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New Uniswap sETH LP reward system

New Uniswap sETH LP reward system

Last updated July 23, 2020:

Please note: this incentive is now over — providing sETH liquidity on Uniswap is no longer rewarded.

After the upcoming Achernar release, sETH liquidity providers in Uniswap will be required to stake their LP tokens to claim their SNX rewards. This post will outline the details on the transition. The staking process began as manual-only but we have since added a UI to Mintr. You can read the audit report from Sigma Prime for this new contract here.

Staking UNI-V1 LP Tokens on Mintr

Connect your wallet at Mintr. Select the Unipool tab in the top-right corner, and approve the contract to gain access to your wallet.  There, you can either stake all your liquidity tokens, claim rewards, withdraw some of your liquidity tokens, or withdraw all of them and claim whatever rewards you have available.

The transition

The fee period snapshot occurred at ~8pm Wednesday, February 19 (AEDT). This marked the end of the final period where rewards were distributed by the multisig signers.

After this snapshot, there will be a 3000 block (12 hour) transition period to allow LP’s to stake their LP tokens in the new Unipool rewards contract.

Staking UNI-V1 LP Tokens using the contracts on Etherscan

In order to start accruing rewards you must stake your LP tokens to the Unipool contract.

First approve the Unipool contract to transfer your sETH UNI-V1 tokens here

Spender: 0x48d7f315fedcad332f68aafa017c7c158bc54760
Value: 1000000000000000000000000

Once this is done you need to go here

And call function 6. Stake

Enter the amount of UNI-V1 tokens in wei by removing commas and the decimal place. So for example the largest wallet in the sETH pool holds 5,000.094287951184992395 UNI-V1 tokens so they would enter 5000094287951184992395 as seen below. Check your own wallet to determine how many UNI tokens you hold.

Once you have staked your LP tokens you will begin to accrue rewards as soon as the SNX rewards are deposited to the contract at the end of the transition period.

Claiming rewards

3000 blocks after that snapshot, at around 8am Thursday, February 20 (AEDT), LP’s will need to stake their UNI-V1 LP tokens in the new sETH LP smart contract.

From this point forward LP’s can claim the SNX rewards they have accrued at any time as rewards will be continuously calculated. However, they do not need to be claimed each period — rewards accrue for as long as they wish.

LP’s can claim whenever they want via getReward() and as long as they leave their UNI-V1 staked the rewards will still accrue.

Unstake any portion via withdraw(amount) or call exit() to both withdraw all staked UNI-V1 and all SNX rewards.

Initially rewards will be claimed via Etherscan’s contracts using Metamask (we will add the contract details here when it is live). But in the next few weeks, we will integrate claims into Mintr.

The contract is now live and you can interact with it via metamask and etherscan. We will have a Mintr update out after Achernar is released to manage the unipool contract.

If you have any further questions, the SIP (Synthetix Improvement Proposal) outlines the process in further technical detail. Otherwise, come join the conversation in Discord!

Garth Travers

Garth Travers

Garth is Communications Manager at Synthetix, a synthetic assets platform.