How to Update USDC Conversion Rates

Introduction

After creating your deposit in ZKP2P, you may need to adjust your conversion rates to stay competitive or respond to market changes. This guide will walk you through the process of updating your FX rates for existing deposits.

Step 1: Navigate to Your Deposit Details

1. Go to zkp2p.xyz

2. Click on the Sell tab in the main navigation bar

3. Find your active deposit in the list and click on it to view details

Step 2: Locate the Conversion Rates Section

In the deposit details page, scroll down to find the "Conversion Rates" section. This shows:

• The payment platforms you've configured (e.g., Revolut)

• Each currency you accept (e.g., GBP, SGD, EUR)

• The current conversion rate for each currency

Step 3: Select the Rate to Update

1. Find the currency whose rate you want to modify

2. Click the edit icon (pencil) next to the current rate

3. This will open the "Update Conversion Rate" screen

Step 4: Enter Your New Rate

In the "Update Conversion Rate" modal, you'll see:

1. Platform (e.g., Revolut)

2. Currency (e.g., GBP)

3. Current Rate (e.g., 0.8)

4. New Conversion Rate field

Enter your desired new rate in the input field. For example, changing from 0.8 to 0.795 for GBP.

Step 5: Confirm Rate Update

1. Click the Update Rate button in the modal

2. Your wallet will prompt you to sign the transaction

3. This is an on-chain transaction that updates your rate in the smart contract

Step 6: Wait for Confirmation

1. Wait for the transaction to be confirmed on the Base Network

2. Once confirmed, your new rate will be visible in the Conversion Rates section

3. The updated rate will apply to all new orders going forward

Tips for Setting Optimal Rates

Research Current Market Rates

Before updating your rates, check the current market rates for your currencies:

• Look at the Liquidity tab to see what other providers are offering

• Consider checking external exchanges for reference rates

Consider Spread and Competitiveness

• Lower spreads (0.5-1%) will attract more buyers but offer less profit

• Higher spreads (1-3%) provide more profit but may result in slower sales

• Find the balance that works for your liquidity provision strategy

Monitor Performance

After updating rates:

• Monitor how quickly your orders are filled

• If orders aren't being filled, consider offering more competitive rates

• If orders are filling very quickly, you might be able to increase your spread

Currency-Specific Strategies

• Popular currencies like EUR may allow for higher spreads due to demand

• Less common currencies might need more competitive rates to attract buyers

• Consider different strategies for different currencies in your deposit