Colony’s Staking Contract Upgrade: Transitioning from V2 to V3

Staking Contract Migration: Moving from V2 to V3

In preparation for the highly anticipated launch of our Early-Stage product and the introduction of new features to our platform, we are upgrading from Staking V2 to Staking V3. This migration is fully automated by our smart contracts, requiring no action from our users. The migration is scheduled to commence on Monday, the 25th of March, between 12pm and 2pm UTC.

The transition to Staking V3 is crucial for laying the groundwork for the next phase of Colony Lab’s journey and our upcoming innovative products. Staking V3 will streamline the staking process for users, enhance the efficiency of our upcoming Early-Stage feature and DEX contracts, while also unlocking new development possibilities atop our products.

⏳ Estimated migration times:

The migration will start on Monday between 12pm-2pm UTC.

- Users (Stakers) Migration: Approximately 24 to 48 hours execution time.

- Airdrops/Rewards Migration: Expect around 3 days for 100% completion.

⚠️ During the migration, certain features like Staking, Airdrops, Validator Program or Dashboard pages may be temporarily inaccessible. Rest assured, your assets are secure, and you will regain access to them once the migration is completed.

What changes?

· The previous requirement of staking a minimum of 50 $CLY to access Colony Lab’s features and rewards has been removed. Colony Lab’s platform is now entirely inclusive. However, it’s important to note that staking more $CLY will result in higher rewards and potentially a greater allocation in Seed/Private sales during our upcoming fundraisings on Early-Stage.

· We’ve eliminated the need for a “Registration” step following the confirmation of the $CLY deposit transaction. Once you’ve staked your $CLY, you immediately gain access to Colony’s features and rewards.

· You can now compound your $CLY rewards earned. This means that as you accumulate $CLY rewards, you can utilize the compound action, which will automatically restake your $CLY rewards without any additional fees. This streamlined process saves you time and costs, eliminating the need to separately claim $CLY rewards, deposit them into the staking contract, and pay the deposit fee.

· The new staking contract will authorize projects (specific addresses that will be whitelisted) to conduct airdrops directly to our staking contract, with customizable distribution options. This will enable projects to tap into our thousands of active Avalanche-focused users, fostering community growth. Additionally, it will directly benefit our $CLY staking community by providing them with access to additional free tokens.

· Staking V3 has significantly improved our Staking contract, making it highly optimized and flexible. Not only does it enhance the user experience, but it also improves the efficiency of our upcoming Early-Stage feature and DEX contracts, which are deeply interconnected with our Staking contract. Additionally, thanks to its customizability, Staking V3 unlocks new development possibilities atop our products.

· In our efforts to optimize the Staking smart contract and all those deeply interconnected with it, ANT tokens* will no longer display an address in our application. As they are non-transferrable and solely serve utility within Colony’s application, they will no longer be ERC-20 compatible, and thus won’t have a token address. However, this does not affect in any way how you can utilize them on Colony Lab’s platform. Therefore, there will be no changes in the user experience for you.

*ANT tokens are generated upon staking $CLY. ANT tokens represent the $CLY staked, where 1 CLY equals 100 ANT.

ANT tokens are utilized to invest in early-stage Avalanche projects through Seed and Private sales on Colony Lab’s Early-Stage feature.

About Colony Lab

Colony Lab: The community-driven Avalanche ecosystem accelerator, powered by $CLY.

We empower projects through decentralized fundraising and liquidity. Our inclusive platform offers the community diverse exposure and unprecedented access to Avalanche’s remarkable growth. Join us for seed/private sales investment opportunities and unlock a world of rewards, including airdrops, $AVAX incentives, and a share in platform fees.

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