SyncSwap is currently the project with the highest TVL ranking on zkSync. It is a decentralized exchange DEX that will be launched in 2022. First launched in April. Its TVL is approximately $35.23m as of April 23, 2023, according to DeFiLlama. Its simple UI design, smooth and considerate UX interaction experience, coupled with the faster transaction speed of the zkSync network, the overall user experience is excellent, leaving a deep impression on users. SyncSwap supports five networks including zkSync Era: zkSync Era mainnet, zkSync Era testnet, Scroll Alpha (also a layer2 network using zkEVM), Polygon zk EVM testnet, and Ethereum mainnet.

SyncSwap aims to become a one-stop DeFi platform that is guaranteed by the security of the Ethereum network and is very easy to use (cheap + fast) in terms of transaction experience. The ultimate vision is to accelerate the carrying of huge amounts of users to use the zkSync ecosystem.

Its core product: Multi-Pool DEX protocol of multiple trading pools, which has the following characteristics:

Supports multiple AMM algorithms, including Uniswap v2’s constant product and Curve’s constant and (more suitable for stablecoin pairs), centralized liquidity of Uniswap v3 (to be developed).

The handling fee is highly customizable. The fee structure for buyers and sellers may differ, determined by community vote. Support the function of adding a handling fee discount (to be developed).

Gas Refund. Due to the use of zkSync, the transaction gas fee on SyncSwap is constantly changing, and the unused fee in each transaction will be refunded. Normally, 20% - 90% of the gas for each transaction will be refunded, and it will be automatically executed immediately after the transaction is confirmed. Users will see money remaining every time they make a transaction, and their experience will increase.

Intelligent routing. Similar to 1inch, SyncSwap also supports smart routing. Smart routing means that since AMM pools are paired in pairs, if there is no direct trading pair for the two currencies you want to trade (or there is but liquidity is poor), the smart routing function can automatically help you choose multiple lines. , transfer funds in a decentralized manner to minimize slippage. Specific examples are shown below. In SyncSwap, smart routing can only support the pool of its own project, and can span pools of different AMM models.

SyncSwap’s incentives and SYNC native token

In order to reward users who actively participate in transactions and provide liquidity, SyncSwap has launched the Loyalty Program , which is a plan to regularly issue reward vouchers ySYNC. The higher the user's transaction volume and the more handling fees they contribute, the more rewards they will receive. Rewards will be issued to users in the form of token ySYNC that cannot be transferred. A handling fee of $1 will get 1 ySYNC. But ySYNC can be redeemed for veSYNC governance rights. Rewards will also be sent regularly in the form of epochs, each lasting 24 hours for one month. See this document for more details.

SYNC is the native token officially confirmed by SyncSwap, which represents the governance rights of SyncSwap. The maximum supply will be 100,000,000 100 million coins. The specific token economy and distribution are still under preparation, so please pay attention to this document and stay tuned.

How to interact with SyncSwap?

First, users need to transfer assets to zkSync through the cross-chain bridge. SyncSwap provides a variety of options on its Bridge page, and carefully marks some labels to tell users which ones are official and which ones are third-party (otherwise, this experience is good).

We recommend using zkSync’s official cross-chain bridge, which is safe and reliable. Enter your own amount on the Deposit page, try to choose ETH, and avoid an amount that is too large.

After completing the chain crossing, return to the SyncSwap page and click Select a network to add the zkSync network. Metamask will pop up automatically, just confirm. After adding it, you should be able to see the assets you just transferred in your wallet.

After transferring the assets, you can start to experience the Trade trading function. Click the Trade button in the upper left corner, select your target asset, enter the amount, and set your acceptable slippage range in the settings button. It is recommended for beginners to use its default slippage tolerance range. Finally, click the swap button, and metamask will automatically jump. After clicking Confirm, the transaction will be executed automatically, and a pop-up window will appear after success (very fast).

With some other assets, we now have two assets in hand and can try to become an LP liquidity provider. Click the Pools button above and select your target pool. Note that the list on this page will provide the type of pool, that is, which AMM model the pool uses. Classic is the constant product x*y = k of Unsiwap v2, and all liquidity is uniform A distributed pool, Stable is a constant sum model of x + y = k similar to Curve. This page will also provide liquidity information and expected mining yield information (this yield changes in real time and is for reference only).

Enter the page of the target currency pair, click My position, Deposit now, and the deposit page will pop up. Liquidity must be provided in two currencies, so after you decide the specific amount of one currency, there is a switch below that can automatically calculate how much of the other currency you need to satisfy the AMM's balancing algorithm. Then you need to unlock a currency that has not been interacted with before you can perform the real Deposit operation.

After success, you can click My Position to view your liquidity position! SyncSwap’s Chinese official Twitter also thoughtfully summarized some interactive experiences for everyone. Please see this link for specific tweets.