# Welcome to Avely Finance Avely Finance is a [liquid staking](https://docs.avely.fi/reference/faq#what-is-liquid-staking) protocol built on [Zilliqa](/zilliqa-blockchain/overview) blockchain. It allows users to earn staking rewards without locking their funds. Users can delegate ZIL or transfer staked ZIL to Avely Finance smart contract. The smart contract stakes ZIL, automatically claims ZIL rewards and restakes them. In return users get [stZil](/how-it-works/stzil-token) token - a tokenized version of staked ZIL. [stZil](/how-it-works/stzil-token) can be used the same way you would use your ZIL. It's transferable, it can be used in defi protocols. # stZil token When users [delegate](https://docs.avely.fi/reference/faq#what-is-delegation) ZIL or [transfer staked ZIL](https://docs.avely.fi/reference/faq#what-is-transfer-staked-zil) to Avely Finance smart contract they get a newly minted stZIL token. stZIL token is a tokenized version of staked ZIL and it's completely backed by staked ZIL. stZIL is a fungible token. stZIL token is transferable and can be used in other Defi protocols. Users receive stZIL by its honest stZIL/ZIL price stored in Avely Finance smart contract. At the beginning 1 stZIL is equal to 1 ZIL. But after each reward claim an honest stZIL/ZIL price grows. It happens because no new stZIL is minted after rewards claim so after each rewards claim each stZIL is backed by more ZIL. An honest stZIL/ZIL price can be counted using the following formula: **1** stZIL **= Total ZIL staked in Avely Finance smart contract / Total stZIL**. Total stZIL can be counted using the following formula: **Total stZIL = Total minted stZIL - Total burned stZIL**. Users can always withdraw staked ZIL in exchange for their stZIL. Their stZILwill be burned and they will get ZIL using standard withdrawal terms (30800 blocks waiting period). They will receive ZIL according to the fair price of stZIL/ZIL which includes all staking ZIL rewards. ### Auto restaking As soon as a reward appears Avely Finance protocol claims a reward and restakes ZIL. This process happens fully automatically so no additional transactions are required from a user. ### An honest stZIL/ZIL price graph stZIL/ZIL price is predictable and can be counted approximately using the following formula: ![stZIL/ZIL price formula](https://2378911998-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FCeGoAZ2EtNqGiVG88zta%2Fuploads%2FF3NK9rOSC3cRfEHc9vuZ%2Fformula.jpg?alt=media\&token=4f48890b-2e29-4ebc-a8cf-8f727a45941d) ZIL staking APR can be taken from [Zilliqa Staking Application](https://stake.zilliqa.com/) (EST. Real time APR %). This formula gives us only an estimated result because one of the values in this formula is estimated and can vary. Also this formula does not include a seed node fee and Avely Finance management fee. stZIL/ZIL price growth faster than a linear graph because of compound % (after each reward claim Avely Finance smart contract restakes ZIL). For example if ZIL staking APR = 13% we get the following graph: ![y axis is the price (ZIL), x axis is a time (days)](https://2378911998-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FCeGoAZ2EtNqGiVG88zta%2Fuploads%2Fmf0fDBQtNN86fIiwfxJo%2Fformula%202.jpg?alt=media\&token=17cb430f-b0b2-410c-aed9-7400485a1f58) ![An estimate stZIL/ZIL price graph, y axis (ZIL), x axis (days), EST. ZIL Realtime APR 13%](https://2378911998-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FCeGoAZ2EtNqGiVG88zta%2Fuploads%2FoVDbRsGKL06VtSesuDxL%2Fazil%20graph.jpg?alt=media\&token=175920ff-6a0f-443b-a3dd-63ee13977219) # Convert Information about convert feature ### Overview The "convert" feature allows users to obtain stZIL immediately, rather than having to wait for the usual 14-day unbounding period. Without this feature, a user who has already staked their ZIL with an SSN node would have to first unstake their delegated ZIL before being able to receive stZIL. However, with the convert feature, the process can be done almost instantly. Also users who have delegated ZIL and want to withdraw it from staking to ZIL without waiting an unbounding period can use convert feature to obtain stZil first. Then this stZIL can then be exchanged for regular ZIL using Avely Swap, a service that allows users to trade one type of cryptocurrency for another. This process is faster than the usual 14-day wait for ZIL to be unstaked, but it may incur fees. ### How does it work? The conversion process consists of two steps: Step 1: Transfer Stake to stZIL Step 2: Mint stZIL using transferred stake from step 1 Note: If the user completes the first step but fails/missed the second, the system will return the funds to the user at the beginning of the next cycle. ### Why My Convert Is Locked? We cannot process your stake if you see the red alert box on top of the conversion block. There can be several cases when a user cannot use a convert feature. All of them are connected to native staking technical reasons. #### **Reason #1**: User has fresh stake top-ups (aka “buffered stake”) The most common reason is the user has recently staked in native staking. It could be treated as as in-out protection on the native staking contract. Due to this restriction user's stake could not be touched next 2 cycles. Currently, 1 cycle takes \~24 hours. Alternative cause of the problem - the user delegated stake using the native staking feature. Solution: Just wait :) After 2 full cycles, your deposit will be un-freeze and be able to convert. #### **Reason#2**: User has unclaimed rewards We are not able to start the conversion process if you have unclaimed rewards on native staking. Solution: Please, claim rewards from all SSN Providers you have. #### **Reason#3**: User has unfinished rewards If the user has an active withdrawal(-s) of funds its blocks the conversion first step. Solution: Please, complete the withdrawal process on the native staking provider side. #### **Reason#4**: Unknown If your convert is blocked for this reason, please write in our Telegram chat and we will find a solution. ### Troubleshooting #### The lock system is designed to prevent a user from errors in the conversion process. However, the state of the blockchain is changed every block and it could lead to a tiny chance to face a problem. First, do not be worried If you see an error during the conversation. All operations happen on-chain and the funds are safe. Sometimes you could run a convert in the middle of cycle changing (which is 1 time per day) and see an error due to the sync process between stZIL and the native staking smart contract. Try to refresh the page and do the convert a bit later again.




