The decentralized exchange Symbiosis has added the ZAP technology, which automates obtaining [simple_tooltip content=’Liquidity Provider Token or LP token — a token that represents the right to own part of the funds in a pool on a decentralized exchange.’]LP-tokens[/simple_tooltip] from pools. ZAP works with Symbiosis pools and popular DeFi protocols: Aave and Cream.
ZAP automatically converts the owner’s funds into the required coins and deposits them into the pools. The user pays transaction fees in the original cryptocurrency.
For example, to obtain LP tokens of the USDC (BOBA Network)/sUSDC (Ethereum) pool using USDT ERC-20, you will need:
- Exchange USDT for USDC and sUSDC.
- Buy BOBA to pay fees on the BOBA Network.
- Deposit all tokens into the pool.
ZAP simplifies this process to a single step: the user selects the asset and destination pool, confirms the transaction and receives LP tokens.
As of publication, ZAP supports adding liquidity to stablecoin pools on Ethereum, Avalanche, BNB Chain, Polygon and BOBA Network. The Symbiosis team plans to add more pools, primarily Aave and CREAM.
ZAP войдет into the developers’ SDK so that platform partners can use it in their products.
Symbiosis — a multi-chain DEX for EVM-compatible blockchains and Ethereum L2 solutions. The team plans to add support for NEAR Protocol and DeFi on it in the near term. The volume of funds in pools exceeds $8 million.
Earlier, Symbiosis announced the integration with the 1inch aggregator.
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