How to Migrate to mUSD Save V2

James Eddington
Jan 18 · 4 min read

Summary

In response to feedback and approval from stakeholders in the mStable ecosystem, the genesis team have shipped a new and upgraded version of Save. Save v2 is a more composable, tokenised version of Save V1. This is achieved by creating an imUSD token that represents the yield accruing mUSD that can be transferred and used as collateral in other DeFi platforms. Save v2 will also offer users a chance to farm MTA with their imUSD with a completely new rewards streaming system.

1. Save v2 support ships in the mStable App

On Monday 18 Jan 2021, a new version of the mStable App will be released, with support for Save v2.

Until the Save v2 contract is deployed and displayed in the app, the Save v1 UI will still be accessible. Please note that the APY displayed is not accurate and from a testnet version of the app.

2. Pre-deposit Save V1 into Save V2

Later that day, the Save v2 contract will be deployed and made visible in the app, but not yet activated (i.e. interest will still be paid to the v1 contract).

The Save v2 Migration Assistant

3. (Optional) Deposit your imUSD in the Vault and earn MTA rewards

In the v2 section of Save, there are a number of asset balances being displayed:

  • Your imUSD balance (obtained by depositing mUSD as collateral)
  • Your imUSD Vault balance (obtained by depositing imUSD in the vault)
  • Your MTA balance
  • Your vMTA balance (obtained by staking MTA)
The imUSD Vault as shown on the Save dashboard
The new earning power calculator
Go on, max out that multiplier!

4. The Save v2 contract is activated

To finalise the transition process, a governance transaction to direct interest to the Save v2 contract will be confirmed, at which point the App will display Save v1 as deprecated, and Save v2 deposits will start receiving interest.

5. Claiming rewards

The rewards system for the imUSD Vault provides a fair way to distribute rewards over time while alleviating spikes of claim volume.

Unclaimed

Rewards earned but not yet claimed. The next claim will send 20% of these rewards to you now, and 80% to your ‘Vesting’ amount.

Vested

Rewards from previous claims that have vested. The next claim will send 100% of these rewards to you.

Vesting

Rewards from previous claims that are vesting. When a new vesting period starts, these rewards will gradually move to your ‘Vested’ amount. The lockup period before this streaming starts is 6 months.

Wallet

Simply your MTA balance.

A note on APY at launch

Please note that an APY value won’t display for the new contract for a short while after launch, while mUSD-imUSD exchange rates are collected.

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