STORJ on zigzag (zkSync)

today zigzag rolled out a feature to permissionless list tokens to their order book DEX on zkSync. Therefore, I listed ETH - STORJ as a new pair and STORJ is one of the first to be listed (twitter announcement)!

I also started a little market maker bot with some quick changes (if the mm is down, I will fix it as fast as possible). As of now I don’t have a huge liquidity, depending on the demand I might increase it over the next days.

As for trading fees: In short, they are quite big. There is a flat fee around $1 to $1.5 to cover the zkSync swap fee. And on top there is a 2.5% spread STORJ → ETH and only 1% ETH → STORJ. I expect a high demand for STROJ → ETH and only a small demand for STORJ on L2. So I need a higher spread to cover L1 swaps to get new ETH. I have some ideas to cover that in a better way and the spread might sink in the next days and weeks.

If you think those fees are way to high: zigzag is permissionless and anyone can start a market maker and provide lower spreads.

Trade here

For users new to zkSync:
There is a nice mobile wallet from argent. They plan to list all pairs from zigzag (twitter). They have a special system with zkSync to create a wallet and users pay a lower activation fee of ~$2.5(twitter). Furthermore, they also have integrations with Lido (ETH 2.0 staking), AAVE and Yearn, so you can invest directly on zkSync, earn interest and save fees - if you don’t want to withdraw smaller balances - no ad, just some tips to save money.


But you still swap for L2 ETH which is not accepted anywhere, so it makes sense for a cheaper withdrawal?

The withdrawal fee for STROJ and ETH is the same.

How is this possible? Withdrawal should be based on actual gas price and amount, which differs a lot for ETH and ERC20 tokens.

If this is true, I don’t see why any SNO would want to participate.

For one its mostly a test of zigzag and as I might develop a custom conector for a bigger market maker. So kinda testing the water and at the same time someone might finde it helpfull.

Also I do think there are some advantages in having ETH over STORJ, as you can trade it better or use services like LayerSwap, if they start L2->CEX (soon).

At the end, use it or not bothe if fine by me :slight_smile:

I did a quick dry run to double check these numbers. I end up with a 3% loss total. That should work for me. The 10% bonus that Storj is sending to me will cover these costs. You can count on me :wink: