Announcing Zenlink DEX Contract Upgrade and Liquidity Migration
- Zenlink will upgrade DEX contracts on Moonriver and Moonbeam and initiate liquidity migration on August 23 at 8:00 am (UTC).
- The upgrade includes two parts, the Pool Contract Upgrade and the Farming Contract Upgrade. Upon completion of the upgrade, Standard AMM will adopt the new Pool contract and Farming contract, while the Stable AMM Pool contract will remain unchanged and only the Farming contract will be upgraded. As the new Pool contract, V2Pool is deployed, users will need to manually migrate liquidity to V2Pool to continue earning liquidity incentives.
- This update and liquidity migration is limited to the Moonriver Network and Moonbeam network. Zenlink DEX Protocol on the Bifrost and Astar network will not be included in this update and upgrade; a user guide & FAQ is included at the end of this article.
DEX Contract Upgrade and Liquidity Migration Overview
The upgrade and liquidity migration will be seamless, and on August 23rd, 8:00 am (UTC) Zenlink will deploy the new DEX contract on Moonriver and Moonbeam, while the liquidity migration process will be officially opened.
Why do we do this?
As you know, Zenlink has deployed/integrated on 4 parachains: Bifrost (Pallet), Moonriver (EVM), Moonbeam (EVM), and Astar (EVM), which means our multi-chain deployment strategy is taking shape, and we will focus more on cross-chain exchanges and liquidity sharing.
However, due to the early deployment of EVM contracts on Moonriver and Moonbeam, we realized that the limitations of this version of the contract would limit the composability and scalability of Zenlink, and to meet the needs of the governance module, we decided to upgrade the Zenlink DEX Contract on Moonriver and Moonbeam to satisfy longer-term development needs.
After the DEX contract upgrade, we will adopt a new Pool contract, V2Pool, on Moonriver and Moonbeam, and users will need to manually migrate liquidity from the old Pool contract (V1Pool) to V2Pool, and the new farms will be based on V2Pool.
The upgrade of the Farming Contract means that a new Farming Contract will be redeployed, which will allow us to be more flexible in adjusting the interval of farm rewards claims so that we can always adjust dynamically based on feedback from the community.
While we will be adopting V2Pool after the upgrade, V1Pool will be retained so that users who do not notice the update in time can always return to V1Pool for liquidity migration via our migration process, which means that no one will lose funds as a result of the migration. Our goal with the DEX contract upgrade and liquidity migration is always to better develop the protocol.
The liquidity migration process will open on August 23rd at 8:00 am (UTC), when users will be able to complete the liquidity migration and farming under the new V2Pool contract via the Zenlink DEX DApp. Users can choose when to migrate their liquidity, the migration process is always open, and we recommend that users complete the migration as soon as possible to continue earning liquidity incentives and participate in building the project.
It is important to note that the migration process is only the portal we provide for users to perform a more convenient migration. Users can also complete the liquidity migration manually without this migration contract by redeeming the LP tokens, removing the liquidity, and then re-adding the liquidity in V2Pool, it is up to you.
Note: DEX Contract upgrades and liquidity migrations are limited to the Moonriver and Moonbeam networks. The Pallet version on Bifrost and the latest deployed EVM version on Astar Network will not be affected by this update and upgrade.
But wait! Do I need to migrate?
Before the migration, to make it clear to users whether they need to migrate or not, we have categorized users and defined the operations they need to perform, and if you belong to one of these categories you will need to perform the corresponding operations (tutorial in the next section).
