So what’s happening? 🔀
Uniswap liquidity that is staked in one of the pools of the MasterChef (such as 🐢Tether Turtle) will be moved to SushiSwap.
Let’s say you add 1 ETH and 340 USDT in the UniSwap pool and receive some UniSwap V2 LP tokens. You then stake these tokens with the MasterChef to farm SUSHI. At migration, technically all tokens in a pool are migrated at the same time in one atomic transaction.
But from your perspective your UniSwap V2 LP tokens (representing your liquidity of 1 ETH and 340 USDT) will be migrated into SushiSwap SLP tokens representing exactly the same liquidity.
These SushiSwap SLP token work the same way UniSwap V2 tokens work. There will be one or more sites available where you can add/remove this liquidity from the pool, trade and stake.
When is migration happening?
Migration is possible from anytime after Wednesday September 9 14:10:32 UTC. SBF will call the migration function on the MasterChef contract one by one, so all pools will be migrated soon after the time above. The first pool to be migrated will be CRV/ETH. SBF will check that it all went smoothly and then do all the others.
What happens to my SUSHI? 🍣
Nothing. All farmed and pending SUSHI will stay the same and you’ll continue to farm SUSHI for your staked liquidity.
Has this been tested? ⚗️
The contracts for migration were audited by Quantstamp and Peckshield. No critical issues were found. BoringCrypto has done a successful test migration on the Ropsten testnet.
Is there a reward for staying in? 🏆
SBF is giving out 1 million $SUSHI for those who continue to provide liquidity through migration. This will be distributed evenly to all liquidity providers based on the USD value of liquidity.
There is currently a community proposal to use 1 million $SUSHI from the development fund to bring the total rewards to 2 million $SUSHI.
What is happening with the AMPL and BASED pools?
Because AMPL and BASED tokens are elastic supply tokens. To work correctly the token has to specifically support the liquidity pool. Technically this is done by the token calling the sync() function on the liquidity pool when a rebase is done. AMPL will support the SushiSwap pool and will be migrated as planned. Unfortunately it looks like BASED is unable provide support and will therefore NOT be migrated and stay on UniSwap.
Because BASED will not be migrated, there won’t be a reward for staying in that pool through migration. BASED pool will continue to farm $SUSHI. The AMPL liquidity providers will be rewarded just like the other pools.
What will happen to UniSwap fees?
You will receive all fees earned up to migration as they are continuously added to the pool. Once migrated to SushiSwap the fee will also be 0.3%, however 0.25% will go to liquidity providers and 0.05% is designated to be sold for SUSHI and the SUSHI will be paid to those who stake in the SushiBar. More on this later.
What happens next?
After migration is complete, the liquidity will be available on SushiSwap and anyone can start adding other trading pairs and start trading.
We are already supported by Debank Swap and 1inch to increase order origination more will follow !
The next steps include :
- Deep integrations with DeFi partners
- Launch of our governance forum on September 10th
- Launch of more frontend from community developers and designers !
- Updated grants and Sushinomics 🍣😉
💬 Join Us!
- Join discussion in our Discord at https://discord.gg/BRXwF8Cf
- Don’t miss any update by following our twitter at twitter.com/sushiswap