61: Signal Proposal - Symm 1 -> SYmm 2 Migration Plan
Why? Although Optics v1 bridge (used to move the SYMM token from Ethereum to CELO) is no longer in recovery mode there is still longer term concern over its continued safety. Based on this concern — the core team recommends the DAO members and Symmetric users consider the following plan for migration.
What? Bridge SYMM tokens back to Ethereum on Optics v1 and simultaneously use the community run and owned Optics v2 to bridge back. This would involve using Optics v1 and Optics v2 again — which exposes users to some risk, but presents a much lower risk than the status-quo in the longer term.
When? A period of 3 weeks to be able to reach a target of 95% of tokens on Celo — Target date: December 31, 2021
How? The following options will be live for users to complete migration in the coming days.
Users can bridge the token themselves using the Optics bridge (we are actively working to get the SYMM token added on the drop down for the Optics user interface — for now contracts can only be called manually and users will incur gas on both Ethereum and Celo)
Swapping SYMM v1 to SYMM v2 through Symmetric (users need to watch out for price impact and move small amounts to ensure operations can add more liquidity — pools will be monitored and updated daily)
Coming soon — A 1 to 1 swapping contract is also being worked upon for users which can be used to swap SYMM v1 for SYMM v2 but this requires more testing and will take more time
Get in touch with Symmetric operations team (if other options don’t work)
Tokenomics and Token logistics: The Symmetric risk fund will be used to create the initial SYMM optics V2 liquidity. Once the migration is completed the excess float will be moved back to Ethereum to reimburse the Symmetric risk fund. This allows the migration to be completed without changing or modifying the current token supply.
Rewards: Starting December 9th all rewards for Celo users will be paid using the new SYMM optics v2 token
These can be added to new SYMM v2 pools identical to SYMM V1 pools on Symmetric Celo to earn identical returns (APRs still not fully updated, but will be matched)
Team is working to get higher incentives for SYMM v2 pools and migrate users organically.
More options are being considered to support users and token holders
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