User Guide | How to Avoid Failing Transactions and Other Frequently Asked Questions

in #zilliqa3 months ago (edited)

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First, some useful tutorials

How to transfer ZYRO from ERC20 to ZRC2:

https://steemit.com/zilliqa/@zyro.finance/user-guide-or-how-to-transfer-your-erc-20-token-to-zrc2

How to download Zilpay, and connect it to Zyro:

https://steemit.com/zilliqa/@zyro.finance/user-guides-or-how-to-connect-zilpay-to-zyro

How to swap and provide liquidity:

https://steemit.com/zilliqa/@zyro.finance/user-guide-or-how-to-swap-tokens-on-zyro
https://steemit.com/zilliqa/@zyro.finance/user-guide-or-how-to-provide-liquidity-on-zyro

How to avoid failing transactions

  • go to swap.zyro.finance, connect to ZilPay. Please make sure that you have some ZIL in ZilPay as making transactions costs Gas fee.

  • Swap from ZIL to ZYRO. New users have to approve the transaction first and wait till the transaction is recorded by the blockchain, then press [Swap]. check whether the transaction is successful on viewblock by clicking it on ZilPay.

  • Add ZYRO to ZilPay, so that you will be able to see the balance within the wallet.
    ZYRO contract address:
    zil1ucvrn22x8366vzpw5t7su6eyml2auczu6wnqqg

  • Add liquidity to the pool. Refresh the webpage, wait till it reads all the balances correctly, which is a major reason why people have failed transactions. Zyro needs to double check the numbers from frontend(web) and backend(contract), if the frontend does not read the balances correctly, the transaction will not pass the security check, so it will fail. Then choose ZIL and ZYRO , and input the amount of ZIL for swapping first, which is another major reason why people fail their transactions, as Zilliqa's decimal is 12 while Zyro is 8, so if the number is rounded up like 3.1415 rounded up as 3.142 it will fail. So the safest way is to always input ZIL's amount first, because its decimal is larger. Then provide the liquidity and check it on viewblock. The actual Gas fee is much lower than what shows on ZilPay.

Other Frequently Asked Questions

  • Zlpt stands for Zyro Liquidity Provider Token. Its the certificate of the liquidity one provides. Most importantly, the mining rewards will go to Zlpt holder’s wallet on a daily basis, so if you send the Zlpt to another wallet, you will not be able to mine ZYRO any more. You also need to add Zlpt to ZilPay, so you are able to see its balance within the wallet.
    Zlpt contract address:
    zil12zvwp9j78jygy9x7mezgw6ur0mwltj06qkr2ft

  • Remove part of the liquidity as you want. You can remove the liquidity and get the tokens back at any time you want, but keep in mind that once the liquidity is removed, that part of Zlpt will be burned.

  • Send Zlpt to another wallet. Users are able to send the liquidity to another wallet (keep in mind that the other wallet needs to have some ZIL as gas fee), which shows that Zlpt is potentially tradable and you will be able to send your liquidity to another wallet.

  • Check your mining rewards in your wallet the next day. You can also check the rewards on viewblock, and info.zyro.finance. The APY is determined by the total number mined each day (which is 20574 for the first 4 yrs) divided by the total number of ZYRO in the pool, then divided by 2 (as people have to put in equal value of ZIL as well), then times 365, and the compound interest is not counted. early adopters have some edges and when more people come in, the APY will drop.