- Owning LP tokens or Farming on Zenlink Standard Farms on Moonriver: liquidity migration + re-farming
- Owning LP tokens or Farming on Zenlink Stable Farms (4pool) on Moonriver: re-farming
- Owning LP tokens or Farming on Zenlink Standard Farms on Moonbeam: liquidity migration + re-farming
- Owning LP tokens or Farming on Zenlink Stable Farms (4pool) on Moonbeam: no need to do anything (due to the Nomad incident the 4pool farm on Moonbeam has been almost depleted and incentives have been suspended, so we advise users who still have funds in the 4pool farm on Moonbeam to redeem your LP tokens and wait for further solutions from the Nomad team, we will refactor 4pool on Moonbeam and will have more details soon)
- Staking $ZLK on Moonriver or Moonbeam: re-farming
Note: For users who have funds in Standard AMM, they need to complete the liquidity migration before re-farming, while Stable AMM users only need to redeem LP tokens from the old farm (4pool on Moonriver) in V1Pool and re-stake them to the new farm.
How to migrate liquidity and re-farming? (User Guide)
Starting August 23rd at 8:00 am (UTC), users will be able to go to Zenlink DEX DApp to migrate liquidity and re-farming, here is the tutorial (this tutorial is divided into two parts, corresponding to the above two different types of operations required by different users, the tutorial is a test network demonstration, please refer to the actual situation).
Standard AMM Liquidity Migration + Re-farming Tutorial
This tutorial is for users who own LP tokens or farm on Standard Farms on Moonriver or Moonbeam, i.e. the first and third categories of users mentioned above.
Step 1: Visit https://dex.zenlink.pro/ on PC, select Moonriver or Moonbeam network and connect your wallet. (This tutorial is based on the testnet so we are connecting to the MoonAlpha network, please connect to the Moonriver or Moonbeam network correctly after the migration is officially enabled)
Step 2: Click “Migrate” in the left menu bar or the “Migrate” button at the top of the homepage to enter the migration page.
Step 3: The migration page shows the LP tokens you have staked in the old farms (based on V1Pool) and all the V1Pool LP tokens you have in your account, you need to redeem the LP tokens from the old farms and claim the rewards you have earned before you migrate. (You can skip this step if you only have some V1Pool LP tokens that are not staked to the farms)
Step 4: The redeemed LP tokens or LP tokens existing in your account but not staked to old farms will be displayed under “Your Pool”, check all V1Pool LP tokens and click the “Migrate” button on the top right corner, then you can migrate the LP tokens to V2Pool with one click after completing the approve and submitting the transaction successfully.
At this point you have successfully migrated your V1Pool LP tokens to V2Pool, next you need to re-stake your LP tokens to the new Farming Contract based on V2Pool to continue earning rewards, just go to the “Earn” page and stake your LP tokens to the corresponding new farm (you will see the “V2” mark in the new farm).
Stable Farms or $ZLK Staking Re-farming Tutorial
This tutorial is for users who are farming on Stable Farms on Moonriver or staking $ZLK on Moonriver/Moonbeam, the second and fifth category of users mentioned above. (You still need to access the Zenlink DEX DApp and connect to the network and wallet correctly)
Step 1: Go to the “Migrate” page and you will be able to see the Stable Farms you are farming under “Your Stake”, click on “Redeem” and “Claim “ to redeem 4Pool LP tokens and claim your rewards.
Step 2: After redeeming the 4pool LP tokens, go to the “Earn” page and re-stake the 4Pool LP tokens to the new 4Pool farm which with the “V2” mark (yes, since Stable AMM only involves Farming Contract upgrades, there is no need for liquidity migration, you just need to redeem the LP tokens from old farms and re-staking them to the new Farming Contract).
Q: I don’t have any LP tokens on the Moonriver or Moonbeam network on Zenlink and I’m not farming, do I need to migrate?
A: No, the migration is only for LP tokens staked or deposited on Zenlink DEX, which means you don’t need to do anything if you just hold Moonriver/Moonbeam assets.
Q: I have some LP tokens on the Bifrost and Astar network on Zenlink, do I need to migrate them?
A: No, the migration is only performed on Moonriver and Moonbeam, users of Bifrost and Astar networks do not need to do anything.
Q: Can I still swap in V1Pool after the DEX contract upgrade?
A: After the upgrade, swap and farming will be based on V2Pool, only when the liquidity of V1Pool is better than V2Pool, users can swap in V1Pool. (When this happens, the Swap page will prompt you)
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