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Step3. Zecrey L2 protocol

L2 Account Activation

What is Zecrey L2 wallet address?
It's a special short domain address with zecrey suffix. In Zecrey L2, you can transfer, deposit, swap, add/remove liquidity and withdraw under privacy protection. Before using it, you have to activate L2 account first and create a unique address.

How to activate L2 account?

  1. 1.
    Click “Register” or the Zecrey logo in the lower right corner to activate the L2 account. Click the Zecrey logo to switch between L1 and L2 accounts after the L2 account is activated.
  2. 2.
    Register and enter a short account name. Zecrey L2 account address is a short domain address with "Zecrey" suffix.
  3. 3.
    Users need to deposit first to activate L2 account. You can click “Deposit Now” directly during the activation process according to the guide, or choose to deposit in the new L1 account.
  4. 4.
    All transactions in L2 are under privacy protection, which is the core function of Zecrey Protocol.

L2 Transfer

What's the difference of transfer between L1 and L2?
A: The basic function is similar for users to transfer certain assets to other users. In L1 wallet, you enter L1 address to make transactions, while in L2, you could only transfer to L2 address with zecrey suffix. And in L1 users could only transfer to one address at one time in L1, but in L2 one-to-many transfer, you could transfer to more than one receiver. What is more, all L2 transactions are under Zecrey's built-in privacy protection.

How to transfer in L2?

  1. 1.
    Click "Transfer" to select a token.
  2. 2.
    Choose one or two receivers for transaction. Input the respective L2 address and amount as you wish. One-to-many transfer is a creative function with high efficiency developed by Zecrey team.
  3. 3.
    You can also add a transfer memo. Check the gas fee and confirm it. The gas fee of L2 transfer burns REY.
  4. 4.
    The amount of transactions in L2 has a bottom limit of 0.0001. Transfer amounts lower than 0.0001 will lead to failure or abnormal conditions, such as the transfer amount in the record as zero.

Swap

Why is the swap price in L2 different from the market price?

A: The swap of L2 is in the DEX based on automatic market maker (AMM). Its exchange rate mainly depends on the amount of fund in the token pool in the smart contract of the system. Due to the insufficient depth of the token pool during the test period, there are certain discrepancies between the swap price and the real market price.

How to Swap in L2?

  1. 1.
    Click "Swap" and select a token pair you wish to exchange.
  2. 2.
    Enter the amount and choose one token for gas fee. There will have several tokens that could be burned as gas fees for swap, as REY, ETH, MATIC and NEAR, etc.
  3. 3.
    When you select REY as gas fee token, you will get a 20 percent discount.
  4. 4.
    It might take a few seconds to generate witness and confirm the transaction.

Add Liquidity

What is Add Liquidity?

The liquidity pool is a pool of tokens locked in a smart contract to increase market liquidity among traders. A liquidity pool has two kinds of tokens, which is a trading pair. When a new liquidity pool is created, the first liquidity provider (LP) will set the initial price in the pool. If that price in the pool is inconsistent with the global market, there will be profitable arbitrage opportunities and the LP will suffer impermanent losses. So the LP is incentivized to keep the exchange ratio of the two assets close to the market price. LP will receive tokens as a reward for providing funds and liquidity to the liquidity pool.

How to add liquidity?

  1. 1.
    Click "Add Liquidity" and select a token pair.
  2. 2.
    Enter the amount you wish and the system will match the token ratio automatically.
  3. 3.
    Select a token for gas fee and confirm the transaction.

Remove Liquidity

  1. 1.
    Click "Add Liquidity", and click the clock-like button in the upper right corner to view liquidity.
  2. 2.
    Select a liquidity pair to check the detail.
  3. 3.
    You can choose different tokens as gas fee.
  4. 4.
    You can also choose the proportion of liquidity to burn and the system will match the amount automatically.

Unlock Assets

What is Unlock Assets?

Unlocking means granting permission to spend assets through smart contracts, which is the opposite process of locking. Unlocked assets and rewards will be sent to users' L2 accounts and become available for use.

How to Unlock Assets?

  1. 1.
    Click "Unlock" to select an asset.
  2. 2.
    You can also choose different tokens supported as gas fee.
  3. 3.
    Check the detail page and confirm to release assets to L2.

Withdraw

What is Withdraw?

Withdraw is to take assets back to L1 wallet address supported by Zecrey, which is a part of crossing chain.

How to Withdraw?

  1. 1.
    Click "Withdraw" to select an asset.
  2. 2.
    Enter a L1 wallet address and amount to receive assets.
  3. 3.
    It might take a few seconds to generate witness and confirm the transaction.
  4. 4.
    Withdraw to other L1 wallet address will need a few minutes.
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On this page
L2 Account Activation
L2 Transfer
Swap
Add Liquidity
Remove Liquidity
Unlock Assets
Withdraw