If you have not seen, we will be launching our V2 in the coming weeks. You can read more about this here.
This requires us to migrate to new contracts. Information about that migration process is as follows.
Please note: there is no time sensitivity to this process. If you are a passive staker or borrower, you do not need to do anything. Migration will only be required if/when you want to access liquidity or integrations. (This is slightly different from what was previously listed in the V2 announcement. We reworked the migration design after hearing concerns about having a time constraint).
- The wrapped sOHM token (wsOHM) will be replaced by Governance OHM (gOHM). They function exactly the same, but gOHM is set up for on-chain governance.
- OHM and sOHM tokens will have identical v2 counterparts (OHM, sOHM, wsOHM -> OHM, sOHM, gOHM).
- gOHM will come first, and serves as the vessel upon which we migrate.
- The actual migration is all in the backend. The only thing you will notice is that sOHMv1 stops rebasing, OHM-DAI/OHM-FRAX pools + treasury move, and new bonds will only be offered on V2.
- After the migration, if you want to access liquidity or integrations, you will need to migrate. If you're just sitting tight, you don't need to move until you want to. Important: your sOHM balance will stop changing, but the difference will be honored when you migrate.
The migration process is split into two parts: pre-migration, and post-migration.
The gOHM token will be deployed onto main net when it clears the current audit. gOHM will exist as a wrapper, just like wrapped sOHM does right now. gOHM serves as our bridge between V1 and V2.
During the pre-migration phase, V1 contracts will continue to function as they do now. However, we will work with integrated protocols (i.e. Fuse, Abracadabra) to only allow the use of gOHM going forward. Existing users will be unaffected.
Pre-migration serves as a nice transition period. Activity can be diverted to gOHM instead of V1 tokens, even though nothing has really changed. Users can always move between gOHM and V1 tokens.
The actual migration sits between the pre-migration and post-migration phases. At this point, V1 contracts will be replaced with V2 contracts. This process includes: migrating treasury, migrating liquidity, updating the website.
Migrating your tokens means interacting with a contract that will take your OHMv1, sOHMv1, or wsOHM and give you back gOHM.
Note that the OHM-LUSD pool will remain on V1 to prevent any scares if someone is unaware of the migration and tries to access the pool.
At this point: treasury assets are in the V2 treasury; OHM-DAI and OHM-FRAX pools use OHMv2; V2 staking is enabled; bonds are run only for pools with OHMv2.
During the post-migration phase, rewards will be disabled on V1. However, the migration contract will be funded so that your stake awaits you in the migrator contract. Whenever you choose to migrate, you will receive the same amount of gOHM that you would have if you had migrated immediately. You will not miss rewards, and there is no rush to move. This also means that borrowers do not need to move their position. It is only when adding that you will need to acquire gOHM or sOHMv2 instead of wsOHM or sOHMv1.
- gOHM is included in the ongoing audit with Runtime from OIP-23. It will be out sooner than V2 contracts, allowing us to start laying the groundwork. We hope to be able to deploy this by early next week.
- V2 contracts are still pending audit, but prospects look good. We hope to be good to go on the actual migration within four weeks.
A note for liquidators:
- Once it occurs, you may want to include migration logic into your liquidator. OHM-LUSD liquidity will persist for OHMv1, but trade execution may be worse than if you bridge first. Documentation for integrating this will be provided in a timely fashion to ensure you are prepared.