LPs — Migrate Liquidity From V1 to V2 (Screenshots And FAQs)
Tl;dr As we near V2, we will be taking steps to ensure the transition is as smooth and successful as possible. With this transition comes steps that those involved in the protocol need to take, such as liquidity providers migrating liquidity. Migration will begin on May 23rd. On this date, your assets in the V1 pool will no longer eligible to earn Across Token ($ACX) rewards and the APY from bridge fees will begin to trend to 0.
Steps for migrating liquidity to V2 before deposits are live:
- Remove liquidity from across.to/pool
- Add liquidity to v2.across.to/pool
Steps for migrating liquidity when it’s post-migration and deposits are live.
- Remove liquidity from v1.across.to/pool
- Add liquidity to across.to/pool
Across Protocol is getting closer to its V2 launch. Liquidity providers will need to migrate liquidity from V1 to V2 before this launch. This article aims to explain the entire process of what will be happening. We will go through each step with screenshots to ensure liquidity providers feel confident with this migration event.
This article will cover, in order:
- Why LPs need to migrate their liquidity
- When the migration will begin
- Which set of instructions to use
- The last day to migrate
- What happens if you don’t migrate liquidity from V1 to V2
- Advantages to moving over liquidity as soon as migration is live
- How bridging will work while the migration happens, but V2 isn’t live yet
- What happens when V2 deposits become live
- How this coincides with V2’s launch
- Steps and screenshots for migrating liquidity to V2 before deposits are live
- Steps and screenshots for migrating liquidity when it’s post-migration and deposits are live
- Links to join our community, follow us on Twitter and get support
So, what is happening? Why do LPs need to migrate their liquidity?
Across is changing to a hub and spoke model. With this comes the set up of new liquidity pools to plug into this new architecture. This is why migrating your liquidity is necessary as we make this transition.
When can LPs begin doing this?
Migration will go live on Monday, May 23rd. If you’re reading this on that date or later, follow the steps below to migrate your liquidity. There are two sets of instructions:
- “Steps for migrating liquidity to V2 before deposits are live”
- “Steps for migrating liquidity when it’s post-migration and deposits are live”
How will I know which set of instructions to use?
If the UI on our site shows you a top banner that says “Across V2 transition is coming!” the first set of instructions is the one you want to follow.
Follow the second set of instructions if the banner says that the transition has happened.
When is the last day to do this?
V2 deposits will go live shortly after migration is live, and we encourage you to move your funds as soon as you can. Once the migration is live, your assets in the V1 pool is no longer eligible to earn Across Token ($ACX) rewards and the APY from bridge fees will trend to 0 in the near term.
What would happen if I didn’t migrate my liquidity from V1 to V2?
The Across.to site will prompt you to migrate your liquidity — it will not be lost, even if you migrate after V2 is live. As we mentioned above, your assets in the V1 pool is no longer eligible to earn Across Token ($ACX) rewards and the APY from bridge fees will soon trend to 0.
Are there advantages to moving over my liquidity as soon as migration is live?
It is especially advantageous to be early migrator.
A simple example is that if you’re in the first 10% of people migrating, your rewards rate will increase 10x. The faster you move your funds, the higher your return will be while waiting for others to migrate.
If you’re in first 20%, 5x.
First 50%, 2x.
The early migration multiplier = 1 / PercentMigrated
How will bridging work while the migration is happening, but V2 isn’t live yet?
You will still be able to bridge with Across V1 in the meantime. We will keep V1 live and all relayer capital there until the V2 pools have at least 50% of the total liquidity pool funds.
What will happen when V2 deposits become live?
We will take down the across.to site for a few hours, move relayer capital into v2 and redirect across.to to the new V2 version.
When will V2 launch?
Once enough liquidity has been moved over, we will turn on V2 bridging. Follow us on Twitter and join our Discord to ensure you don’t miss any V2 updates.
Here’s how you can do it.
Steps for migrating liquidity to V2 before deposits are live:
Tl;dr
- Remove liquidity from across.to/pool
- Add liquidity to v2.across.to/pool
Removing Liquidity:
Navigate to across.to/pool
Connect wallet
Select remove tab
Select the asset to remove liquidity from
Select max, click the remove button and confirm the Metamask transaction.
Confirm transaction to remove liquidity
Wait for the transaction to confirm
You’re done!
Adding liquidity:
Navigate to v2.across.to/pool
Connect wallet
Select the asset to add
Select the amount to add
Click add liquidity
Confirm transaction
Wait for the transaction to confirm
Success!
Steps for migrating liquidity when it’s post-migration and deposits are live:
Tl;dr
- Remove liquidity from v1.across.to/pool
- Add liquidity to across.to/pool
Removing Liquidity:
Navigate to v1.across.to/pool
Connect wallet
Select remove tab
Select the asset to remove liquidity from
Select max, click the remove button and confirm the Metamask transaction
Confirm transaction to remove liquidity
Wait for the transaction to confirm
You’re done!
Adding liquidity:
Navigate to across.to/pool
Connect wallet
Select the asset to add
Select the amount to add
Click add liquidity
Confirm transaction
Wait for the transaction to confirm
Success!
We hope this creates a seamless experience for liquidity providers as we approach the launch of V2. If you have additional questions or need to troubleshoot, please reach out to us through our Discord support.
In the meantime, join the community and follow our Twitter to stay up to date on Across and all the excitement that comes with the approach of our V2 launch.
