Moderate Bull DeFiZap Walk-through Tutorial.
Learn how to get instant access to sETH+sBTC Synths.
|DeFiZap||Nov 6, 2019|| 2|
What does Moderate Bull Zap do?
Your deposit is automatically allocated 50% to sBTC and 50% to sETH Synths which represent BTC and ETH long positions on Synthetix’s protocol.
For example, if you send 1 ETH to ModerateBull.DeFiZap.Eth:
0.5 of your ETH will be used to long BTC by purchasing sBTC on Synthetix exchange.
0.5 ETH will be converted to sETH, which will allow you to trade on Synthetix’s exchange.
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/moderatebull 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/0x7a3704f43c44eaa11039ffb0f03c4658ea737f392e84f1e0d8983de5d3e9f5b5 *NOTE: etherscan will show you a warning error. Please do not worry, that is just an internal check error that does not impact the transaction and you will receive the necessary sBTC and sETH in your wallet without any issues.*
Moderate Bull Zap smart contract has been registered with the Ethereum Name Service under ModerateBull.DeFiZap.eth so that adding liquidity on Uniswap is as easy as sending a text.
Note: make sure your gas limit is set to 2,000,000
Why use Moderate Bull Zap as opposed to purchasing Synths yourself?
🕒You can go from ETH -> sETH+sBTC in a single transaction as opposed to 3 (ETH->sUSD, sUSD->sETH, sUSD->sBTC).
⛽️$0.15 - average gas cost to go from ETH->sETH+sBTC using DeFiZap.
You can review all transactions here.
What happens after you deposit ETH to Moderate Bull Zap?
After sending your deposit, you will immediately receive allocated Synths (sBTC+sETH).
Check out this tutorial to help you understand how Synthetix works.
Quick video guide by Chris Blec:
Disclosure: This is not investment advice. Please consult your own independent investment advisor before making any investment decisions.