Syncswap Review: Seamless And efficient DEX On zkSync Era Network

SyncSwap is the largest project in the zkSync ecosystem, with a TVL (Total Locked Value) of $63.93 million and an overall market share of 37.78%, according to DefiLlama. SyncSwap is one of the most promising and exciting projects on the newly launched zkSync Era mainnet. SyncSwap is gaining strong attention because it brings fast and low-cost DeFi to everyone with full Ethereum security backed by zero-knowledge technology.  In this Syncswap review, let’s find out through the article below.

What is SyncSwap?

SyncSwap is a decentralized seamless exchange (DEX) on the zkSync Era. Powered by zero-knowledge technology, SyncSwap brings more people easy-to-use and low-cost DeFi with complete Ethereum security.

The vision for SyncSwap is to build a one-stop-shop DeFi hub that is seamless and easy to use with innovative features.
Bring user-friendly and accessible DeFi products to more people that even never heard about Ethereum – on the scaled Ethereum.

The protocol is fully open source and composable, removing the barrier to integrating and embracing the zkSync ecosystem.

It also allows organizations to exchange data between different systems and applications seamlessly. Whether it’s synchronizing customer information, inventory data, or transaction details, SyncSwap provides a powerful and efficient solution.

Why SynSwap stands out

SyncSwap provides seamless integration with a wide range of applications and systems. Its powerful API allows easy connection, ensuring compatibility with popular platforms like Salesforce, Shopify, QuickBooks, and more. The platform’s rich documentation and developer-friendly interface make integration easy, empowering businesses to take advantage of the protocol’s capabilities with minimal effort.

To start with SyncSwap review, the protocol offers a number of benefits to organizations looking for streamlined data synchronization. Firstly, it reduces manual data entry and eliminates the risk of human error, ensuring data accuracy and integrity. This, in turn, leads to improved operational efficiency and productivity. SyncSwap also enhances data visibility, enabling real-time insights and better decision-making.

Another significant benefit is the scalability offered by SyncSwap. As businesses grow and expand, the platform can easily handle increased data volumes and deliver new integrations, allowing organizations to adapt to changing requirements without compromising data synchronization capabilities.

Syncswap Review: Main function

Here is a summary of DEX features:

• Trade: Swap between 20 ERC-20 tokens for a nominal transaction fee. Easily split your token balance into four parts (25%, 50%, 75%, 100%) with one click instead of calculating it yourself.
• Pool: Generate liquidity pool (LP) tokens, up to two hundred pairs, by investing equal amounts of two different assets.
• Wrap: Swap stablecoin USDC or DAI and get USD Sync in return. It is fully backed and highly liquid, centralizing liquidity and providing a stable swap. Each of these assets is limited because its reserves cannot exceed its limit. You can unlock USD Sync and convert it back to USD or DAI at any time.
• Earn: Stake your LP tokens and/or Synchronize USD. You can only deposit USD/ETH and USDC/ETH LP, although the fake bonus has run out (real rewards will come later). If you withdraw your staked assets before the end of a week, you will be penalized with a 1% early withdrawal fee — this does not matter in this version.
• DAO: Participate in governance and have a say in the development of the protocol. There is a forum to give ideas/suggestions to the community, a space to create or vote on them, plus a “Portfolio” section containing your wallet balance, token count your staked and your voting rights are based on that amount.
• Dashboard: Monitor your wallet balance, recent transactions and links to DeFi tools zkScan, Debank, Zapper and Zerion.

Syncswap Review: Ecosystem

Multi-Pool

Next-generation Multi-Pool technology allows SyncSwap DEX to integrate a variety of pool models, each optimized for different use cases.

• Efficiency: Supports various AMM algorithms and provides greater capital efficiency.
• Flexibility: Offers more options to liquidity providers.
• Composable: Modular design allows for more powerful models to be added in the future.

With SyncSwap review, Multi-Pool technology enables different pooling models, each optimized for different trading and market scenarios.

Dynamic fee

Dynamic charge is one of the interesting designs of SyncSwap. Trading fees are highly customizable on the SyncSwap DEX and can be flexibly adjusted to market conditions or community wishes. There are four types of fees mentioned in the dynamic fee structure.

Variable Fees

The variable fees are the most basic feature of dynamic prices. The variable fees allow fees to be separately adjusted for different pool models and specific liquidity pools.

There is a default fee for each pool model, and the fees of liquidity pools will inherit the default fee of its pool model if not set.
The variable fees not only apply to trading fees but are also applicable to protocol fees.

Directional Fees

The directional fees allow a liquidity pool can have custom trading fee tiers in different directions.

