Lender Zap Walk-through Tutorial.
Deploy your capital across Compound + bZx in one transaction, saving over 40% on gas fees.
| Nov 1 | Public post |
What does Lender Zap do?
Allocates incoming deposits 90% to cDai and 10% to dLETH2x. For example, if you send 1 ETH to Lender.DeFiZap.eth, you will receive 0.9 ETH's worth of cDai and place a 2X margin trade with 0.1 ETH on Fulcrum (giving you exposure to 0.2 ETH).
Lender's Zap is interesting because, within a year, the interest generated from cDAI could completely cover your margin trade purchase. Think of it as trading with your future interest earned.
Walk-through tutorial depositing 1 ETH to Lender Zap on DeFiZap.com:
*NOTE: This Zap’s smart contract address was registered with the Ethereum Name Service under Lender.DeFiZap.eth so that getting instant exposure to Compound’s interest earning and placing 2X ETH margin trade is as easy as sending a text.*
What happens after you deposit ETH to Lender Zap?
After sending your ETH, you will immediately receive allocated tokens (cDAI+dLETH2x) which track your DAI lending balance + margin trade position. Once you receive these tokens you can visit Compound.Finance to view/withdraw interest earned and Fulcrum.Trade to view your ROI/close position on dLETH2x.
Check out this tutorial to help you use Fulcrum and this one if you need help with Compound. Soon you will be able to manage all of this directly from DeFiZap Dashboard.
Why use Lender Zap as opposed to interacting with Compound and Fulcrum on your own?
⛽️Save gas.
Average transaction cost to go from ETH->cDai+dLETH2x through Lender Zap=$0.85
Average tested transaction cost to go from ETH->cDai+dLETH2x yourself= $2.50
You can review all transactions here.
🕒Save time.
Lender Zap gets you from ETH->cDai+dLETH2x in a single transaction.
Amount of interactions with Metamask when attaining the same result on your own: 4 (ETH->WETH, WETH->DAI, DAI->cDAI, ETH->dLETH2x)
Risks:
Margin positions are subject to liquidations. Please keep in mind nothing mentioned is investment advice. Please do additional research.
DeFiZap is an experimental system of smart contracts. Even though our smart contracts never hold your funds, you should always use caution. You can view all smart contract source code on our Github. We are currently in the process of performing a 3rd party security audit.
Useful resources:
🤖 Kyber Virtual Hackathon Devpost
⚙️ Github
💬 Telegram
⚡️ Do you use more than one DeFi protocol (e.g. Compound + Fulcrum)? Submit a request and we will create a custom Zap for your needs.
Special thank you to the DeFi community for providing valuable feedback 🙌
