Symbiosis Introduces Tool To Automatically Deposit Liquidity In DeFi Protocol Pools
May 31, 2022
0
Decentralized exchange Symbiosis added ZAP technology, which automates receipt of receipt. LP tokens from the pools. It works with ZAP, Symbiosis repositories and popular DeFi protocols: Aave and
Decentralized exchange Symbiosis added ZAP technology, which automates receipt of receipt. LP tokens from the pools. It works with ZAP, Symbiosis repositories and popular DeFi protocols: Aave and Cream.
ZAP automatically converts the owner’s funds into desired coins and deposits them into pools. The user pays the transaction fees in the original cryptocurrency.
For example, to get USDC (BOBA Network)/sUSDC (Ethereum) pool LP tokens for USDT ERC-20, you will need:
Replace USDT with USDC and sUSDC.
Buy BOBA to pay commission on BOBA Network.
Contribute all coins to the pool.
ZAP simplifies this process with one step: the user selects an asset and target pool, confirms the transaction, and receives LP tokens.
The exchange of USDT to LP USDC-sUSDC looks like a normal token exchange.
As of press time, ZAP supports liquidity injection into stablecoin pools on Ethereum, Avalanche, BNB Chain, Polygon and BOBA Network. The Symbiosis team plans to add more repositories, notably Aave and CREAM.
ZAP will be included in the SDK for platform partners to use in their products.
Symbiosis is a multi-chain DEX for EVM compatible blockchains and Ethereum L2 solutions. The team plans to add support for NEAR Protocol and DeFi soon. The volume of funds in the pools exceeds $ 8 million.
Symbiosis previously announced an integration with the 1-inch collector.
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.