SynLev is launching our second asset pair, a bull/bear 3XBTC/USD. To bootstrap liquidity we are offering LP rewards starting now(Dec 8) and ending on Dec 23 14:00 UTC. This program will reward liquidity providers 500,000 SYN during the first two weeks of the asset launch. This is the same amount of SYN as our previous LP rewards, but over a shorter length of time to boost rewards to early LP. Trading will be live on Dec 10 14:00 UTC, after a 48 hour period for early LP.
Rewards will be split evenly based on the amount of ETH and length of time users provide liquidity (e.g. a user who provides 10 ETH in liquidity for one day will receive the same SYN rewards as a user who provided 1 ETH in liquidity for 10 Days). NOTE: There will be a 1 ETH and 24 hour minimum to receive rewards.
(SYN liquidity rewards will be calculated and distributed off chain at the end of the 14 day program. No claim will be necessary.)
How to Join
To provide liquidity and join the program head to synlev.com/exchange and connect to the site with your Ethereum wallet.
Click the dropdown menu and select “3XBTC/USD”. This will switch the dApp’s selected asset.
On the right “Liquidity Panel” enter the desired amount of ETH you would like to provide. And click “Add Liquidity”.
Then confirm the transaction. In this example we are using MetaMask.
Once the transaction is confirmed “Your Shares” and “Your Liquidity” will be updated.
Liquidity may be removed at any time, but keep in mind there is a 24 hour minimum for any liquidity. If you do not provide liquidity for at least 1 ETH for 24 consecutive hours you will not receive any SYN rewards.
Risks Associated with LP
Before adding liquidity it is important to understand how SynLev liquidity works and the associated risks. Read our blog post on this for more information