Disclaimer! Defi has great rewards, but this comes with risks. Some DeFi protocols have suffered exploits in the past. While you earn rewards in Liquidity pools, you can also lose funds due to Impermanent loss. Learn about Impermanent Loss here.
ZilSwap is built by Switcheo. ZilSwap is an automated market maker where users can add liquidity to liquidity pools to earn weekly rewards.
You can learn more about ZilSwap here.
The first thing you need to begin earning liquidity rewards on Zilswap is to send some Zil to your Zilliqa browser extension wallet. I use ZilPay.
Install Zilpay and write down the recovery seed phrases. Create a password. Send Zil to your wallet and you are ready to go.
Go to ZilSwap. Connect your ZilPay wallet to the ZilSwap interface. Once your wallet is connected, your tokens will show up inside the Swap.
Zilswap has several pools you can choose from.
To participate in these pools you must add 50/50 ratio of your pair. Note that XSGT is the Singaporean stable coin and it will not go up or down in price. The easiest way to add to the pool is to go to the Swap section, take your Zil and swap 50% to the coin you want to add to the pool. Go to the pool and add your tokens to the pool.
You choose the amount of your holdings you want to add to the pool. You can add more to the pool later or withdraw from the pool.
Note that you must connect your wallet to ZilSwap to see your liquidity pool(s) and to be able to swap Zil tokens. Your weekly rewards will be paid in ZWAP tokens as the picture above shows. To see the current price of the ZWAP token, click here.
After you have claimed your rewards, you can add these to the pool or swap them for Zil to either keep, sell, or enter into one of the other pools. I take a weekly income from my ZWAP rewards.
How to get paid weekly by ZilSwap
I swap the ZWAP to Zil and then I swap Zil to a coin I can sell for AUD inside Binance. I use SwapZone to swap Zil either to BNB or BTC. Inside Binance, I sell the BTC or BNB to Australian dollars and then I send the Australian dollars to my bank account.