You’re invited to pool ETH, WBTC and USDT with ZIL on ZilSwap starting 6 Oct to enjoy high yields
Dear all, the much anticipated ZilBridge is now live on the Zilliqa mainnet. This means users can now bridge over ETH, WBTC and USDT assets to the Zilliqa blockchain seamlessly. They can also earn yield by providing liquidity on the following pools on ZILSwap once the mining incentives kick in on the 6th of October:
Liquidity Mining Incentives and Benefits
To incentivise early users to bridge over their ERC-20 assets and bootstrap liquidity, incentives worth 45.3M ZIL (US$3.75M) will be distributed to those who pool their assets on ZILSwap; this will begin Oct 6, for a total of 6 weeks . Liquidity providers on any of the aforementioned pools can potentially earn high yields on liquidity mining incentives alone. With ZWAP rewards kicking in, these yields will only get higher!
The bridge launch today will lead to an increase in the TVL. When this happens the actualised APR can be much higher than the reserved 50%. Ultimately, we hope to reach a TVL of US$60M across the three cross-chain asset pools. When this happens, the APR will be exactly 50%. The incentive is therefore designed to reward early birds. The table below shows the potential APRs (non-compounded) and APYs (compounded) of the pools (assuming equal distribution across the 3 different liquidity pools).
Disclaimer: While pooling assets on ZilSwap to earn yield, users should also be aware of the risks that come with providing liquidity such as the risk of Impermanent Loss. To learn more about how this works and the risks associated with it, check out this video here.
The rewards for the liquidity mining program will be distributed weekly and can be claimed by users at the end of every epoch (Wednesday) through the ZILSwap reward distributor.
Contract Addresses for Tokens
Listed below are the contract addresses for the Zilliqa-bridged ERC-20 tokens:
Bridging Assets Over
For more information on how to bridge your assets over from Ethereum mainnet to Zilliqa mainnet, please refer to the ZilBridge guide here. The guide encapsulates the whole process of bridging, acquiring ZIL for gas and setting up a ZILPay wallet. Check it out if you aren’t familiar with the ecosystem!
Support for bridging ZRC-2 tokens over to Ethereum mainnet
One of the biggest benefits to interoperability? That we are securely opening up our ZRC-2 tokens to other ecosystems (starting with Ethereum today). This lowers the barriers to entry, allowing users of other chains to transition into and enjoy our ecosystem easily — not to mention, developers can bridge over dApps into Zilliqa, enjoying our affordable gas fees without building on our protocol from scratch!
Support for other ZRC-2 tokens (such as XCAD, BLOX, DMZ and more) is coming soon. The ZilSwap team will share more updates in the coming days, so stay tuned!
Interim ERC-20 ZIL to ZRC-2 ZIL Swap
The launch of ZilBridge on mainnet will also allow holders of frozen ERC-20 ZIL to swap for native ZIL that they can then use on Zilliqa mainnet. Presently, the team is still working on the token swap. Follow us for updates.
With the bridge going live and exciting incentives kicking in soon, Zilliqa is all set to welcome new users and a world of cross-chain possibilities. Get bridging and prepare yourselves to start earning these high yields on your assets today!
ZilBridge is now live on the mainnet! was originally published in Zilliqa — Official Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.