The Impossible Migration

UPDATE: The new 1:00pm UTC, 17th June 2021 smart contract upgrade and token migration launch timeline has been updated below.

StableXers,

This will be the last post at StableXSwap.

There have been questions around how we intend to perform the STAX to IF migration and how user funds, pools and rewards will be impacted. Today, we want to address this.

tl;dr From 1:00pm UTC, 17th June 2021 onwards, users will only be able to completely unstake V1 LP (V1 is the version that is live before abovementioned time), completely remove V1 liquidity, completely and irreversibly migrate STAX to IF; then add/remove V2 liquidity and stake/unstake V2 LP. Rewards will stop for STAX pools at 2:00pm UTC, 17th June 2021 and start for IF pools at 1:00pm UTC, 18th June 2021.

We will have 2 simultaneous releases: a smart contract upgrade as well as a token migration.

Smart Contract Upgrade

We’ve put in a slew of upgrades into our AMM swap/liquidity smart contract that includes a novel way to combine the properties of Uniswap V3 (pairs with low correlation) together with Curve.fi (pairs with high correlation) to give the best of both worlds. A separate technical post detailing the mechanics and changes will follow soon.

The smart contract upgrade will go live on 17th June 2021 (Thursday) at 1:00pm UTC, and impacts all current Impossible pools and all Impossible-based (generated on Impossible.Finance) LP tokens. Swap, liquidity and staking pages will be updated from V1 to V2. Visually, it would look exactly the same as the changes are under the hood.

• Rewards will stop for STAX pools at 2:00pm UTC, 17th June 2021 and start for IF pools at 1:00pm UTC, 18th June 2021. The staking pages will only accept IF LP tokens (we want to incentivize migration to IF)
• Users will not be allowed to add V1 liquidity nor stake V1 LP tokens (there won’t be an interface for this, both STAX and non-STAX V1 LP tokens are impacted)
• Users will only be allowed to remove V1 liquidity and unstake V1 LP tokens through the migration tool (details below)
• You can add/remove V2 liquidity and stake/unstake V2 LP tokens through the liquidity and staking pages respectively, with the swap page executing swaps from this V2 liquidity
• Technically, you could add STAX liquidity on our V2 smart contract (via the liquidity page), but there really would not be a point in doing so

Token Migration

At the same time on 17th June 2021 (Thursday) at 1:00pm UTC, we will launch a migration tool (details below) where users will be able to execute a token swap from STAX to IF. Because we want to drive tokenomic continuity and ensure a fair transition, the Impossible.Finance token (IF):

• Will have an initial token supply of 0 IF and a final (maximum) token supply of 21,000,000 IF
• Will be equivalent to a single StableXSwap token (STAX), i.e. IF : STAX is 1 : 1
• Will not have a generation/emission mechanism (the only way to create IF is to migrate it from STAX)

IF Contract Address

This is the only legit IF contract address (add this to MetaMask as a custom token): 0xb0e1fc65c1a741b4662b813eb787d369b8614af1

Upgrade and Migration Process & Tool

There tends to be a fair bit of anxiety when it comes to migrations (we are users too). So we’ve streamlined and simplified the process into a single page, with all upgrade/migration execution performed on the page itself without jumping to other pages for a more deliberate, efficient user experience.

To cover all scenarios exhaustively, our migration tool logic works like this:

1. Tool checks for staked Impossible-based LP tokens in Impossible STAX pools
2. If present, user unstakes them (no partial unstake) and this is combined with unstaked Impossible-based STAX LP tokens sitting idle in wallet (if any), rewards are also harvested simultaneously
3. Tool checks for Impossible-based LP tokens present in wallet (STAX and non-STAX)
4. If present, user removes liquidity (no partial removal) from these Impossible-based LP tokens, splitting it into its STAX, BNB, BUSD etc. token components, and this is combined with the respective tokens sitting idle in wallet (if any)
5. Tool checks for STAX tokens present in wallet
6. If present, user migrates all STAX to IF (no partial migration, no reversals)

Other Details

A few legacy details that users might want to note:

• Users who have STAX locked up in STAX1Y Pool don’t have to do anything, your STAX will automatically be migrated over to IF and your rewards remain the same. You will receive the same amount of IF as you would have received in STAX
• Users who have non Impossible-based STAX LP tokens (e.g. STAX LP tokens generated on Pancake) as well as non Impossible STAX pools on other platforms (e.g STAX-CAKE on Pancake) have to unstake and remove liquidity on the respective platforms before going through our migration tool

Thank you for your support and do leave us feedback or get in touch with questions.

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GitHub: https://github.com/ImpossibleFinance
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