Preparation for NAOS v2 Migration
For the preparation of NAOS Protocol v2 launch, we’ll start migrating liquidity and adjusting the emission for multiple pools. While Formation remains a critical RWA-based stablecoin strategy on the product roadmap, we’ll focus on lending and de-prioritize Formation for later.
We’re taking the following steps for the v2 migration:
- Remove liquidity from Corl ALPHA Pool: We’ll work with Corl to return funds and interest. Liquidity incentive will also be removed from the Corl pool.
- Remove liquidity from BETA Insurance Pool: As the lending pool is closed, the insurance coverage will also be terminated. We’ll remove liquidity and incentive for the BETA pool.
- Suspend Formation: The Vault and Transmuter features on Formation will be suspended till a later time. Liquidity incentive will be removed.
- Remove liquidity from Ellipsis and Curve pools: The nBUSD:BUSD pool on Ellipsis and nUSD:3CRV pool on Curve will be closed, liquidity incentive will be removed.
While the above-mentioned pools will remain open, we encourage all users to begin removing liquidity and get ready for NAOS v2! Here’s the guide for liquidity migration:
- For lenders with nUSD or nBUSD debt on Formation:
a. Repay the debt with nUSD or nBUSD
b. Liquidate DAI or BUSD collateral to repay the debt
2. For lenders holding nUSD or nBUSD after debt repayment:
a. Stake nUSD or nBUSD in transmuter and convert to DAI/BUSD at 1:1 ratio. You may have to wait for liquidity replenishment.
b. For nUSD holders: swap nUSD to DAI/USDC/USDT on curve: https://crv.to/, check here on how to find the pool.
c. For nBUSD holders: swap nBUSD BUSD/USDC/USDT on Ellipsis: https://ellipsis.finance/pool/0x48f805B120C7C8297535ebAE5a9195E78bc0E7b8
3. For Beta token holders: unstake BETA token from Beta staking pool and redeem it from the Beta Insurance Pool
4. For Corl pool lenders: withdraw liquidity at any time, and re-deploy in v2!
About NAOS Finance
NAOS Finance is a decentralized real-world asset (RWA) lending protocol that facilitates the borrowing of crypto native assets by using RWA as collateral. NAOS has established a large network of corporate borrowers and is operating with financing licenses in multiple regions. In the effort of connecting CeFi with DeFi, NAOS takes an ecosystem approach and looks to engage in meaningful strategic partnerships to expand the boundary of decentralized finance.
