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Symbiosis WebApp user guide: Supplying liquidity with cross-chain Zaps to third-party lending and farming protocols and liquidity pools owned by Symbiosis.
Cross-chain Zaps help users to supply their assets to lending or farming protocol across blockchains.
Having any asset on any blockchain, you can supply it in one click (in one transaction) to lending, farming protocol or Symbiosis Octopools on another blockchain. Currently, cross-chain Zaps are supported for:
- Lending protocols: AAVE,
- Farming protocols: BEEFY,
- Liquid staking protocol: LIDO
Requirements to operate:
- You have enough native assets to pay for a transaction on the source blockchain.
To add liquidity to a lending or farming protocol via Symbiosis:
- 2.Connect your wallet.
- 3.In the Transfer from field, select the source token: the token that you have and that you would like to supply to a lending or farming protocol, and enter an amount. For instance:
- 4.In the Supplying to field, select Lending protocols or Farm or Liquid staking (the Lending protocols tab is selected by default) as the zap type:
- 5.Select the protocol and the token you would like to supply. For instance, we've selected the Farm tab > BEEFY on the BNB chain:
- 6.Check the detail of the cross-chain zap:— The number of tokens displayed as 'Supplying' already includes the liquidity provider fees and cross-chain fees for the operation. Please note that the actual amount of the supplying tokens may differ slightly from this displayed number, but it will remain within the range set by the slippage tolerance value. To change the current slippage tolerance value, press the cogwheel icon— Price is the value of one cryptocurrency for the purpose of conversion to another for this particular swap. Please note, the price depends on the swap size. — Slippage Tolerance is the maximum price change you're willing to accept for your trades to be completed. On-chain and cross-chain swaps will be treated in a special way if the price change exceeds the specified value. See More about Slippage Tolerance for more information. — Actual amount to be sent is the value of the entered token amount in the USD or WETH equivalent minus liquidity providers' fees (if any) on the source network. — Cross-chain fee is the estimated transaction fee on the destination network in the stablecoin or WETH equivalent. The sum will be deducted from the transfer amount to cover expenses for processing the transaction on the destination network.
- 7.If you use a multisig contract to sign transactions, please provide a valid address on the destination chain for LP tokens or another prove about adding liquidity (the address you have access to). This is very important because the multisig contract addresses are likely to be different on the source blockchain (from which you send liquidity) and the destination blockchain (where your liquidity gets supplied to a protocol). To change the address for LP tokens, click the cog icon next to the address:Enter a valid address (the address you have access to) and save the changes.
- 8.If you see the Switch network to <Network name> button, switch to the network by pressing the button and confirming the action in your connected wallet.
- 9.If you see the Approve <Token name> button, approve the token use by pressing the button and approve the transaction in your wallet. As soon as the transaction is executed, the Add Liquidity button becomes available.
- 10.Press the Add Liquidity button, confirm the transaction in your wallet.
- 11.Shortly, you get a confirmation.
In rare cases, a user can receive stablecoins or WETH tokens on the destination network.
Why does it happen?
When assets are exchanged between different blockchains, they aren't processed instantly. If the exchange rate on the destination network changes during the processing time and the new conditions don't meet the stated ones, either a stablecoin or WETH will be received.
Why stablecoins or WETH tokens?
Stablecoins and WETH tokens have the same face value across different networks, so these tokens are used as transit tokens to route cross-chain operations via the Symbiosis protocol.
Stuck Cross-chain operations vs. the Guaranteed Stablecoin or WETH
Another approach was used to handle such situations before. If the exchange rate on the destination network changed during the processing time and the new conditions didn't meet the stated ones, then such an operation was considered a stuck one, and the user should send another transaction to revert the stuck funds. In this approach, the user received stablecoins or WETH tokens on the original network. So the user received tokens on the same chain and spent tokens to pay transaction and cross-chain fees.
To improve user experience, the flow of dealing with cross-chain operations that cannot be accomplished due to rate changes on the destination network was changed to the current one: the user receives stablecoins or WETH tokens on the destination network.
Cross-chain Zaps cannot be used to withdraw liquidity, since liquidity withdrawal is mainly an on-chain operation.
- To withdraw liquidity from a lending or farming protocol, please do it via the corresponding lending or farming protocol.