WETH/SNX Incentives on L2

WETH/SNX Incentives on L2

We’re excited to announce a new round of incentives for WETH/SNX on Optimistic Ethereum. Synthetix will partner with Gelato to leverage G-UNI pools that enable rewards for liquidity providers.

50,000 SNX will be distributed for one month to WETH/SNX liquidity providers, with the possibility to extend after an impact assessment.

Here is a tutorial that explains how to use G-UNI and stake your LP tokens for rewards.

How to stake your WETH/SNX and receive POOL 2 Rewards

STEP 1: First, make sure you’re connected to Optimistic Ethereum. If you are not, go to chainlist.org and add Optimistic Ethereum (Chain ID = 10) to your wallet.

If you need to bridge tokens to purchase SNX or ETH, do so at the Optimism Gateway or a Fast Bridge.

It is recommended that you bridge SNX from L1 to avoid liquidity issues on OE.

If you are on Brave, make sure to DISABLE your shield on the sorbet.finance website for a better viewing experience.

STEP 2: Wrap your ETH on Uniswap v3 to receive WETH 1:1.

You need WETH to participate in Pool 2 Staking.

Uniswap WETH Pool Link

STEP 3: Add Liquidity via Sorbet.finance WETH/SNX

If you are on Brave, make sure to DISABLE your shield on the sorbet.finance website for a better viewing experience.

Sorbet.Finance (Gelato) Add Liquidity Link

Click Add Liquidity, then deposit WETH/SNX to proceed

STEP 4: Approve the staking contract to stake your G-UNI tokens.

https://staking.synthetix.io/pools/weth-snx

First, approve the contract above, then wait a few minutes, then deposit your tokens!

STEP 5: Wait a few minutes for the STEP 4 transaction to confirm, then deposit your tokens into the staking contract. Refer to the picture above!

Synthetix Staking
A dApp for SNX holders to earn rewards through staking.

STEP 6: That’s it! You’ll begin receiving your SNX rewards immediately.

Gelato G-UNI Solution

Gelato’s G-UNI pools are a solution for automated liquidity management on Uniswap v3. They convert your non-fungible liquidity positions in a given Uniswap pool into fungible ERC20 tokens and automate the rebalancing and fee compounding processes.

Overall, this makes Uniswap v3 liquidity provisioning much more accessible, composable, and profitable for the average user. G-UNI is powered by the Gelato Network, which provides decentralized smart contract automation, specifically rebalancing and auto compounding functionalities.

These G-UNI fungible tokens can then be deposited into a staking contract and generate rewards.

You can learn more about G-UNI here:

https://medium.com/gelato-network/introducing-g-uni-lp-like-a-pro-in-uniswap-v3-8fd6fdf9fc35