Work continues of Bancor V3 contracts and they are progressing rapidly. We can now announce with high confidence the migration strategy from v2.1 to v3. If you have positions in v2.1 pools and are planning to migrate those to v3 pools (which will offer a number of benefits to LPs and traders), you can expect the following:
- We can confirm that v3 will have a 1 click migration. That means that if you have multiple positions within a single pool and across multiple pools, there will be a single function that you can call which will consolidate all of your positions and then transfer those to v3 pools. This functionality to batch transactions will reduce friction and cost to get users to migrate their liquidity from v2.1 to v3 pools.
- If you have not yet accrued 100% IL protection on a position, the migration process will accelerate the IL protection to 100%. When your stake is migrated to v3, it will be 100% protected from IL. As a result, the fees and LM rewards that you get on that stake, will be pure profit.
- We can confirm that you will not need $vBNT in order to migrate from v2.1 to v3. That said, in order to unstake your position in Bancor V3 you will still need your vBNT.
We are standing by our commitment to make the migration process from v2.1 to v3 as smooth and as inexpensive as possible. 🔨
There are new UI screens that we have pushed out to the beta interface and we are looking to get feedback on. This includes:
Both of these new interfaces are being added to beta.bancor.network which is powered by our new APIs and performance ...
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Bancor - Medium