Complete Testnet Airdrop Guide — Algofi

Algofi is a lending protocol on Algorand similar to Aave and Venus. It is currently on testnet only.

To participate in the testnet, follow the steps below.

(Currently you can only deposit due to some bugs. If you wish, you can come back after the bug has been fixed.)

Getting started:

First set up a My Algo wallet at https://wallet.myalgo.com/.

Connect to Testnet on My Algo in the top right-hand corner.

Step 1:

Head to test.algofi.org and connect your wallet. Then go to “Faucet”.

Follow the given options to first “Get Algo”. Then “Opt-In”. Finally input the amount of testnet tokens you want (max 1k of each)and then “Request ASAs”.

Step 2:

Now we supply $USDC.

Input the amount to supply and confirm.

After you have supplied USDC, you can claim bUSDC. bUSDC is a token representation of your underlying collateral ($USDC) that has been deposited into the platform.

Due to some bugs, you actually can’t claim bUSDC from the platform now.

Step 3.

Now that you have supplied our collateral, borrow some $WALGO.

Step 4:

Repay the borrowed $WALGO.

Step 5:

That’s all for the testnet. Feel free to explore and report bugs to the team at their discord channel.

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