Incentivized Parcl TestNet – Earn rewards for testing

Testnet link

Deadline 10/04/22

If you already have a Phantom wallet, enter your password. If not, learn how to set up an account here: How To Set Up Your Phantom Wallet 

‍You may need to fund the wallet if it is newly created. You can do this via Coinbase or any CEX – follow the instructions within the blog.

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Now you can begin to explore available Parcl’s. Click into any of them to be taken to our ‘dApp’ within a new tab. This is what you will see:

If this is your first time using the app, you’ll need to add ‘USDC’. In the TestNet environment, this is a fake USDC. In order to ‘airdrop’ yourself fake USDC, head to the ‘Faucet’ tab. If you have not yet funded your Phantom wallet with SOL, you’ll need to first airdrop yourself ‘fake SOL’.

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Click on the ‘USDC Airdrop’ button to your heart’s desire. It emits ‘USDC’ in 10,000 increments. Each time you request an airdrop, this Phantom transaction popup will appear:

‍Click ‘Approve’

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From there, you can navigate back to the dApp “Trade” tab: 

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Now you select the ‘token’ of the neighborhood you want to trade. In this case, I wanted to trade Williamsburg.

In order to buy roughly one ‘square foot’ of Williamsburg, I input 1,310 USDC (at the time of writing). I can also click on the arrow in the middle to reverse the swap and input however many ‘square feet’ I want and the corresponding USDC will auto populate.

When ready, click Swap and another transaction approval window will appear from Phantom. Click ‘Approve’

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‍If you ever want to see your balances, click here:

‍Out pops your Parcl balances:

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For Advanced Users:

Minting & Liquidity Providing

You’ll head over to the ‘Borrow’ tab to participate in ‘minting’ or ‘liquidity providing’. This is the act of collateralizing a Parcl contract. FYI – this will make you synthetically short the underlying index. For example, this is the view I will see if I want to ‘mint’ (bring into existence) 1sq ft of Venice, CA:

‍‍Another Phantom pop up will appear. Click ‘Approve’

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‍Once you’ve minted a Parcl, you’ll want to “Pool” it in the AMM in order to be eligible for a share of trading fees. Head over to the “Pool” tab within the dApp interface. From here, you will choose to pool the neighborhood you minted. In this case it was Venice, CA. In order to pool, you will need to add corresponding USDC liquidity. Approve the transaction that pops up via Phantom.

‍Repeat these processes as many times as you desire / until you’ve properly stressed our systems 🙂

What is Parcl?

Parcl is a seed-funded synthetic asset protocol that is on a mission to deliver real estate to everyone. The protocol allows for the creation of “Parcls” – smart contracts that are representative of the average price per square foot of real estate in a given geographical area. Through Parcl, users can trade their favorite neighborhoods just like they would trade Bitcoin, Ethereum, or other crypto assets. By creating a derivative platform for individuals (or institutions) to execute peer-to-contract trades, Parcl makes real estate investing faster, cheaper, and more liquid than ever before