Buffer V2 is Now Live on Arbitrum Görli Testnet!
We’re excited to announce the launch of Buffer V2 on Arbitrum Görli Testnet!
In the long run, launching on Arbitrum is revolutionary for Buffer and its community. The network is well-recognized for its visible product readiness, smooth developer-friendly capabilities, speed, and most importantly, a low latency environment for our traders to execute their best trades.
The Incentivised Testnet on Polygon allowed people to have a deeper grasp of trading binary options on Buffer protocol while also allowing them to offer new features for the product. Similarly, the current Testnet goal is to discover how users adjust to this new blockchain network while also trying out the interface!
How Do You Get Started With Buffer V2 on Arbitrum Görli Testnet?
To start trading binaries on Buffer protocol on the Arbitrum Nitro test network, the first step is to connect to the network in your wallet.
Step 1: Setup Arbitrum-Görli Testnet
To add the Arbitrum-Görli testnet to MetaMask, click the network button at the top of your wallet and change it to “Arbitrum Nitro Rollup Testnet.”
If the Arbitrum Nitro Goerli Rollup Testnet is not listed on your wallet, click on “Add Network” and enter the following Arbitrum-Görli testnet parameters:
- Network Name: Arbitrum Nitro Rollup Testnet
- *RPC URL: https://goerli-rollup.arbitrum.io/rpc
- ChainID: 421613
- Symbol: ETH
- Block Explorer URL: https://goerli-rollup-explorer.arbitrum.io/
- Retryable Dashboard: http://retryable-tx-panel-nitro.arbitrum.io/
- Token Bridge: https://bridge.arbitrum.io/
Step 2: Add ETH Görli to your MetaMask
Click on the ‘Faucet’ tab and then click on the “1. Claim goerliETH from goerli faucet” link under the ‘Claim TESTNET AETH’ tab.
You can use any one of the three faucet options given to claim your görliETH:
Option 1: Using the Goerli faucet: https://goerlifaucet.com/
- Requires signing up/logging in using an Alchemy account.
Option 2: Using the Goerli Mudit faucet: https://goerli-faucet.mudit.blog/
- Requires users to make a tweet using the tweet template linked on the faucet’s page under the “How does this work?” section.
- Users also need to paste their Ethereum address into the tweet template to receive funds using this faucet.
Option 3: Using the Paradigm Multifaucet: https://faucet.paradigm.xyz/
- Requires users to sign in with their Twitter accounts.
- To successfully receive funds using the faucet, the user’s Twitter accounts should have at least 1 Tweet, 15 followers, and be older than 1 month.
For the purpose of this guide, we’re using the first option — the Goerli faucet to claim görliETH.
Once you land on the Goerli testnet page, you’d be asked to Register for a free Alchemy account or sign in if you already have one (Figure 3).
Once you have set up your account, enter your wallet address/ENS domain in the box on the left-hand side, and then click on the “Send Me ETH” button (Figure4).
After clicking ‘Send Me ETH,’ a pop-up screen will congratulate you on successfully requesting Goerli ETH from the Goerli testnet faucet. Now, you should see Goerli ETH in your wallet (Figure 5).
Step 3: Bridge GörliETH to Arbitrum ETH or AETH
Go back to the “Faucet” section on Buffer Testnet, and click on the “2. Bridge GoerliETH to AETH” button (Figure 6).
You will be directed to the Arbitrum Bridge. Connect your Goerli L1 ETH to Arbitrum’s Goerli Testnet on layer 2 by connecting your wallet to the Arbitrum Goerli bridge (Figure 7).
Now, you should see Arbitrum Goerli ETH in your wallet and will be able to use your Arb-Goerli testnet ETH.
Step 4: Claim Testnet USDC
In order to claim your Testnet USDC tokens, you’d have to sign in via your Twitter account. This step was implemented to prevent faucet botting and allow all traders a fair chance at the Buffer V2 Testnet on Arbitrum. Once again, hop on to the “Faucet” section on Buffer Testnet, and click on the “Twitter Login” button (Figure 8).
Once you have authenticated your Twitter account, The transaction can take a few seconds to process if there is network congestion. Once processed, you will have 500 Test USDC in your wallet, which you can check on the trade page under the investment box (Figure )
Step 5 — Choose the asset to open a position
To open a position, choose an asset from the asset drop-down menu on the top left-hand corner of the ‘Trade page’ — https://testnet.buffer.finance/ARBITRUM/binary/BTC
Parameter definition:
- 24-hour Change — the 24-hour change in the price of the asset
- Payout — the expected return a trader will receive if their trade expires “in the money.” Meaning the trader could predict the correct price movement of the underlying asset value.
- You can also add your favorite pair to appear first on the dashboard by clicking on the ‘Star’ icon on the right-hand side of the ‘Payout’ table.
Step 6 — Choose the expiration date on the binary option
You can choose the expiration date from the “Select Duration” box present on the right-hand side of the dashboard. The expiration time determines the payout %, and it is possible to choose an expiration from 5 mins to 24 hours.
Step 7 — Choose the amount to invest
You can choose your USDC investment amount from the dashboard’s investment box on the right-hand side.
For Buffer V2 binary option, the minimum investment starts at 1 USDC. The investment amount will be deducted from your balance and returned with a profit if your position closes in the money (correct estimation of price movement). If the position closes in loss (incorrect estimation of price movement), the investment amount will not be returned.
Step 8 — Approve the transaction to open a position
Once you click the approve button, a pop-up will appear asking you to approve the transaction. You can keep default approve all selected to remove this step from your future interactions.
Step 9 — Choose the direction — Up or Down.
Once you have decided on the expiration and investment, you need to determine whether the asset’s price will grow or fall. Once you have made the decision, you are ready to open a trade. Once a position is opened, you will need to wait until the end of the expiration time to receive the result.
By the end of this guide, you’d have placed your first binary options trade on Buffer V2 on Arbitrum Görli Testnet. However, if you feel stuck in any of the steps, you can also reach out to us on Telegram or Discord!
What’s next?
While you practice your best trading strategies on the testnet, we are preparing for another exciting round of incentivized Testnet on Buffer V2 (Arbitrum Görli Testnet) and migration to Arbitrum mainnet. Follow us on Twitter to stay updated/
