CVEX Testnet Update: v1.221.10 (Faucet Guide)

December 11, 2024

As we gear up for the CVEX Mainnet, we’re thrilled to unveil the final Testnet update—a release designed to refine your experience and prepare you for the mainnet launch. This update introduces game-changing features and improvements, from dynamic leverage adjustments to smarter security tools, ensuring that your trading is efficient, secure, and seamless.

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Here’s what’s new:

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  1. VaR Margin & Dynamic Leverage. Smarter margin calculations for optimized capital efficiency.
  2. Native Deposits & Withdrawals. Mimic the mainnet experience with ETH for gas fees and USDC for transactions.
  3. USDC Faucet. Easily mint USDC directly from the platform.
  4. Sessions & API Key Management. Advanced tools for managing sessions, keys, and custom API integrations.
  5. Settlement & Liquidations. Automated bots for monitoring positions and maintaining system safety.
  6. Close All Feature. Quickly close all positions and orders with a single button.
  7. Bug Fixes & Enhancements. Stability improvements and user experience refinements.

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Let’s explore these updates in detail.

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VaR Margin & Dynamic Leverage

Say hello to smarter trading! With VaR (Value at Risk) Margin, your margins dynamically adjust based on active positions and orders. This feature ensures capital efficiency, particularly for hedged positions, allowing you to trade larger volumes with less collateral while managing risks effectively.

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Native Deposits & Withdrawals

Get a taste of the mainnet experience! Native deposits and withdrawals now require ETH for gas fees alongside USDC for transactions, streamlining the process and preparing you for live trading.

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USDC Faucet

Simplify your Testnet deposits with the new "Mint" tab. Need USDC? Mint it directly on the platform to keep your trading uninterrupted and hassle-free.

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Sessions & API Key Management

Enhance your security and flexibility with tools to manage sessions, secondary keys, and API integrations. Whether you’re trading manually or programmatically, you’ll have complete control over your access points.

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Settlement & Liquidations

Automated bots now actively monitor positions and perform settlements and liquidations as needed, ensuring the system remains secure and reliable. Rest assured, every trade is backed by robust safeguards.

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Close All Feature

Simplify your workflow with a single click! The new "Close All" button allows you to close all positions and cancel all orders instantly from the Positions tab.

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Bug Fixes & Enhancements

We’ve squashed bugs and fine-tuned the platform to deliver a more stable and enjoyable trading experience. These improvements bring us closer to a flawless mainnet environment.

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How to Make a Deposit? Step-by-Step

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With the new update, we have prepared the transition to the most real depositing of the trading terminal balance with the help of faucets. This is roughly how your depositing experience on Mainnet will look, so let's understand how you need to proceed.

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Step 1. Connect Wallet

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Use the instructions in our CVEX Testnet guide (step 1) to connect the wallet:

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https://cvex.xyz/post/the-official-cvex-testnet-guide 

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Step 2. Mint ETH

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Now you need to get a test ETH to your crypto wallet to cover the network's commission for funding your account. To do this:

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  1. Click on the ‘Increase Balance’ button.

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  1. In the pop-up window, find the link to Faucet and click on it.

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  1. When you go to the Faucet page, make sure the link is the same as the one on the picture below. If everything is ok, click on the ‘Select tokens’ button.

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  1. Select the 0.01 ETH Arbitrum Sepolia Testnet option.

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  1. Enter your wallet address on the Arbitrum Sepolia network and click on the ‘Get tokens’ button.

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  1. Authenticate your wallet. We don't know why, we are being held hostage and told to write this. To be honest, you can read what it is and why here:

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https://docs.ata.network/backed-by-pom/l2faucet/frequently-asked-questions 

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  1. Great! After completing the steps, you will receive a notification that the test ETH has been sent to your address and once you receive it, you can move on to the next step.

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Step 3. Deposit USDC

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  1. Go back to the CVEX website and click on the ‘Increase Balance’ button again.
  2. Now, in the pop-up window, go to the ‘Mint’ tab, enter the desired number of USDC (maximum per day is 100,000) and click ‘Mint Tokens’.

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  1. Now go to the ‘Deposit’ tab, enter the desired deposit amount (if you have specified the maximum and the deposit did not occur, we recommend reducing the amount and try again), then click on ‘Deposit’

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Voila! Your USDC should be topped up, and you can move on to testing the platform. If you have any problems or if something doesn't work, contact our Discord or Telegram community. 

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Happy trading!

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