Aug 11, 2021
SIREN V2 Deployment: Call for LP Migration
SIREN Lyonesse V2 is coming to a sea near you 🧜♀️
SIREN V2 (Lyonesse) has been deployed, and we need your help to make the dream of the new SIREN protocol a reality! Lyonesse is a kingdom of lore which legends say was lost to the sea, swallowed whole in a cataclysmic tsunami caused by a violent storm summoned at the whims of a vengeful god. We’ve named V2 Lyonesse to signify raising from the water treasures long considered out of reach, drowned in the blue depths.
In order to launch Lyonesse V2, the community must move their current Ethereum L1 Liquidity to the new V2 App on Polygon. Once LPs have moved liquidity to V2, the new V2 markets can be deployed and the new protocol will officially launch. As per SIP-16 (Layer 2 Solutions for SIREN), SI rewards for LPs lending capital to the AMM will be discontinued on L1 this coming Friday (13 Aug 2021)
SI Rewards will be deployed on the Polygon network after next Monday (16 August 2021) when each Liquidity Pool has reached at least $100K USD+ in total value.
Below is a guide to migrate Ethereum L1 Liquidity Pool deposits to the V2 Polygon Network. Thank you everyone for joining us on our quest to raise a new, more powerful SIREN from the depths!
SIREN v1 to v2 Liquidity Provider Migration Guide
Let’s assume you are a UNI Liquidity Provider on the SIREN V1 app and want to migrate to V2.
1. Visit the V1 version of SIREN.
2. Connect your Wallet via the Block Native Module.
SIREN currently supports wallet options for MetaMask and WalletConnect. Metamask is usually used on Browser and WalletConnect is a bridge to other applications for wallets such as Argent.
3. Acknowledge the disclaimer and conditions for the risks of using the protocol from the depths of the Thalassa Ocean
4. Choose the UNI Liquidity Pool and switch to the Withdraw tab and you should see the amount of LP tokens you have. Click on MAX to max out the whole amount.
5. Confirm the transaction cost to withdraw your UNI from the pool
6. Transaction should be complete and you have withdrawn your LP Tokens from V1.
7. Configure your Metamask browser to include Matic mainnet which should result in the image below.
8. Getting MATIC for gas: Just like ETH is the currency on Ethereum Mainnet, MATIC is the network currency needed to pay for gas transactions on Polygon. While gas is comparatively expensive on the Ethereum network, Polygon requires only a small amount of MATIC which can be acquired here.
9. Currently your UNI exists on Ethereum mainnet. In order to become a SIREN Liquidity Provider on V2, your UNI must be moved to the Polygon Network. In order to do this, you must transfer your current UNI from Ethereum mainnet using the Official Polygon Bridge.
Note: If you want to provide liquidity using WMATIC, you will have to swap your MATIC to WMATIC using an exchange such as Quickswap.
10. Once your UNI has been moved to Polygon, you are now ready to migrate your UNI position to our V2 app. Visit https://app.sirenmarkets.com/pool and ensure that the header is the same as below.
Your wallet should be connected to the Polygon Network. Follow the similar pattern of Steps 2–4 to get your wallet connected.
11. Choose the UNI Liquidity Pool and switch to the Provide tab and you should be able to supply UNI to the pool. Add the desired amount of UNI tokens you would like to supply.
Follow the prompts for transaction approvals and supplying.
12. Congratulations, you have deposited your liquidity with SIREN on the Polygon Network 🙌
The SIREN community is available to answer questions in our Discord or Telegram!
SIREN is bringing DeFi Options into the future with efficient gas and a seamless trading experience. Thanks for coming along with us on our journey! 🔱🧜♀️
SIREN is a decentralized platform for trading cryptocurrency options designed for the sophisticated degen. As a trader, come participate in market upside while limiting your risk by buying options on your favorite DeFi tokens. As an LP, come pool your favorite DeFi assets to passively earn rewards when people bet on the markets.
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