🚄Start using zkSync labs
Last updated
Last updated
In this tutorial, we will guide you through the process of swapping and farming on zkSync Labs. If you would like to learn more about zkSync Labs and the detailed explanations of all its features, we encourage you to visit the documentation, guides, and FAQ. The following guide uses ZKLAB as an example, but the principles are the same for other assets as well.
How to swap on Zksync Labs?
Go to the "Trade -> Swap" tab.
Select "Token that you want to swap for ZKLAB."
Click on "Swap" and confirm the transaction in your wallet (if you are transacting a token for the first time, your wallet will ask you to approve it first).
How does farming work on zkSync Labs?
By creating a staked position, you automatically earn LP swap fees and farm incentives, which can be boosted with locks and $ZKLAB's yield booster. The staked position can be deposited into the Chemical pool to earn additional rewards. As a result, your position would earn swap fees + farming incentives (which can be boosted) + Chemical pool rewards.
Consequently, there is no need to deposit the position in a yield farm, only participation in the Chemical pool requires depositing.
A brief overview of Zksync Labs' farming emissions: ZKLAB is zkSync Labs' native token, and $ZKLABX is a non-transferable illiquid token, corresponding to staked ZKLAB. The $ZKLAB value is directly correlated to the ZKLABX value. One $ZKLAB equals one ZKLABX. The majority of farming emissions are in $ZLC, which requires redeeming in order to be traded. In the following guide, you can learn more about how redemption works.
The farm incentives provide an 80%/20% ZKLAB ratio, while in this case, the Chemical pool provides ZLC incentives. It is best to check incentives on the Chemical pool page since they may vary based on the pair.
How to create a staked position on zkSync Labs?
Go to the "Trade -> Liquidity" tab.
Check that "Position" is selected.
Select the token pair you want to provide liquidity for and approve/initialize.
Choose the lock duration.
Click "Create a position."
Confirm the transaction once the wallet window appears.
How to deposit a position into a Chemical pool?
Upon creating a staked position, go to the "Earn -> Chemical pools" tab.
Select the pool or click on the "Matching Chemical" button on your position management panel.
Look for the deposit button next to compatible positions on the Chemical pool dashboard.
How to boost farming incentives existing APR?
The staked positions farming incentives can be boosted through time locking or yield booster. The boosts are based on multipliers, the max total multiplier that can be achieved is 3x. LP trading fees and Chemical pool rewards won't be affected by either of the boosts, only existing farming incentives APR will be increased.
What is the impact of multipliers on farming incentives?
2x Multiplier = 100% Boost 3x Multiplier = 200% Boost
Time locking: It's possible to specify a lock duration when creating a position or lock it directly in the position management panel after the position was already created. By setting a six-month lock, the maximum boost from time locking can be achieved, but any number of days can be set. Max lock multiplier 2x.
In order to open the position management panel and lock an already created position:
Go to "Earn -> My positions tab -> Select position"