Swap between STORJ and ETH on zkSync Era via SyncSwap

Ah, zigzag is for zkSync Lite (what the Storj Company calls zkSync Legacy).

zigzag doesn’t support zkSync Era (as far as I can tell).

I edit the main post to clarify this.

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Thank You, but strange here at syncswap the Ledger Live wallet wont connect to Era zksync mainnet, (walletconnect v2) same i used on jumper and all was fine, just no routes.
at https://jumper.exchange at least it connected and saw balance in STORJ on zksync, here i can connect to Ethereum only (but couldn’t see the eth balance, was refreshing in infinity hmmm,)

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Please elaborate:
What happens if i do?
What are the risks?
Wich Amount is sufficient to make Profit?

Being a liquidity provider on SyncSwap is just like being one on other DEXes such as Uniswap etc.

I think it’s best if I link to an article explaining it: How DeFi Liquidity Pools Work

You provide an amount of ETH+STORJ (e.g. 15$ of each token at the current market price). When people want to exchange these tokens, they swap one for the other - changing the DEX ratio and hence DEX price of both assets. For each trade all liquidity providers earn 0.1%-1% of the trade amount. (The pool doesn’t specify, what exact amount this is.)

For instance, if I put in 50$ of ETH+STORJ and you put in 25$ of ETH+STORJ, and someone makes a 15$ swap - then we’ll share say 1% of 15$ = 0.15$. You’ll earn 0.05$ and I’ll earn 0.10$.
(denoted in ETH+STORJ).

Risks:

  • You should be comfortable to trust the smart contracts or do due dilligence on them. I did that for Uniswap, but not for SyncSwap, as I just got to know about it for zkSync Era. But since I only put small amounts of money, and because it looks trustable due to its large size, I simply accept the risk there.
  • Impermanent Loss. When the price ratio of ETH/STORJ changes too much from what you initially put in, you’ll make some losses. Ususally, there are calculators which make it possible for you to compare potential profits from earned fees and losses from IL.

Profits/Benefits:

  • As mentioned, you make profits for each swap, that happens. Kinda like passive income. Ususally, there is an APR which is caculated based on recent past trading volume. But for this new pool, obviously there isn’t any trading history. Also, since it’s all so new, we don’t expect that much trading at all. However, this will likely grow in near future. And early LP earn more than later ones, because later you’ll have to share the fees with more others. As a quick example: If the daily trading volume on SyncSwap zkSync Era for STORJ/ETH is 50$ and you put in 100$ of initial funds and you have 50% of the pool and the pool fees are 1%, then you’ll earn 50% * 1% * 50 = 0.25$ per day. If the trading volume is 4x the amount, then you’ll earn 1$ per day. However, the more trading volume there is - the higher the fees - the higher the implicit APR. That’ll drag more LPs to put their funds inside to take more of these fees.
  • The more people become LPs, the more people will keep their STORJ on zkSync Era and improve liquidity - instead of everyone moving it to L1 which would make zkSync Era less useful. And when there is more LP, you can also yourself start to more and more cash out your STORJ directly on zkSync Era instead of needing to bridge again.

I hope this is sufficient for an initial background on LPing.

I recommend you to just try it out with small funds. I have no experience with large funds however, so I don’t want to comment on that.

Hope you or anyone else jons me there to put liquidity into STORJ on zkSync Era!

i will wait until the next payment. as im unable to transfer StorJ to L2 something is missing.
also i have now 2 different tokens named storj in my metamask on zksync era mainnet. :sweat_smile: was my bad.

check the contract address, on zkSync Era it should be

done! still cant bridge storj L1 to era…maybe this is missing?

Add tokens to the bridge

While the zkSync standard bridge can be used without permission from a smart contract perspective, the UI only displays tokens that have been added to our SDK.

If you would like to add a token, submit a request by filling out the token request formopen in new window. Our team will review your request, and get back to you if we have any outstanding questions before adding the token to our list.

Perhaps, but more likely that you do not have ETH on zkSync Era if you want to transfer,

To swap tokens on zkSync Era there is should be a liquidity, provided by other users, perhaps it requires to have ETH to pay fee too.

No. Have sufficient eth on both networks

Then at least transfer should work, however, other SNO reported an issue with withdrawal to L1:

For swap then I guess it’s related to absence of the liquidity on the used platform.
Could you please describe what you did and what’s failed for you?

@Alexey

Did the company already request the mainet briding at MatterLabs?

See: Swap between STORJ and ETH on zkSync Era via SyncSwap - #11 by daki82

Currently, afaik it’s only possible to bridge storj tokens via manual smart contract transaction - whish isn’T easily useable for most people.

What is your status there?

Yes, we filled the form. But it may take time for Matter Labs to add it.
Meanwhile you may use the smart contract address.

I’m confused. I can’t find anything that I used last week in zksync era.

When I try things in metamask it just opens chrome tabs and the “bridge” has gone

I did find that i can send eth to binance over zksync era, without any webapp use. I added their network to metamask so perhaps that’s how it works now

Send l2 eth to binance takes 24 hours

metamask bridge does support zksync ERA now, but not the transfer of storj.

lifi can also easy bridge ETH L1 to era .

You may see TXs in Metamask, if you switch the network to zkSync Era Mainnet. But I usually uses block explorer, since Metamask not always shows all TXs.

its gone? 20 charakters

This is it?

Introducing txPortal

zkSync took a step further towards decentralization by open-sourcing their portal and bridge, and handed them off to [the TxFusion team]

The pool is still there and running fine:

since i did not manage to send storj to era, i will wait until payday. and some months more maybe.

Sorry to dig this up again, did you add your liquidity at storj value of $1?