expiration, your call will be In the Money.
2. Next, select the expiration date for the contract — this is the date your option will expire. Options that are further in the future are more speculative, with less certain outcomes, so they tend to be more expensive.
3. Enter the number of contracts you want to buy. Each contract that we are buying is for the right to buy one WETH on the expiration date for the listed strike price.
Now, click the Buy Call button at the bottom of the page to initiate your transaction. This will engage your Metamask wallet to have you create and sign the transaction.
4. Your trade will first require setting a spending cap for your USDC transaction, after which you can review and confirm the trade. You may either enter a custom amount or click the Max button. Then click Next.
5. The ‘Confirm Trade’ menu is available for review and approval. Confirm your trade after double checking the details.
Congratulations! You have traded your first option on Siren Flow and it has been added to your portfolio.
Note: If your transaction fails, try your transaction again. If you experience repeated issues, please let us know in our Discord.
Interested in also buying a put option? Repeat Trade tasks 1–5 for buying a Put instead of a Call!
In Phase 1 of the Siren Flow Testnet rollout, users can buy Calls and Puts and then sell those options back to the pool. In subsequent Testnet Phases, new features will be added, including buying spreads and other complex options positions and LPing into vaults. Stay tuned for future Testnet Phase announcements!
Portfolio
The ‘Portfolio’ tab helps you monitor your portfolio’s performance, history, value over time, trade history, overall allocation by asset, and unrealized and realized PnL in real-time. Click the “View position” button to go to the Portfolio page.
In your Portfolio you can view your active and expired positions and also sell your active positions back to the protocol.
Additional Testnet Phases
Subsequent Phases of the Siren Flow Testnet will include the rollout of new feature sets, including combination trades, LPing, a referrals program to boost your rank in Zealy, and a Leaderboard for traders to track their profitability versus other traders.
We are eager to hear about your experience with Siren Flow on Testnet throughout all the Phases of rollout. Please share your thoughts with the community, including your favorite features, desired improvements, and general impressions.
Follow the Siren Twitter to be the first to know when more Testnet Phases go live! Be sure to connect with us:
We are excited to have you join us on our journey to Siren Flow mainnet launch.
— Siren Team
