If you have been curious about Solana, but have not had the chance to try it out yet, this guide is for you! It is the easiest way to experience Solana without having any SOL (yet).
For this guide, we’ve partnered with Phantom, one of the best wallets on Solana, to show you what happens when you pair Solana speed with the most beautiful and simple UI experience in crypto. If you have a minute, give it a spin and let your mind get blown.
What is Phantom?
Phantom is a wallet and browser extension that can manage digital assets and access decentralized applications on the Solana blockchain. It works by creating and managing private keys on behalf of its users, allowing them to store funds and sign transactions.
What is Mercurial?
Mercurial is building the liquidity platform for stable assets on Solana. On top of high efficiency/ low slippage swaps, Mercurial introduces dynamic fees and dynamic capital allocations to greatly improve profit potential for LPs and liquidity depth for users.
Ready? Let’s get started!
1. Access Mercurial Devnet
As the first step, let’s go to where the magic happens. We will be accessing the Mercurial Devnet as well as setup/connect the Phantom wallet.
Step 1.1: Go to URL: https://playground.mercurial.finance/. Click “Connect Wallet” to start the setup and connection process with the Phantom Wallet.
Step 1.2: Click on “Connect” for Phantom, and follow the steps to complete the connection.
If you do not have a Phantom wallet installed yet, you’ll see the popup as shown below.
Click on the “extension” link or go to URL: https://phantom.app/download to add the Phantom wallet to your chrome.
Now follow the steps in the next section to set up your Phantom wallet.
2. Setup Phantom Wallet
This section will guide you through the steps to set up your Phantom wallet as an extension to your Chrome browser.
Step 2.1: Click on “Add to Chrome” to start the process to add the Phantom wallet to your chrome.
Step 2.2: After you’ve added Phantom as an extension, a popup will appear requesting an invite code. Enter “MERCURIAL” in the “invite code” field and click “Continue.”
Step 2.3: Click on “Create New Wallet” to start the wallet creation process.
Follow the steps in the wallet creation process to complete your Phantom setup.
Repeat steps 1.2 and 1.3 to connect to the Phantom Wallet.
Great! Now that you’ve connected your wallet, it’s time to add some tokens.
3. Adding DevNet tokens to the wallet
In this section, you will be adding DevNet tokens to your Phantom wallet. These tokens will be used for swapping, depositing, and withdrawing.
Step 3.1: Click on the “Faucets” option found at the top of the screen. The Faucet screen will be displayed.
Step 3.2: Click on “Claim XXX” to claim the DevNet tokens.
Note:
- These are not real tokens, they are used for DevNet testing purposes only.
- IF you are using Devnet on mobile after claiming USDC, USDT, or pUSD, you would need to switch over to the wallet browser tab to tap on “Approve” before the claim can be completed. This is not required if you set transactions to be “Auto-approved” during setup.
Cool! Now you have the liquidity required to perform testing on Devnet. Let’s go!
4. Swapping Tokens
This function allows you to swap between the stablecoins supported by nVault, namely USDC, USDT, and pUSD.
Step 4.1: Click on the ‘down arrow’ icon to display the list of available tokens for swapping and select the one you wish to swap. Repeat this step for the “You receive” section.
Step 4.2: Enter the number of tokens you want to swap (you can use the slider as well). You can also click on “MAX” to enter the MAX balance of the token in your wallet.
Step 4.3: Click on the “SWAP” button to execute the swap. IF the swap is successful, you will see the success popup.
Awesome! You’ve successfully executed your first swap on Solana! Now let’s explore how you can deposit your tokens and add liquidity to the vault.
5. Deposit to Vault
Now armed with all the tokens in your wallet, it’s time for you to learn how you can add liquidity to the pool. In the live system, you will be able to earn LP fees by providing liquidity to the vault (in case you were wondering why one should deposit their tokens into a vault)
Step 5.1: Click on “Your Deposits” to display the Deposit/Withdrawal page.
Step 5.2: Enter the number of tokens you want to deposit by typing the value in the input field for each asset row. Click on “Deposit” when you are ready.
Upon successful deposit, a green popup will display the number of tokens deposited into the vault.
Congratulations! You’re now officially a Liquidity Provider! No fees on DevNet, though, but you can start earning when we deploy to MainNet.
6. Withdraw from Vault
This section will guide you through the steps to withdraw your assets from the vault.
Step 6.1: Click on “Withdraw” to switch to the “Withdraw” token screen.
Step 6.2: Shift the slider to indicate the % of tokens you want to withdraw, then click on “Withdraw.” The “Review Withdrawal” will be displayed.
Step 6.3: Click on “Confirm Withdraw” on the “Review Withdrawal” screen.
Upon successful withdrawal, the “Withdrawal successful” popup will appear.
Step 6.4: If you want to withdraw one token only, click on the “Single Token” option as shown below
Repeat steps 6.2 and 6.3 to withdraw the amount you want for the single token.
Congratulations! You’re now a Solanian!
We hope you find this guide helpful and that you had a great experience trying out Solana. If you have any friends who are interested in Solana, please feel free to send them this guide.
