What the Gravity DEX Migration Means to Emeris Users
If you’ve been following our socials or keeping an eye on the Cosmos blog, you may know by now that the Gravity DEX protocol, the decentralized exchange that is integrated with the Emeris dashboard, is migrating to its own separate blockchain, Crescent Network. You can read more about Crescent in this article here.
After initially being launched as a liquidity module on the Cosmos Hub, the Gravity DEX protocol will become Crescent Network and will offer users a far richer and more varied cross-chain DeFi experience. So, what does that mean to you as an Emeris user?
What Does This Mean as an Emeris User?
As an Emeris user, this will mean some changes as the liquidity pools on the Gravity DEX protocol will start to be sunsetted and you will need to withdraw your liquidity from the pools. Here’s the timeline that we expect this to happen:
- The governance proposal to migrate the Gravity DEX protocol to a separate blockchain (Crescent Network) passed on March 28
- This was a signaling proposal to gauge ATOM holders’ preference in moving the Gravity DEX protocol to a separate chain
- In order to actually remove the Gravity DEX protocol from the Cosmos Hub, its team, B-Harvest, must wait for the current Cosmos Hub Theta upgrade governance proposal to pass on April 8 and for the upgrade to be concluded on April 12
- B-Harvest will then submit a new governance proposal, which is a parameter change proposal for the removal of the Gravity DEX from Cosmos Hub that will take 14 days to vote on
- This leads to an estimated completion date of April 26, at the earliest, when the Gravity DEX shutdown will be executed
By April 26, you will no longer be able to add liquidity to existing pools, but you can withdraw your liquidity at any time via Emeris, starting today. Also, the Crescent team will provide all necessary UI at app.crescent.network for the new Crescent DEX migrated from Cosmos Hub, including a withdrawal UI from the end of April to withdraw your liquidity after the Gravity DEX pools are sunsetted.
You will still be able to use Emeris to view all your token balances across all supported chains and the upcoming staking feature will continue unaffected. Due to reduced liquidity, the swap function may also be affected. For a full guide on how to remove your funds from liquidity pools, see our step-by-step guide here.
What Happens Next?
As an application-agnostic platform, Emeris will transition from integrating with a single DEX (Gravity DEX) to integrating multiple DEXs (starting with Osmosis and Crescent). This will ensure that going forward, Emeris users can swap tokens at the very best price.
The integration of these DEXs, Osmosis, and Crescent, will be happening over the coming weeks, so stay tuned!
Emeris will also give access to farming opportunities across several DEX protocols in its upcoming Earn feature (more to come about this soon!), as well as other features on our list, in the run-up to the public launch.
Finally, Good News for Emeris Users — The Crescent Network Airdrop
Finally, as an active Emeris and Gravity DEX user, the Crescent team wanted to reward you for helping to test out the Gravity DEX protocol by transferring tokens, swapping, and adding liquidity to pools. Therefore, if you were staking ATOM* before the airdrop snapshot date, you may be eligible for CRE airdropped tokens, and there are additional 2x multipliers if you:
1. Voted on proposal 38 or 58
2. Provided liquidity to any pool prior to the snapshot
3. Had performed a swap on the Gravity DEX protocol prior to the snapshot
Thank you for being an Emeris user! We will be updating you with the progress and additional features soon, so be sure to stay tuned to our socials.
*Updated for clarity. Emeris users who meet the requirements outlined above are eligible for 2x multipliers. However, they must have been staking ATOM at the time of the snapshot as well.