InceptionLRT Testnet: A Step-by-Step Guide

November 08, 2023
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InceptionLRT is a Layer 2 restaking platform crafted to enhance users' liquidity and yield on their staked assets. As we come closer to our official mainnet launch, we would like to invite everyone to try our testnet. In this article, you will find a comprehensive guide on how to use the InceptionLRT testnet and become an invaluable member of the Inception community.

TL;DR:

  • InceptionLRT is a restaking protocol increasing liquidity and yield on restaked assets;

  • InceptionLRT provides a solution known as liquid restaking, allowing assets like stETH, rETH, or cbETH to be restaked without liquidity lock-up;

  • Access the InceptionLRT testnet by connecting a decentralized wallet (Metamask is recommended), and switch to the Goerli Network;

  • Acquire Goerli ETH via LayerZero's Testnet Bridge, stake it on a liquid staking protocol, then restake on InceptionLRT to receive Liquid Restaking Tokens;

  • Use the dashboard to manage assets and restaking; feedback on the testnet is encouraged for platform refinement.

InceptionLRT: unlock your liquidity

InceptionLRT stands out in the DeFi space as a Liquid Restaking Token (LRT) platform, transforming the way we approach liquid restaking and DeFi (LRTfi). Built to enhance the EigenLayer proposition, it tackles one of the protocol's main limitations: liquidity locking.

Even though the EigenLayers framework proposes a solution for one of the Ethereum ecosystem's main limitations, which is the validation trustworthiness of any infrastructure or protocol using off-chain data, the solution isn’t without its constraints.

By enabling users to restake assets like stETH, rETH, or cbETH, it does further expand Ethereum’s trust network to other protocols using off-chain data. However, the proposed framework means locking restakers liquidity, constraining its usage on on-chain activities.

Here, enters InceptionLRT with a seamless restaking solution that enables the token restaking while preserving users' liquidity.

With InceptionLRT, assets remain liquid, ensuring alignment with Ethereum’s ethos and providing technical advancements for an enhanced restaking experience. Thus, making crypto economic security more capital-efficient and more attractive for restakers.

A walkthrough InceptionLRT testnet:

In order to access the InceptionLRT testnet, one must connect their decentralized wallet. Currently, it’s possible to do it with several wallets, however, we do recommend Metamask for a better user experience.

  1. Visit the Inception Website.

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  1. Click Connect Wallet in the top right corner.

  2. Choose the wallet to use.

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  1. Choose a wallet address, if you have many, and proceed to connect your wallet.

You’re now connected to the InceptionLRT testnet. Since this is still a test version, you’ll be prompted to switch to the Goerli Network - Ethereum testing environment.

To use Ethereum’s testnet environment, you’ll need to have GoerliETH (GETH) on your wallet. If you have never used this environment before, let us walk you through on how to get it.

The first option is through the LayerZero testnet bridge:

  1. Visit the Testnet Bridge

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  1. Connect your wallet

  2. Select the amount of ETH to bridge

  3. Bridge

Instead of the LayerZero bridge, you can use any of the available faucets to drip GETH. However, we can tell you that it may be challenging to do so since it offers a very limited amount per day.

Once you have your wallet topped up with GETH you’re now able to move to the second stage of the process - staking on a liquid staking protocol. For this step, you can either use Lido testnet to get Goerli stETH, or swap Goerli ETH for Goerli rETH on the Uniswap Swap page. Full instructions for the latter can be found here.

Reaching this far, you’re now ready to come back to InceptionLRT dApp and start restaking:

  1. In the Testnet Inception App, click Restake.

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  1. Choose an asset (stETH or rETH), enter an amount, and click Restake.

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  1. Approve the custom spending cap for Inception in your wallet. Then click Restake again and confirm the restaking transaction in your wallet.

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  1. Once you restake you will receive back, the equivalent amount in instETH or inrETH (depending on the LST you stake).

  2. Add the obtained Liquid Restaking Token to your wallet and continue to the Dashboard.

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Reaching this far you’ve officially become a member of the InceptionLRT restakers community. But the journey doesn’t end here! After successfully restaking your assets, you can manage your Liquid Restaking Tokens (LRTs) from the Inception Dashboard.

Whenever you visit the InceptionLRT dApp, you can restake more to increase your restaking rewards, or you can unstake to get your assets back in your wallet.

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By restaking, you will be prompted to restart the journey. To unstake, follow this process:

  1. In the Testnet Inception App, choose an LRT and click unstake.

  2. Enter an amount and click unstake.

  3. Confirm the unstaking transaction in your wallet; wait a few moments for Unstake in Progress to change into Unstake Successful! and continue to Dashboard.

Disclaimer: The unstaking process can take up to 3 days. When it's done, you will need to manually claim your assets from the Inception Dashboard. To do so, check the unstakes section for the available assets and click claim. Upon this, you just need to confirm the transaction and within a few seconds, you should have the asset back in your wallet!

A seamless experience

As we’ve promised restaking and unstaking on the InceptionLRT platform is a straightforward process. Inception's goal is to build a simple interface where users can track their restakes and the yield generated with them.

We warmly encourage everyone to engage with the testnet phase and share your thoughts with us on our social media platforms. Your feedback is invaluable and instrumental in refining InceptionLRT. Each and every one of you will be pivotal in Inception development. Remember, in this industry, it’s always good to be early!

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