Trying to understand Ocaml's mechanism for named parameters. I understand the basics, but the doc shows an example like this:

# let f ~x ~y = x - y;;
val f : x:int -> y:int -> int = <fun>

# let x = 3 and y = 2 in f ~x ~y;;
- : int = 1

What exactly is going on when only the tilde is used in application? Is it just shorthand for ~x:x, similar to definitions? If so, can someone explain why this:

# ListLabels.fold_left;;
- : f:('a -> 'b -> 'a) -> init:'a -> 'b list -> 'a = <fun>

# let add = (+) and i = 0 
in ListLabels.fold_left ~add ~i [1;2;3];;

produces

- : f:((add:(int -> int -> int) -> i:int -> 'a) ->
   int -> add:(int -> int -> int) -> i:int -> 'a) ->
init:(add:(int -> int -> int) -> i:int -> 'a) -> 'a = <fun>
ocaml currying named-parameters
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