# Withdraw Information about withdraw ### How it works To withdraw your ZIL from Avely Finance you can switch to the Withdraw tab on the staking page of our dApp.
You will see a form where you can type an amount which you want to withdraw. Our dApp will automatically count an amount of ZIL which you will receive. And then you can press a withdraw button.
After the button is pressed you will see a pending transaction notification.
When a color of this notification is changed to green you can continue withdrawal process.
Now you can scroll a page down and there you can see your withdrawals. Now you need to wait around 30800 blocks for this withdrawal to be finished. It's around 14 days in Zilliqa mainnet and around 30 minutes in Zilliqa testnet.
When a progress reached 100% a claim button will be available. Now you can press it.

Please note that the "claim" button may be temporarily unavailable for clicks even after a task is finished because we group together multiple transactions to save on fees and make it easier to predict how many transactions we'll have. We wait for 30 blocks to gather a batch of transactions before sending them all at once in one transaction to withdraw funds.

You will see a pending claim notification.
When notification color is changed to green your ZIL is already deposited to your wallet.
### Fees When you withdraw your funds from liquid staking, there is a fee of 1 stZil that you'll need to pay to cover the costs of the transaction generated by our off-chain tool. It's important to keep in mind that this fee is subject to change and is not a source of income for us. The fee is only used to pay for expenses associated with the withdrawal. # How To Stake How to Stake Zilliqa (ZIL) on Avely **Method 1: Using the Avely DApp** * Go to [Avely](https://dapp.avely.fi/). * Connect your wallet (you can use ZilPay - [zilpay.io](https://zilpay.io), a popular Zilliqa wallet).
* Enter the amount of ZIL you want to stake and click the "Stake" button.
#### Method 2: Using the ZilPay Wallet with the Avely DApp * Open the ZilPay wallet. * Click the “Stake” button.
* Enter the amount of ZIL you wish to stake in the input field.
* Confirm by clicking the “Stake” button.
* You will receive stZIL tokens, which represent your staked ZIL, available for use in DeFi. These tokens are liquid staking tokens, meaning they can be used in DeFi activities while your ZIL remains staked. If you don't see the stZIL token in your wallet for some reason, you can add it manually as a custom token. The token address is: zil1umc54ly88xjw4599gtq860le0qvsuwuj72s246. After this, your balance will be displayed. # Overview A brief information about Zilliqa blockchain Zilliqa is a public blockchain designed to solve scalability and throughput problems which face many other blockchains. Zilliqa uses a sharding process which splits it into several interconnected blockchains to support more transactions and increase scalability. Zilliqa supports smart contracts and has its own smart contract language named Scilla. Scilla is focused on security and allows the creation of decentralized applications (dapps) intended to provide different services for users. The native coin of Zilliqa blockchain is ZIL. ZIL is used to pay transaction fees on Zilliqa blockchain. Zilliqa has a native staking program which allows users to earn rewards for decentralizing the Zilliqa network. Zilliqa is supported by Ledger hardware wallet and many software wallets which allow users of Zilliqa to interact with dapps. # ZilPay testnet instruction A brief instruction how to use Zilpay wallet for Avely testnet ### How to switch to testnet in ZilPay 1. To switch to testnet you need to press a blue circle in the top left conor of the wallet
2. Then you can switch a network to testnet
3. If you done verything correctly you will see an orange button in the top left conor of the wallet
### How to add stZil token to ZilPay 1. Use contract address: stZil **zil139pdk3n3qap56wlqh0sw82jrgmyf59p8xqxqv2** 2. To add a contract address go to the main screen and click on Manage button.
