NOTE: This program has been extended to now end on Dec 1
SynLev is a group of synthetic leveraged asset pairs built and tokenized on Ethereum, price fed data from Chainlink oracles. The goal of SynLev is to provide decentralized, trustless, and non-KYC gated leveraged assets that behave similarly to traditional leveraged ETF’s. At the core of the project is the SYN token which earns fees generated on the SynLev asset exchange. To date less than 11% of SYN tokens are in circulation, as we near our mainnet launch it is vital that the SYN token and particularly SynLev asset pairs maintain high liquidity.
SynLev is currently in the process of soft launching, starting with liquidity aspects of the ecosystem and finalizing with our first asset pair launch. The first step will be to incentivize liquidity on the SYN/ETH Uniswap pair.
SYN/ETH Liquidity Incentive
The program will run for the next 30 days (ending Nov 17 15:41 UTC) or once 2,000,000 SYN have been staked, whichever happens first. Users can stake their SYN/ETH UNI-V2 at synlev.com/lp-reward. At the reward rate of 1 SYN per UNI-V2 token per day (e.g. staking 100 UNI-V2 tokens for 10 days will be rewarded with 1,000 SYN). Keep in mind this is a one time trial program.
To provide SYN liquidity, users must first hold SYN and ETH. If you need SYN tokens they can be swapped for ETH on Uniswap, or by adding the token list synlev.eth to uniswap.
Once you have SYN tokens click the “Pool” button on uniswap or follow following link: Add Liquidity. Then enter either the desired amount of SYN or ETH you would like to supply and click “Supply”. (If you have not traded SYN on Uniswap yet you will be first prompted with an “Approve” button before you can supply)
Once you have supplied liquidity you will receive UNI-V2 tokens that represent your share of the Uniswap liquidity pool. Now head to synlev.com/lp-rewards. Just like on Uniswap you will need to approve the contract before you an interact with it.
Once the approved UNI-V2 tokens can be staked for SYN rewards. Just enter the amount of tokens you’d like to stake or use the“max” button to stake 100% of your UNI-V2 tokens. Click “Stake” and your UNI-V2 tokens will be deposited and you will start earning SYN.
Rewarded SYN can be withdrawn at any point by clicking the “Claim SYN” button. This will only withdraw your rewarded SYN tokens but your UNI-V2 tokens will continue to earn staking rewards. To claim all of you SYN tokens and withdraw your UNI-V2 tokens click the “Unstake & Claim” button. Adding more UNI-V2 tokens will automatically withdraw your rewarded SYN tokens and reset your staking. This is a convenience feature and will not decrease future SYN rewards.
Future Liquidity Rewards
As stated this is a one time liquidity reward program for the SYN/ETH Uniswap pair. A similar program will be introduced in the future to bootstrap liquidity for the 3X ETH/USD SynLev pair. As well as future SynLev assets both on the SynLev exchange and those future SynLev asset tokens on Uniswap.
A big thanks to everyone who has been a part of the SynLev community and have helped to build the project. We are very excited to begin launching the mainnet project. Follow us on twitter @SynLevDefi and join our telegram group t.me/synlev for the latest updates.
