Introducing MILKv2 — The Token Migration
In a recent community decision, MuesliSwap’s governance token MILK is set for a significant update. Following a clear consensus from the token holders, a migration towards a new iteration of the token, MILKv2, has been approved. By introducing decimal places, this change aims to align the token’s functionality with the evolving needs of the community and the market. For a detailed view of the community’s decision, see the election results and governance forum discussion.
Why Migrate?
The decision to transition to MILKv2 stems from practical considerations surrounding the lack of decimal places for the original MILK token. This change is anticipated to enhance accessibility, allowing for ownership of fractional token amounts and thereby broadening participation in the MuesliSwap ecosystem. For users, there are no downsides in swapping (for free) their MILK for MILKv2. Yet, there is no hurry as for the time being, both tokens will remain fully supported on the MuesliSwap platform.
The MILKv2 Token
The transition introduces MILKv2 with a new policy ID:
The total supply of MILKv2 will mirror that of the original MILK, capped at 10,000,000 tokens, to ensure a direct 1:1 conversion for current token holders. This approach maintains the value and proportion of each holder’s stake in the new token structure. The circulating supply will also not be affected by this token migration.
Moreover, we are proud to present MILKv2’s redesigned icon matching the modern MuesliSwap design!
Wen Migrate?
Starting from January 26, 2024, at 2 pm UTC, the migration process will officially start. This migration is not time-bound, allowing holders to swap their tokens at their own convenience. Both MILK and MILKv2 will retain their utility throughout the migration period, ensuring a smooth transition for the community.
How Migrate?
To facilitate a seamless migration, a migration dashboard has been set up here, offering a detailed overview and step-by-step instructions for different scenarios:
- Migrating MILK held in wallets
- Migrating MILK in liquidity pools and farming
- Migrating MILK in flexible staking and MILK vault contracts
For more detailed instructions, see also our MILK Token Migration FAQ.
Behind the curtain, this migration is powered by a decentralized swapping mechanism built into our order book contracts. Notably, for liquidity providers, the transition process allows for a straightforward swap of old MILK pool LP tokens for new MILKv2 pool LP tokens, all managed through the migration dashboard.
The Future of MILK(v2)
With the introduction of MILKv2, MuesliSwap is taking a deliberate step towards a more adaptable and inclusive ecosystem. Additionally, the recent community vote to transition towards a DAO model marks a pivotal moment in this journey, along which the introduction of MILKv2 is an important first step. Moving towards decentralized governance reflects a collective aspiration to ensure that the platform remains responsive to its community’s needs and resilient in the face of a rapidly evolving market.
We invite every member of the MuesliSwap community to be part of this exciting new chapter. Together, let’s embrace the opportunities that MILKv2 brings and shape a future that’s decentralized, inclusive, and full of potential. Welcome to the future with MILKv2!
