Symbiosis WebApp user guide: Supplying liquidity with cross-chain Zaps to liquidity pools owned by Symbiosis and to third-party lending protocols via Symbiosis WebApp.
What are Cross-chain Zaps and Interchain Communicating?
Zaps are used to add liquidity to liquidity pools. A Zap can contain a few on-chain operations packed in one transaction processed by smart contracts with Zap protocol functionality.
Zaps are on-chain operations.
Symbiosis implemented a cross-chain variety of Zaps. Cross-chain Zaps allow users, while having any tokens on one blockchain, to add liquidity to a Symbiosis' liquidity pool on another blockchain in one transaction. Scheme 1 illustrates the cross-chain Zap routine.
Scheme 1. A cross-chain Zap example
Moreover, having any tokens on one blockchain, users can add liquidity to third-party DeFi Protocol (e.g., Aave, C.R.E.A.M.) on another blockchain in one transaction. So, in this case Symbiosis acts as Interchain Communication Protocol (Scheme 2).
Scheme 2. Supplying liquidity to C.R.E.A.M. via Symbiosis
Cross-chain Zaps via WebApp
Symbiosis WebApp supports two sets of blockchains: for Mainnet and Testnet:
Adding liquidity with a cross-chain Zap is a cross-chain operation that may include on-chain intermediate swaps and always includes tokens' transition to another blockchain. You can change the default values of the slippage tolerance and deadlines for your operations here:
Adding liquidity to a pool owned by Symbiosis
Requirements to operate:
Your wallet is installed and connected to Symbiosis WebApp,
You have enough native assets to pay for a transaction on the source blockchain.
To add liquidity to a liquidity pool owned by Symbiosis via cross-chain Zap:
Select the token you would like to supply and enter an amount. For example:
3.
Open the Supplying to drop down menu and select the Symbiosis' pools mode:
The first blockchain shows where the liquidity pool is located. The LP balance shows the amount of your tokens in the liquidity pool.
4.
Select a liquidity pool by pressing on it and check details:
Price impact or Bonus is the difference between the market and estimated prices due to the trade size.
Liquidity Provider Fee is the fee that charged for each swap performed on this liquidity pool. Part of this fee goes to the liquidity providers, and another part goes to the owner of the liquidity pool (to Symbiosis).
Deposit Fee is the fee for depositing tokens to this liquidity pool.
Withdraw Fee is the fee for withdrawing tokens from this liquidity pool.
Virtual Price is the price for one LP token in this liquidity pool.
Total Liquidity is the total value of tokens in this liquidity pool in the USD equivalent.
5.
If you see the Switch network to <Network name> button, please switch to the network, by pressing on the button and confirming the action in your connected wallet.
6.
If you see the Approve <Token name> button, please approve the token use by pressing on thebutton and approve the transaction in your wallet. As soon as the transaction is executed, the Add Liquidity button becomes available.
7.
Press on the Add Liquidity button and confirm the transaction in your wallet:
(You can close the window and check the transaction later)
8.
Finally you get a confirmation.
Done
∎
Adding liquidity to a lending or farming protocol
Requirements to operate:
Your wallet is installed and connected to Symbiosis WebApp,
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:
Select the token you would like to supply and enter an amount. For example:
3.
Open the Supplying to drop down menu and select the Lending protocols mode:
4.
Select a lending or farming protocol and the token you would like to supply to the protocol.
5.
If you see the Switch network to <Network name> button, please switch to the network, by pressing on the button and confirming the action in your connected wallet.
6.
If you see the Approve <Token name> button, please approve the token use by pressing on thebutton and approve the transaction in your wallet. As soon as the transaction is executed, the Add Liquidity button becomes available.
7.
Press on the Add Liquidity button and confirm the transaction in your wallet.
(You can close the window and check the transaction later)
8.
Finally you get a confirmation.
Done
∎
Exchanging for BTC
Symbiosis uses the Ren Protocol on BINANCE and POLYGON to perform exchanges for BTC. When the Ren Protocol receives renBTCs, it burns them and sends BTCs to the user's address on BITCOIN BLOCKCHAIN.
Thus, Symbiosis acts as the interchain communicating protocol while exchanging for BTC. But, on the other hand, exchanging for BTC looks like a common cross-chain swap. Thereby, you can swap for BTC via:
Select the origin token (Transfer from) and enter an amount.
3.
Open the Supplying to drop down menu and select the Native mode and press on Bitcoin.
4.
If you see the Switch network to <Network name> button, please switch to the network, by pressing on the button and confirming the action in your connected wallet.
5.
If you see the Approve <Token name> button, please approve the token use by pressing on thebutton and approve the transaction in your wallet. As soon as the transaction is executed, the Add Liquidity button becomes available.
6.
Press on the Add Liquidity button and confirm the transaction in your wallet.
(You can close the window and check the transaction later)
7.
Finally you get a confirmation.
Done
∎
Withdrawing Liquidity
Zaps are not participating in liquidity withdrawing. While withdrawing liquidity, you always get liquidity in the token types contained in the liquidity pool. Liquidity withdrawal is always an on-chain operation.