Swivel — Unlock retroactive airdrops/liquidity incentives
I believe that your friends have already begun to get excited, and your efforts in the community have paid off. This reflects the fairness philosophy of the founder Julian. Many community friends have been asking recently, how can I unlock my tokens through transactions, so come with me now.
The first thing you need to understand is that Swivel provides lenders the ability to lock in a fixed-yield or otherwise amplify their yields., and is a fixed-rate lending agreement with a unique order book.
First of all, you need to know a ratio, that is, for every 2500 nUSDC traded, 100 SWIV tokens can be unlocked. At the same time, you must also know that the number of pending limit orders is a minimum of 2500 nUSDC, which is the value of nUSDC Purchased, not the value in Amount.
We enter the mainnet interface of Swivel and you can see the Fixed Yield and Amplified Yield buttons.
Fixed Yield: Fixed Yield, why is it called Fixed Yield? Its trading logic is to split the USDC in your wallet into zUSDC+nUSDC, and sell nUSDC at the same time. After zUSDC expires in the corresponding market, it can be exchanged for USDC 1:1, and the income obtained by selling nUSDC is fixed. Income. It is actually divided into two steps, split + sell nUSDC. At the same time, you can also understand that this is the sell button of the exchange.
Important note: When you choose to place a limit order on Fixed Yield, because the actual step includes selling nUSDC, the minimum amount of his pending order is 2500 USDC.
Amplified Yield: Amplified Yield, why is it called Amplified Yield? First of all you have to understand what nToken is, because this is where you buy nUSDC. Notional tokens (nTokens) represent the yield generated by your deposit and this yield can be redeemed at any time. In fact, you can also understand that this is the buy (nUSDC) button of the exchange, and it is a manifestation of your bullish interest rate. Having said that, I have to ask a question. When a friend wants to place an order in Amplified Yield, he will see the following example.
Why is Projected Profit negative, does it mean I am losing money? Actually no, what is shown here is that when the market expires and closes, nToken has no place to trade, so its value is equal to zero, but during the period you hold nToken, it will generate interest, so before expiration, you Do not sell, the total amount of property you own after maturity is the interest generated during the nToken period. Then don’t worry, you can sell it before the market expires, and maybe you can enjoy the benefits of nToken’s rise, so you can get benefits.
Then start your trading journey.
Now let me give an example, if you have 5,000 SWIV tokens, according to the ratio at the beginning of the article, you need to trade 125,000 nTokens, then one buy and one sell, as long as the two transactions reach 125,000, you can fully unlock your retroactive airdrops.
1. How to unlock my retroactive airdrop by market price trading?
(1) Buy nToken at market price
Since unlocking requires trading nTokens, we first click on Amplified Yield and uncheck Limit. I input 5000U. According to the display, I can have 73937 nTokens, click Place Market Order to place an order, and the contract can interact normally. Note that the pricing method here is USDC. According to the list of the order book on the right, you can convert the number of nTokens purchased by yourself. Formula = VolumeUSDC/PriceUSDC (how much USDC is each nToken worth)
(1) Sell nToken at market price
Select Token Trading and select Sell nUSDC.
Enter the nToken sale interface, pay attention to the direction of the red arrow, the current pricing method is nToken, directly enter the remaining nToken amount in Amount, and complete the transaction to unlock all your airdrops.
2. How to unlock my retroactive airdrop through limit order buying and selling?
Friends in the community can see that in view of the current high gas problem, I suggest that you choose to place a limit order, not only because the limit order does not charge gas, but also when you place a limit order, you are also working for Swivel’s order system. Provide liquidity, and when it is traded, you will receive liquidity incentives (SWIV tokens).
(1) Limit order to buy nToken
Given that the current unlocking airdrops and liquidity incentives are based on trading nTokens, our main goal is how to use Amplified Yield correctly.
First click Amplified Yield, click Limit, also in this transaction, the pricing method is still USDC, Amount input the USDC amount of your pending order, Price input the unit price of each nToken, nUSDC Purchased will generate this limit order based on the conditions you input later. Quantity purchased. Click to place an order, the wallet is signed, and your limit order will appear in the order book on the right. The whole process is very simple, and you don’t have to pay gas, when your limit order is filled, you will unlock your retroactive short and get liquidity incentives. You can view your current order in the order history in the lower right corner.
At the same time, you need to pay attention to: ① When the total amount of your order exceeds the total amount of your wallet, the system will determine that your balance is not enough to pay the order amount, and all your orders will be deleted.
②When the limit order you placed is partially filled and the remaining order quantity is less than 1250nToken, the order is also deleted.
(2) Limit order to sell nToken
Select Token Trading and select Sell nUSDC.
Enter the nToken sale interface, pay attention to the direction of the red arrow, the current pricing method is nToken, directly enter the number of nTokens in Amount, enter the unit price of each nToken in Price, and USDC Received will generate the USDC you deserve based on the conditions you entered.
The whole process is all over, and the liquidity incentive also applies to this article. Because the reward of liquidity incentive is limited to the limit order trading nToken, you can only read the limit order, but I hope you understand some concepts and content explained at the beginning of the article, which will help you to trade more smoothly .
Last tip: I would like to say a few more words about liquidity incentives. Swivel is now divided into two USDC markets, and the liquidity incentive for each USDC market is 5,000 SWIV per day. To ensure fairness, the timing of rewards is distributed every day. For example: You traded 1,000,000 nTokens through the limit price on the USDC market in March, and the total trading volume of the USDC market in March was 2,000,000. Given that you occupy 50% of the daily liquidity, you receive 2500 SWIV tokens, which is 50% of the daily distribution.
Discord Community: https://discord.com/invite/swivel
Mainnet link: https://mainnet.swivel.exchange/
Twitter link: https://twitter.com/SwivelFinance
Founder Julian Mirror link: https://mirror.xyz/traversa.eth (there are articles on retrospective airdrops and liquidity incentives)
Doc documentation: https://docs.swivel.finance/