SyncSwap is the first decentralized exchanger on the ZkSync blockchain. SyncSwap is a community driven and user oriented project. SyncSwap's mission is to provide easy-to-use DeFi and bring the benefits of scalable Ethereum to more people. The team plans to release your tokenwhich can be supported possible airdrop.
April 10, 2023 SyncSwap announced about the special loyalty program. The program aims to encourage transactions and help traders achieve maximum profits.
The program starts with Genesis Epoch and will last 30 days: With 15:00 (UTC+1) April 10 before 15:00 (UTC+1) May 10. Kyiv/Moscow — UTC+3. As part of the SyncSwap loyalty program, everything will be allocated 900,000 SYNC tokens for Genesis Epoch.
As a reward for participating in the program, traders will receive non-transferable SyncSwap loyalty tokens, which are denoted as ySYNC. The more trading commissions, the higher the rewards. Earned ySYNC can be periodically exchanged for tokens veSYNC. Every dollar earned in the form of trading fees entitles you to 1 ySYNC.
Calculation of the amount of remuneration happens like this:
For wallet replenishment in the ZkSync Era Mainnet network SyncSwap offers several breeches.
The next step is to change ETH in the ZkSync Era Mainnet network to the desired token. Genesis Epoch starts with a few tokens with ample liquidity as not many tokens are available on the ZkSync Era mainnet at the moment. SyncSwap recommends the following tokens: ETH, USDC, BUSD (Celer Network), USD+.
See also SyncSwap recommends the following trading pools: USDC-ETH Classic, USDC-USD+ Stable, USDC-BUSD Stable.
See your loyalty statistics, including ySYNC earned, estimated rewards, total ySYNC supply can be on rewards screen in syncswap.
FAQ
Question. How can I participate and earn ySYNC? Answer. You will automatically receive ySYNC rewards when you make a trade in eligible pools.
Question. When can I receive rewards? Answer. You will be able to receive rewards after the end of the era. Rewards will be distributed in veSYNC.
Question. Why is it based on commissions charged and not on trading volume? Answer. The program is actually based on trading volume as the volume is actually equal to the fees generated, however since SyncSwap supports dynamic fees and pools can have different fee levels based on the fees generated can be more accurate and fair.
Question. Does this mean that 1 SYNC equals 1$? Answer. No, the commission of 1$ will be rewarded by 1ySYNC. However, SYNC rewards are based on ySYNC's share, not amount, and there is no difference, for example, if 10,000 ySYNC is rewarded with a fee of 1$.
Question. Why are my estimated rewards decreasing? Answer. There are more people participating in the current era and the ySYNC offer is larger than before, resulting in a decrease in your share of ySYNC.
Question. I made a trade for 10 000$, how much ySYNC will I get? Answer. For example, if you traded 10,000$ in the ETH-USDC pool and the pool fee is 0.3%, you will earn 30 ySYNC.
Question. Can I trade ySYNC? Answer. ySYNC is non-transferrable and can only be used to earn rewards. Beware of scams.
Question. What is the difference between my lifetime balance and the era balance? Answer. Lifetime balance is the sum of your earned ySYNC across all epochs, and epoch balance is your ySYNC balance in the current/corresponding era.
Question. What is the difference between cumulative stock and epoch stock? Answer. The cumulative supply is the sum of the ySYNCs minted in all eras, and the epoch supply is the ySYNCs minted in the current/corresponding era.
Question. Will rewards be calculated based on lifetime balance or era balance? Answer. Rewards will be valued/calculated based on your ySYNC balance and ySYNC supply in the current era.
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Article author: Evaneskate
