SyncSwap: A Review of the Largest DEX on zkSync
SyncSwap stands as the most sizable decentralized platform operating on zkSync, Ethereum’s Layer 2 blockchain. It offers a range of functions including token swaps, staking, and additional operations.
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According to the analytics platform CoinGecko, SyncSwap is the 15th highest-ranked decentralized exchange, boasting a daily trading volume of $15 million. CoinMarketCap rates the exchange at the 18th position. The platform's Total Value Locked (TVL), representing the sum of funds committed to the platform, amounts to $44 million.
TVL of the decentralized exchange SyncSwap. Source: Defillama
The zkSync blockchain currently doesn't have its own token. However, users have been actively executing transactions between wallets and engaging with DeFi smart contracts, potentially aiming for an anticipated airdrop. This article will delve into all features provided by the SyncSwap exchange, demonstrating how to navigate the platform.
Landing Page
Upon accessing the platform, users are greeted by a straightforward token swapping interface, bearing resemblance to traditional decentralized exchanges. Each swap performed returns up to 90% of the commission to the user's wallet as a cashback bonus. On the right side in the details section, users can adjust the language (with 15 options available) and select from eight different color schemes. The platform is operable on the zkSync Mainnet and Testnet, Scroll Alpha, and Polygon zkEVM Testnet.
Starting page of DEX SyncSwap. Source: https://syncswap.xyz/
Additional information, including links to social networks, documentation, a blockchain explorer, and the active cryptocurrency community can be found at the bottom of the project's main page.
Pool
The “Pool” section allows users to manage their liquidity, earn passive income, and set up farming strategies.
This section is divided into three subsections:
● Pool: This section presents statistical data on liquidity pools, trading pairs, interest rates, and market maker types;
● Positions: Here, users can view the current pools into which they've invested;
● Pool Wizard: This feature enables users to increase liquidity through fund deposits, the creation of personal pools, and adjustments to existing ones.
“Pool” section on SyncSwap's decentralized exchange. Source: Syncswap
Rewards
In this segment, you can see user activity statistics along with the potential rewards to be gained in the upcoming Sync token. The platform has made an official announcement regarding the launch of its proprietary token. Some of this token's emission will be allocated to users based on their activity on SyncSwap, such as token trading, managing liquidity, and cross-chain operations.
The SyncSwap interaction offers the prospect of earning platform tokens, not just blockchain tokens, which adds to its user appeal. The moment the SYNC asset becomes tradable, a claim method will become visible in the “Reward” section.
“Rewards” section on the SyncSwap Decentralized Exchange. Source:Syncswap
Additional sections with a limited amount of information:
● Launch: This lists projects that have been initiated on the zkSync blockchain via the SyncSwap DEX. As of now, this list is empty;
● Portfolio: Allows users to review the types and amounts of their holdings on the zkSync blockchain;
● Bridge: SyncSwap's accelerator that organizes all cross-chain bridges, helping users engage with the zkSync Era network.
Wrapping Up
SyncSwap draws in users with its simplicity and straightforward design. Despite other apps, like 1inch, currently launching on the zkSync network, users seem to be gravitating towards SyncSwap, likely due to the potential airdrop from the platform and the blockchain itself.
The platform is quite user-friendly, particularly due to the high yield percentages for staking stablecoins and the chance to earn cashback from token exchanges, sometimes compensating for up to 90% of commission fees.
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