Through Zaps, liquidity may be added to liquidity pools or DeFi protocols. A Zap, often referred to as a transaction, is a collection of many on-chain operations. By using smart contracts to manage zaps, the Zap protocol’s functionality is implemented. Chain-using operations are zaps.
A Zap is comparable to a shortcut. Imagine being able to enter the pool independent of the resources you own, such as gas tokens, etc. So, once again, it’s a shortened method of providing liquidity. The best part is that Symbiosis Zap is basically cross-chain, which means that in contrast to all other solutions now in use, you may add liquidity in any coin. Cross-chain Zaps were implemented by Symbiosis. Cross-chain Zaps enable users to contribute liquidity to a Symbiosis liquidity pool on another blockchain in a single transaction while holding any tokens on one blockchain.
The bottom line is: using Zap we can add liquidity to the DeFi protocol with literally any token. For example, we want to add USDC liquidity to the Ethereum/BNB pool, but we only have ETH on hand. In this case, we will swap ETH->on-chain swap->USDC->cross-chain swap->get LP USDC/BUSD and all done in one transaction.
Getting LP tokens with cross-chain zaps
Let’s say you love what Boba Network does and want to take advantage of the Symbiosis protocol’s APR on stables in the Boba/BNB pool.
Normally, you will have to go through a lengthy procedure described here where you’ll have to have 1. USDC Boba 2. BUSD BEP20 3. Gas tokens for both. However, you’d better utilize Symbiosis Zaps if you’re as lazy as we are (which is excellent because it’s laziness that often drives innovation).
With cross-chain zaps, instead you can choose a token on the source network and turn it into a LP token on the destination network. And that’s it!.
Right now, let’s go through the process of how to add liquidity to a pool owned by Symbiosis using the symbiosis cross chain zap.
- Go to the Zap tab in the Symbiosis WebApp or click here
- Choose the token you want to use, then type a value.
3. From the “Select a pool” drop-down menu, choose a pool.
P.S. Symbiosis Pools and Lending procedures are the two different kinds of Zaps. A list of liquidity pools that are owned by Symbiosis is displayed when the Symbiosis Pools type is selected by default.
4. Click on your desired liquidity pool.
5. You can now proceed by clicking on the “approve” button and “add liquidity” button to confirm the transaction.
About Symbiosis
Symbiosis is a decentralized multi-chain liquidity protocol that enables users to perform any crypto token swaps across multiple blockchains with a single click. The protocol supports 5 networks including Boba, BNB Chain (formerly BSC), Ethereum, Polygon, and Avalanche, with more networks to come soon. Project’s mission is to solve the twin problem of interoperability while providing a user-friendly experience.
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