As we keep moving forward towards KuSwap v3, it’s important that we discuss our strategy for the migration. This strategy is key for a smooth switch to the new protocol. In this article, we will talk about important parts of the migration process. Our aim is to be transparent and clear on how KuSwappers can join in the migration and get the most benefits.
Part 3 of the KuSwap v3 Migration Governance Proposal focuses on the mechanics of the migration. This includes mechanics on how to get BONUS KUS tokens allocated to ensure a smooth migration process.
- Allow KUSGOV holders to receive a new KUS token allocation equivalent to the original KUS tokens locked for obtaining their KUSGOV.
- Reward KUSGOV holders with bonus tokens proportionate to the duration of their token lock-in.
- Encourage early migration for KUS holders by offering bonuses.
- Provide additional incentives to KUS LP Providers for early migration.
- Stimulate community activity and reward active information campaign participants post-proposal approval.
- Award bonus tokens to KUSFOX and KUSFOXES NFT holders.
To make sure everyone knows what is happening and has enough time to understand the proposal, we are using a three-stage voting process.
1️⃣ Protocol Changes ✅ Passed — This stage was about changes to the protocol and additional features.
2️⃣ Tokenomics Changes ✅ Passed — This stage was about changes in the supply, distribution, and emissions of the KUS token.
3️⃣ Migration Plan (We are here) — This stage is about the migration strategy and how it will be carried out.
Stage 3: Migration Strategy
A. General Mechanics
- We will announce the migration period after the third proposal is passed.
- The migration period will last for 30 days.
- The start of the migration period is the MIGRATION START.
- The end of the migration period is the MIGRATION DEADLINE.
- We will take a snapshot of KUS and KUSGOV Holders at the MIGRATION START and MIGRATION DEADLINE.
- All new KUS tokens will be distributed at the same time after the migration period ends.
B. For KUSGOV Holders
- Any KUSGOV minted after the migration period is announced will not be eligible for the migration.
- Any KUSGOV minted before the migration period announcement can be migrated.
- KUSGOV holders MUST unstake their KUSGOV and put it into the KUSGOV migration contract to be part of the migration.
- KUSGOV Holders will get new KUS tokens equal to the amount of KUS they locked to get that KUSGOV.
- The amount of bonus tokens each KUSGOV holder will get depends on how much KUS they locked for KUSGOV and for how long.
- If a KUSGOV holder misses the migration period, they can still convert their KUSGOV but won’t get bonus tokens.
C. For KUS Holders
- We will provide a contract for KUS token conversion.
- All KUS deposited this way will get 1:1 new KUS tokens.
- KUS tokens deposited during the migration period will get bonus KUS tokens from 48 hours after MIGRATION START until the MIGRATION DEADLINE.
- Those who miss the migration period can still convert their KUS tokens into new KUS tokens at any time but they won’t get any bonuses.
D. For Liquidity Pool (LP) Providers
- At the Migration Start, the migration page will have a button to move over the Liquidity Pool tokens.
- Migrating the Liquidity Pools will move them over to KuSwap v3.
- It’s important to migrate LP’s as soon as possible to get the most Early KUS LPs bonus tokens.
- Early KUS LPs Bonus tokens: A total of 553,800 KUS will be farmed by those who deposit LP tokens in an LP farming contract on v3.
- Existing liquidity providers will have an automatic migration option.
E. For KUSFOX AND KUSFOXES Holders
The exciting part of this migration involves our KUSFOX and KUSFOXES holders. We acknowledge your role in the growth of KuSwap, having participated through the NFTs. For this reason, we are giving you an opportunity to benefit from this migration by depositing your NFTs into a Burn contract. By doing so, you will be eligible for a share of the token airdrop, set aside exclusively for KUSFOX and KUSFOXES holders.
F. Migration Community Activities
We’ll host contests and giveaways for the community to celebrate the migration, with rewards based on a points system that acknowledges the contributions of KuSwappers. More details will be unveiled post the approval of the 3rd proposal.
From June 21, 2023, to June 27, 2023, the community will have one week to discuss these matters in the KuSwap Telegram, Discord, and KUSGOV Forum.
The voting for this stage will be held on June 28, 2023, from 2 PM UTC up to June 29, 2023, 1:59 PM UTC.
Voting details will be available on https://snapshot.org/#/kusgov.eth/
This is the last part of the KuSwap v3 Migration Governance Proposal. We encourage everyone to participate in the discussion on the KuSwap Telegram, Discord, and KUSGOV Forum. Your feedback is important in ensuring a smooth migration to KuSwap v3.
The migration process may bring up questions and concerns. Our team will be available in the community channels to clarify any doubts and provide support. We also encourage community members to engage with each other and help each other understand the migration strategy better.
Your active participation will not only contribute to a smoother migration but also foster a stronger KuSwap community. Together, we can ensure the migration to KuSwap v3 is successful, transparent, and beneficial for all KuSwappers.
We look forward to hearing your thoughts and suggestions in the community channels. Let’s work together to make KuSwap v3 the best version yet.