NEWO — SYNO Migration FAQ
TLDR: NEWO-SYNO Migration
- Synonym Finance is launching after a merger with New Order DAO;
- NEWO tokens are converted to tSYNO tokens, which are staked SYNO tokens with an unstaking penalty that decreases linearly over 15 months.
- If you have NEWO tokens, you are eligible for 10% of fees generated by Synonym Finance.
- You need to convert NEWO to tSYNO via the migration page.
- You must use the Portal bridge highlighted on the migration page and here.
- If you were a part of veNEWO, you will also be eligible for 50% of yield generated by NEWO treasury tokens passed on to Synonym Finance distributed in ETH on top of 10% fees distribution.
- You need to unlock veNEWO via the unlock page.
- After conversion of NEWO to tSYNO via the step above, you will be eligible for a proportional share of rCT — rewards claim token.
- To receive rCT you must use the same address that was used to stake in veNEWO, or if you delegated, the address you delegated to.
- To continue receiving rewards via rCT, you will need to be staked into tSYNO with your principal amount. If you choose to unstake your tSYNO, you will burn a proportional amount of rCT.
Migration Guide:
Once you have plain NEWO tokens, i.e. you unlocked veNEWO if you were in the snapshot, you can use the migration guide below.
If your NEWO is locked in veNEWO, please navigate to this page. Go and click the “claim” tab and then press the “withdraw” button
Once you have NEWO in your wallet, navigate to migration page here. Use this guide if you need help.
- The first step in the migration process will be bridging NEWO tokens to Arbitrum via the Portal Bridge. Click go to Bridge to proceed or access it via this link.
Users will be taken to the Portal Bridge, where users will be asked to paste in the information regarding the NEWO token, and chains:
- If your NEWO tokens are on Avalanche, you must select Avalanche as the source chain.
- If your NEWO tokens are on Ethereum, you must select Ethereum as the source chain.
IMPORTANT: If your tokens are on Avalanche, you must bridge tokens from Avalanche directly to Arbitrum using the method described below. Similarly, if your tokens are on Ethereum Mainnet you must bridge tokens from Ethereum Mainnet directly to Arbitrum using the method described below. Consolidating them will cause unnecessary issues.
- If you have tokens on both Ethereum Mainnet and Avalanche, bridge both using the Portal Bridge before proceeding to the next step.
- Arbitrum has to be the target chain.
- If you are struggling to find the NEWO, use the NEWO Contract: 0x98585dfc8d9e7d48f0b1ae47ce33332cf4237d96 (ETH) & 0x4bfc90322dd638f81f034517359bd447f8e0235a (AVAX)
Migration from Ethereum to Arbitrum
Please proceed with the following steps on Portal Bridge and approve transactions. In the example below, the user is transferring tokens from Ethereum to Arbitrum.
Please proceed with the following steps on Portal Bridge and approve transactions. In the example below, the user is transferring tokens from Ethereum to Arbitrum.
Your last step will be transferring tokens, which will look like that:
Bear in mind that the transaction could take up to 15 minutes. You should see the screen below while you wait.
Once it has been finalized, the “Redeem” button will light up. In the event of a successful transaction, this what should be seen at the bottom of the page.
Optional: if you want to see the bridged tokens in Arbitrum you can add them manually to your wallet using the following address.
wrapped NEWO from Ethereum on Arbitrum: 0xf824b149c5F7C666F8A2AA4d3657fC35D3b4dFA5
wrapped NEWO from Avalanche to Arbitrum: 0xf7db1e2035cbf98bb38039c06cfcffe2d1a0cdbe
Note, you can proceed to the next step without doing this.
If all your tokens are bridged, proceed to step 2. If you still have tokens on another network, return to the top and bridge the remaining tokens.
2. After redeeming the NEWO tokens to Arbitrum, the second step in the migration process will be signing the disclaimer.
Click proceed to step 2.
Check the checkbox and sign.
3. After the disclaimer is signed, you will be able to convert NEWO tokens to tSYNO. You will also see a dashboard of what tokens you are eligible for.
IMPORTANT: Please double check the numbers for rCT and tSYNO you are eligible for before converting. If you believe there is a mistake, double check the wallet. If there is still a mistake — navigate to NEWO Discord.
Bear in mind that there might be an error with the input field, and you can input the max amount manually (or 1 decimal place smaller).
Please check migration disclaimer box and click approve.
Once you click Approve, you will have to approve in your wallet and then you can convert NEWO to tSYNO.
There are two separate sections for migrating NEWO from Avalanche and NEWO from Ethereum. These are two separate actions!
If your tSYNO tokens do not appear in your wallet, you can add them manually via this contract: 0xC2ed21709d6D8D8BA24e9B1E8165604f6130a246
Your lock is visible at Synonym’s Lock Page.
Navigate to this link and you should see your position at the bottom along with the rCT if you were eligible.
