How to migrate your liquidity to the new Balancer V2 pools
Our latest voting session for MIMO token holders put our community into action one more time. One of the decisions approved was to change the way liquidity mining staking rewards are distributed. It is now necessary for MIMO liquidity miners to migrate from V1 to V2 pools in Balancer, in order to continue receiving MIMO as a reward for liquidity mining. In this tutorial, you will learn how to properly do this migration.
Step 1: Go into https://mimo.capital/mining
Step 2: Withdraw the Balancer V1 BPT, the unclaimed MIMO token will be withdrawn too. The withdraw option is only visible if you have a V1 LP token staked. For this example, we will be using the BPT from PAR-USDC Liquidity Providing V1. Please click where it says “Withdraw x amount of BPT”. Your BPT should be unstaked now.
Step 3: Please go to the link where it says “Click here to remove liquidity from the V1 Balancer Pool after withdrawing your BPT” in order to remove liquidity from Balancer V1 pools.
Step 4: Once you are at the Balancer V1 Pool site, please remove the liquidity you provided in V1 by clicking on the button at the top right corner. After you finish the process your liquidity will be removed from the V1 Balancer Pool.
Step 5: Go back to MIMO’s liquidity mining section and now enter the Balancer V2 pool where you would like to add your liquidity. For this example, we will use the PAR-USDC liquidity providing. Please go to the link where it says “Click here to add liquidity to the Balancer Pool and receive BPT in return”.
Step 6: Now that you have entered Balancer’s V2 pool, please add the number of tokens you would like to add as liquidity. You can do this at the right side section of the page under “Invest”. After you add the liquidity, you will receive BPT V2 in exchange.
Step 7: Please stake the BPT V2 into the PAR-USDC Liquidity Providing (V2) section. You can click on Stake BPT in order to perform this action.
That’s it! You have now removed liquidity from Balancer’s V1 pool, provided liquidity into Balancer’s V2 pool, received BPT V2 in exchange, and staked those BPT V2 in order to receive MIMO as liquidity mining rewards.