ETH Bull DeFiZap Walk-through Tutorial.
Learn how to place BTC short & ETH 2X margin trade on Fulcrum in one transaction.
What does ETH Bull Zap do?
Your deposit is automatically split between bZx Perpetual Short WBTC (dsWBTC) and bZx Perpetual Long ETH-DAI 2x (dLETH2x).
For example, if you send 1 ETH to ETHMax.DeFiZap.eth:
0.5 of your ETH will go towards opening a Perpetual (without expiration) BTC Short position on Fulcrum exchange.
and 0.5 ETH will be used to open a Perpetual ETH Long with 2x leverage. This means you will have exposure to 1 ETH (0.5x2).
It’s important to note: when you use DeFiZap, you mint & receive the same liquidity/position tracking tokens as when separately using Uniswap, Compound, bZx, Synthetix, etc. on your own.
DeFiZap doesn’t spread your money into 'top 10 on coinmarketcap' - Zaps infuse capital into DeFi protocols built on top of Ethereum, furthering user adoption.
We do not charge any fees, all Zaps are free to use and we don’t control or hold any users funds. If you want to, as someone providing great UI for your end users, you could charge a fee, again that is up to you. Hit us up if you are interested in doing that on discord: https://discord.gg/FjDj3Xf
DeFiZap.com UI Walk-through:
STEP 1: Navigate to https://defizap.com/zaps/ETHMaximalist and click ⚡️USE THIS ZAP
STEP 2: Select your desired buy amount, confirm with Metamask signature and wait for the transaction to settle.
You can follow progress on etherscan. Here’s my transaction: https://etherscan.io/tx/0xbcd1d70877f900f5763db7c69c2e6796c78bf00898c7e501d6ba3791f0e6df5e
NOTE: This contract has been upgraded from 0xc36fe594db560bfde1bdf5d6b40a7a775d702a1c to 0x04b35eF193e2357328aE79914569721a7fFd6146.
Why use ETH Bull Zap as opposed to interacting with Fulcrum on your own?
Average transaction cost to go from ETH->dLETH2x+dsWBTC through DeFiZap=$3
Average tested transaction cost to go from ETH->dLETH2x+dsWBTC on your own= $4
You can review all transactions here.
ETH Bull Zap smart contract has been registered with the Ethereum Name Service under ETHMax.DeFiZap.eth so that adding liquidity on Uniswap is as easy as sending a text.
Note: make sure your gas limit is set to 7,000,000
What happens after you deposit ETH to ETH Bull Zap?
After sending your ETH, you will immediately receive allocated tokens (dsWBTC+dLETH2x) which track your trade positions.
Once you receive these tokens you can visit Fulcrum.Trade to view your ROI and close positions. Check out this tutorial to help you use Fulcrum.
Quick video guide by Chris Blec:
Great summary by Cooper Turley from DeFi Rate.
Disclosure: This is not investment advice. Please consult your own independent investment advisor before making any investment decisions.