3. Then press **+** button
4. Then enter stZil contract address **zil139pdk3n3qap56wlqh0sw82jrgmyf59p8xqxqv2** 5. If it was successful you will see **stZil** token
### Getting Zil in testnet The fastest way to receive some test Zilliqa (ZIL) coins is via # Bug Bounty Program Information about our bug bounty program We are excited to announce the launch of our Testnet Bug Bounty Program, designed to strengthen the security of our smart contracts. As a part of our ongoing commitment to providing a safe and secure environment for our users, we are inviting security researchers, developers, and the wider community to participate in this program and help us identify potential vulnerabilities. The main objectives of our Testnet Bug Bounty Program are: 1. Detect and address security vulnerabilities in our smart contracts before they are deployed on the mainnet. 2. Encourage collaboration and knowledge sharing between our team and the security community. 3. Promote transparency and build trust with our users. To participate in the program, simply follow these steps: 1. Review our Testnet Bug Bounty Program guidelines and rules, which will be available below. 2. Explore our testnet smart contracts and identify potential security vulnerabilities. 3. Submit a detailed and well-documented report of the identified vulnerabilities to our team through email . We will carefully evaluate each submission and reward participants based on the severity and impact of the reported vulnerabilities. The more critical the vulnerability, the higher the reward. We believe that the Testnet Bug Bounty Program is an essential step towards ensuring the security and reliability of our smart contracts. We are eager to collaborate with the community and together, build a more secure and resilient ecosystem. Our budget for the Bug Bounty Program is $20,000, and we plan to allocate it as follows: 1. Critical vulnerabilities: $12,000 (60%) - Ranging from $2,000 to $12,000 depending on the complexity of the vulnerability. These vulnerabilities allow attackers to steal user funds. 2. High-risk vulnerabilities: $5,000 (25%) - These vulnerabilities disrupt the smart contract's functionality, preventing users from withdrawing funds, for example. Rewards range from $1,000 to $5,000. 3. Medium-risk vulnerabilities: $2,600 (13%) - Issues with calculations, incorrect percentages, etc. Rewards range from $400 to $2,500. 4. Low-risk vulnerabilities: $400 (2%) - Suboptimal script performance. Rewards range from $100 to $400. Please note that we may exclude category 4 since we might not make significant changes to our smart contracts due to minor performance inefficiencies. Eligible Vulnerabilities: 1. The reported vulnerability must be previously unknown to our team and not reported by other users. 2. Vulnerabilities must be reproducible. The report should include steps to reproduce the issue, and ideally, a proposed solution, which will be valued higher. 3. If a vulnerability arises due to discrepancies between our implementation and Scilla documentation, we will consider it for a reward, provided that it is serious. Terms and Conditions: 1. Participants must not use their knowledge of vulnerabilities maliciously. Vulnerabilities should be reported privately, giving us time to address the issue. Disclosing vulnerability information or exploiting it in any way will be considered a violation and will not be eligible for a reward. 2. Rewards are available until the program's end date. After that, we will decide whether to continue the Bug Bounty Program without changes or make adjustments. 3. Vulnerabilities must be reported through the specified communication channels only. Public disclosure is not allowed. 4. We reserve the right to determine the eligibility of a vulnerability for a reward and the reward amount based on our assessment of the issue, the provided evidence, and the proposed solution. ### Security audits In our project, we have conducted a total of 4 security audits of our smart contracts, out of which 2 were not completed and thus their reports are not published. The first audit () took place on March 28th, 2022, and focused on the initial version of our liquid staking protocol. Following this audit, we introduced new functionality - support for multiple SSN nodes to enhance decentralization, and implemented Avely Swap. Due to these additions, another audit was necessary to cover the entire range of features. The latest audit () was conducted on March 10th, 2023, incorporating all recent changes up to that point. No major issues were discovered during the audit; however, we still rectified some minor concerns, as detailed in the report. We take the security of our project seriously and are committed to maintaining transparency and accountability. As part of our ongoing dedication to this, we invite security researchers and developers to participate in our Bug Bounty program, with the aim of discovering and addressing any potential vulnerabilities. ### Technical Documentation and Guidelines For a better understanding of our smart contracts, we highly recommend reviewing our technical documentation. This document will provide you with detailed information about the architecture, functionality of our liquid staking protocol:\ ### Smart contracts For the participants of our bug bounty program, we provide a link to the latest version of our smart contracts deployed on the Zilliqa testnet. We invite you to explore it and report any vulnerabilities you find. stZil:\ \ \ Avely Swap:\ ### GitHub Repository To facilitate your exploration of our smart contracts and to help you identify potential vulnerabilities, we have made our GitHub repository publicly available. This repository contains the source code of our smart contracts, as well as any related scripts and tools. # FAQ ### What is delegation? Delegation is the process of contributing digital assets to Avely Finance smart contract which will be able then to redelegate them to Zilliqa staking smart contract for a user. ### What is transfer staked ZIL? Zilliqa staking smart contract allows to change a delegator. Users can delegate their ZIL to Avely Finance smart contract without withdrawing their funds. ### What is liquid staking? Liquid staking is an act of delegating user's assets to a service which stakes them for the user. In return this user gets bonded assets which can be used the same way as native assets and thus bring flexibility and liquidity to staked funds. Bonded assets can be always replaced back to native assets.