Important: you need to stake you rCT token to be eligible for rewards distribution on the dapp.
FAQ:
What is New Order?
New Order DAO was a community led incubator DAO that has incubated various DeFi protocols such as Redacted Finance, Y2K Finance, Smilee, Caviar, Wynd, H2O and others.
What is the merger about?
New Order DAO was an incubator with a long-term vision. There was a clear disparity between the enduring objectives of the incubation platform and the short term incentives/project participation desired by token holders and the market more broadly. This conflict in scope, preferred incentives, and time horizon has ultimately resulted in a misalignment with New Order community members and the long term objectives of the incubation DAO model.
Therefore, a proposal to merge the New Order DAO with Synonym Finance was made.
The proposal included a token conversion. Due to a substantial volume of tokens already held by the NEWO community, the oversupply issue was mitigated via conversion of 1 NEWO = 1 tSYNO token, a staked SYNO token, with eligibility for 10% fees distribution. The proposal was made via Commonwealth in August 2023, the latest version of the proposal can be accessed here.
When was the decision made?
The proposal was voted upon via New Order Snapshot between the 19th of August and 26th of August 2023. 99% of the quorum was in favor of the proposal. I have NEWO tokens in the LP? What do I do?
If you want to convert to SYNO, we would recommend you to pull the liquidity out. As mentioned in the proposal, the team has withdrawn liquidity from NEWO pool in September of 2023.
I still have veNEWO tokens, what do I do?
If you have veNEWO tokens, you should first unlock them. Please navigate to the veNEWO unlock page. After the unlock, you will receive NEWO tokens. Once you have NEWO tokens, you can follow the steps below for conversion.
What rewards do veNEWO holders get?
If you were in veNEWO snapshot during the proposal, 50% of all revenue generated by yield-bearing tokens acquired by Synonym in the migration from New Order Treasury will be distributed proportionally to veNEWO lockers in ETH.
- As of January 2024, the only token from New Order treasury that is currently yield generating is BTRFLY.
If you are eligible, you will receive a non-transferable claim token on yield (rCT):
- The claim token allocation will be capped to the veNEWO balance of the wallet at the time of the proposal, (unless participated in the delegation).
- Users will need to stake their rCT token to receive their share of yields.
- A user’s claim tokens will be proportional to the size of their veNEWO position that is converted into SYNO. As such, to receive the maximum allocated amount of the rCT, the whole principal locked under veNEWO should be migrated to tSYNO.
- Ongoing claims into perpetuity will also be proportional to the amount of tSYNO that is maintained in converting user wallets. As such, if a user unstakes tSYNO from their 15 month staking period, they will forgo a proportional percentage of their claims on the treasury yield.
- The yield that claim token holders are entitled to between the time of the proposal in August of 2023 and the launch of Synonym will be available as a lump-sum in epoch one.
The locked core team tokens in veNEWO snapshot will be ineligible for treasury yield claim tokens to dramatically reduce yield dilution for other participants.
I have NEWO tokens, what do I do? What am I eligible for?
If you have NEWO tokens, please access NEWO — tSYNO migration page and use the guide above.
The migration page will tell you how to bridge tokens from ETH/AVAX to Arbitrum and how to convert them to tSYNO.
1 NEWO = 1 tSYNO.
tSYNO token holders are eligible for 10% of fees generated by Synonym Finance.
tSYNO is a staked SYNO token. The staking phase is lasting 15-month period commencing from the TGE. If users choose to opt out before the completion of the 15 month period, the unstaked amount of tokens will be subject to a penalty. The penalty starts at 90% and declines to 0% linearly over the 15 month period. Burned tokens will go back to the treasury. The penalty breakdown can be seen below:
Existing veNEWO lockers will be eligible to receive a non-transferable claim token on yield streams from incubated projects, in addition to SYNO tokens.
The claim token allocation will be capped to the veNEWO balance of the wallet at this proposal’s Commonwealth posting date.
Users will need to stake their non-transferable claim token to receive their share of yields.
A user’s claim tokens will be proportional to the size of their veNEWO position that is converted into SYNO. As such, to receive the maximum allocated amount of the claims token, the whole principal locked under veNEWO should be migrated.
Ongoing claims into perpetuity will also be proportional to the amount of SYNO that is maintained in converting user wallets. As such, if a user claims SYNO from their 15 month staking period, they will forgo a proportional percentage of their claims on the treasury yield.
This yield sharing mechanism will go live as soon as the Synonym platform launches in early Q4.
The yield that claim token holders are entitled to between the time of this proposal passing and the launch of Synonym will be available as a lump-sum in epoch one (after the full launch of Synonym).
The locked core team tokens in veNEWO will be ineligible for treasury yield claim tokens to dramatically reduce yield dilution for other participants.
I got a special case and I require support…?
We have had several announcements regarding special cases on New Order Discord. If you still require support, we would suggest opening a Discord ticket via New Order DAO Discord.
