SYN/ETH Uniswap LP staking is live at synlev.com/unistaking!
This is a short how to and explanation of how to stake your SYN/ETH Uniswap LP tokens for ETH rewards in addition to standard Uniswap fees. First it’s important to understand how normal SYN token staking works. Our new Uniswap LP program works in a very similar manner.
How it Works
First, nothing has changed with regards to how SYN staking works. We have simply set up a smart contract that has deposited 1 million SYN to stake and be shared between UNI LP providers. This amount can be increased or decreased but will always be displayed in the dApp at synlev.com/unistaking.
The ETH rewards from SynLev trading fees are then forwarded from the SYN staking contract to the SYN UNIV2 staking contract and finally to the UNIV2 stakers. As seen below.
How To Start Staking
First if you are not already providing SYN/ETH liquidity on Uniswap you can do so here.
Once you have your SYN/ETH UNIV2 tokens continue to synlev.com/unistaking. To start click the “Approve” button to allow deposits to the staking contract.
And confirm the transaction.
Next enter how many UNIV2 tokens you would like to stake, or hit “Max” to stake your entire wallet balance.
And confirm the transaction.
And that’s it! You are now staking your Uniswap liquidity tokens and will be earning ETH fees in addition to the normal Uniswap fees. Your ETH profits will appear in the “Your Unclaimed rewards” section.
Your rewards may be claimed at anytime simply by clicking “Claim ETH” and confirming the transaction. (Note: ETH rewards are automatically claimed when adding staking tokens or removing staking tokens)
How Much Can I Expect to Earn?
You will earn an equal portion of ETH fees based on: how many SYN tokens are being staked, SynLev exchange trading activity, and how many UNIV2 tokens are being staking.
For example:
14 million SYN total are being staked 1 million from the UNI LP staking contract. 14 ETH in fees are generated by SynLev exchange trading and forwarded to the staking contract. 1 ETH is then forwarded to the UNI LP staking contract as they are staking 1/14th of the total SYN being staked. You are staking 100 UNIV2 tokens out of a total of 1000 UNIV2 tokens being staked. Therefore you earn 0.1 ETH from the 14 ETH in generated fees.
As of writing 1 UNIV2 token represents about 140 SYN and 0.028 ETH, or an equivalent value of 280 SYN. And there are only 1000 UNIV2 tokens being staking earning the fees of 1,000,000 SYN. Effectively making it about 3.57X more profitable to stake UNIV2 tokens than SYN tokens. This of course will change based on the total amount of SYN being staked, SYN price, amount of UNIV2 being staked, etc…
Useful Links
SynLev UNIV2 staking: synlev.com/unistaking
SYN/ETH pair info: https://info.uniswap.org/pair/0xdf27a38946a1ace50601ef4e10f07a9cc90d7231
SYN/ETH UNIV2 contract: https://etherscan.io/address/0xdf27a38946a1ace50601ef4e10f07a9cc90d7231
SYN/ETH UNIV2 token info: https://etherscan.io/token/0xdf27a38946a1ace50601ef4e10f07a9cc90d7231
Follow us on twitter @SynLevDefi and join our telegram group t.me/synlev for the latest updates.