Typically there are two directions

• Buy a token.
• Sell a token.

For example, for one XXX/USD liquidity pool, the fee tier of buying XXX can be 0.05% or even free. However, the fee tier of selling XXX can be 1%.

The directional fee can be set upon the request of the community and the token issuer (i.e., other ecosystem protocols).

Fee Discount

The fee discount is supported in SyncSwap, just like CEXs.
The fee discount will be available for token stakers in the future, with different fee discount tiers. The more tokens have been staked, the higher the discount ratio is.

Fee Delegate

The fee delegate is one of the ultimate innovations around fees.
With fee delegation, it’s possible to delegate the trading fee of specific pools to partner ecosystem projects dynamically in a democratic way.
Upon the request of related ecosystem projects, it’s possible to transfer the decision of the trading fees of specific pools completely to external sources (i.e. other ecosystem projects).

Smart router

The smart router is one of the most important and beneficial features on SyncSwap DEX. It performs as a liquidity aggregator to aggregate different liquidity pools and various pool models to deliver the best price effortlessly.

The SyncSwap Smart Router supports the following routing strategies.

Multiple pool models: The smart routers will search pools of various pool models and utilize all possible pools across the Multi-Pool design for full liquidity aggregation.
Multiple hops: The smart routers will hop your trades between popular tokens (also known as common bases) to bridge the cap between two major liquidity parts for a potentially better price.
Path splits: The smart router can split your trades between many trade paths and allocate a different percentage of tokens to different paths for a potentially better price.

Syncswap Review: Token

The team behind SyncSwap review has announced its intention to launch its own token, $SYNC. According to their documentation, the $SYNC token will serve as the protocol’s utility and governance token.

veSYNC (Vortex SYNC) is a special version of the SYNC token that can be used to participate in vortex tokenomics. The vortex tokenomics is built to maintain the health and long-term growth of the SyncSwap review. The core of the vortex tokenomics is the veSYNC token.

SYNC holders can convert their SYNC tokens into veSYNC tokens anytime and enjoy various benefits.

• Voting powers
• Protocol fee dividends
• Fee discount

Syncswap Review: User Manual

Getting Started

• Open website page
• Connect your wallet
• Click Faucet to get test tokens as well
• Retweet then back to dapp page
• Click Claim

Exchange

• On the syncswap page
• Input any pair
• and do swap

Add Liquidity

• Go to pool page
• Click New Position

• Add new pool (any pair)
• Choose Classic if it’s not stable coin
• Then click Enter Pool

• Go to Deposit

• Enable Add tokens in balanced proportion

• Enter amount & click Deposit
• Confirm transaction

if you want to add stable coin pool, then you need to change the pool type to stable instead.

Remove Liquidity

• Go to pool page again
• You can see your position
• Click on it

• Choose Withdraw
• Enter amount

• Withdraw & confirm transaction

Syncswap Review: Step-by-step instructions for the Syncswap Airdrop

While the SyncSwap team has not revealed the details of the token’s tokenomics yet, we believe it is highly likely that at least a portion of the token will be given to the community and what better way to do this than through an airdrop.

1. Visit the official SyncSwap website.
2. Bridge Ethereum from L1 to zkSync Era Mainnet using the official zkSync bridge.
3. Connect your wallet and swap some of your ETH for any token (e.g. ETH/USDC). Repeat this step several times to increase your chances of participating in the airdrop.
4. Go to “Pool” and open a Liquidity Provider position (e.g. ETH/USDC).
5. Under the Rewards section, you can see how many ySync and veSync tokens you have earned through SyncSwap’s loyalty program. Your ySync tokens will be automatically sent to your wallet. Your veSync token can be claimed at the end of every epoch. These tokens can be exchange for $SYNC tokens in the future.
6. Connect your Discord account to the SyncSwap Discord account.
7. Verify your wallet and join the Synchswap Guild by clicking on “Join SyncSwap Guild.”
8. Connect your wallet and collect Discord roles by linking your Discord account, Twitter account, or minting NFTs.
9. In the SyncSwap Discord, go to the “Wallet” section and copy your wallet address into the field to link whitelist your wallet adress. Finally, click on “Check Wallet” and check if your wallet adress and the displayed adress match.

Conclusion

With its highlights, SyncSwap review is currently one of the top projects of interest. The project is a new application focusing on user experience as well as the still relatively young Zksync ecosystem. Not to mention, if SyncSwap calls for large investment capital, the airdop gift will certainly be large. However, there is currently no official announcement from the development team.

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DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.