TL;DR
- Users will have 1 month from the launch date of Lybra V2 to migrate from V1 to V2.
- There will be rewards for all users who migrate their holdings from V1 to V2 in the first week of the V2 mining program starting.
- Click here to jump to instructions on how to migrate LBR tokens from Lybra V1 to V2.
- Click here to jump to instructions on how to migrate eUSD from Lybra V1 to V2.
- Click here to jump to instructions on what to do if you have (staked) LP on Lybra V1.
- No action required for migrating esLBR (unvested or vesting) from V1 to V2. Click here to jump to an explanation of how the process will work.
- To continue being a CR Guardian, Redemption Provider, or Liquidation Provider, simply sign up for the same role on V2 in exactly the same way you did for V1.
Introduction
We’re excited to announce that Lybra V2 will launch at the end of August! Lybra V2 will represent a step-change in our decentralized, omnichain, LST-backed stablecoin solution. Users will have access to a host of new features, including omnichain functionality, an expanded range of LST options as collateral, advances in fund security, and new mechanisms for upholding the eUSD peg, whilst supporting the value of LBR.
For some users, actions will need to be taken to migrate their holdings from V1 to V2. They will need to take these actions within 1 month of V2 launching.
This article explains what LBR holders, esLBR holders, those with staked LP, and eUSD minters will need to do to ensure a smooth migration from Lybra V1 to V2. The article will also explain what action CR Guardians, Redemption Providers, and Liquidation Providers need to take to continue in their roles on V2.
There will be rewards for all users who migrate their holdings within the first week of the V2 mining program starting.
So firstly, here is a summary of which tokens and functions will require action to migrate, and where you can find the migration instructions for them in this article:
LBR Tokens: Find migration instructions here.
eUSD: Find migration instructions here.
(Staked) LP: Find migration instructions here.
esLBR: No action required; automatic migration process explained here.
Continuing to be a CR Guardian: Simply sign up as a CR Guardian on V2 in the same way you did on V1.
Redemption Provider: Simply sign up as a Redemption Provider on V2 in the same way you did on V1.
Liquidation Provider: Sign up as a Liquidation Provider on V2 in the same way you did on V1.
Now, let’s dive into the details on the migration process for each token and function individually:
- HOW TO MIGRATE LBR TOKENS FROM LYBRA V1 TO V2
If you are an LBR holder, the process for migrating will be very simple and essentially the same as the original V1 migration. How you migrate will depend on whether your holdings are on a Centralized Exchange (CEX) or in your own wallet or a Decentralized Exchange (DEX). Here’s how it will work in the different scenarios:
a) Migration Process For LBR On Centralized Exchanges (CEX)
In this case there will be no action required. The CEX will do all the work for you and your LBR tokens will be migrated automatically from V1 to V2.
b) Migration Process For LBR In Your Own Wallet Or Decentralized Exchanges (DEX)
This will be a very simple process that can be done at the click of a button. When V2 launches, there will be a migration button on the Lybra Finance website. All you will need to do is click on this button, connect your wallet and follow the steps that come up.
2. HOW TO MIGRATE eUSD FROM V1 TO V2
The process for migrating your eUSD holdings from Lybra V1 to V2 involves a few more steps but is still very simple. There are different options depending on whether you generated your eUSD by minting or whether you received eUSD as a result of providing LP. Here are the different instructions for the different type of eUSD holders:
a) eUSD Minters
There are two options for people who have eUSD that they minted:
i) Migrate your eUSD manually
This is how you can migrate your eUSD from Lybra V1 to V2:
- If you have spent any of your eUSD then buy it back from the Curve pool.*
- Repay your loan.
- Withdraw all of your stETH collateral and close your V1 position.
- Connect to the V2 platform manually via the Lybra Finance website.
- Approve the V2 Contract.
- Deposit your collateral.
- Then finally, mint eUSD on V2.
*Note that for those who have spent their eUSD and are buying it back, it is likely to be trading at a premium initially. Therefore, you may choose to wait until the eUSD peg has pulled back to its regular rate. The premium is likely to eventually go back down because after the V2 launch, eUSD-V1 may cease to rebase daily. So, you could opt to wait for the premium to go back down, then buy back your eUSD at that point and follow the above steps.
OR
ii) Leave Your eUSD On V1
You also have the option of simply leaving your eUSD on V1. eUSD loans from V1 can still mint V2 esLBR and V1 TVL will be counted as a vault in V2 TVL. If you choose to do this, no action is required.
b) Non-Minters
Some users may have bought their eUSD on the open market (as opposed to minting it) and are providing liquidity. In this case, you may choose to take advantage of the eUSD premium that is likely to emerge during the migration phase and sell your eUSD at the temporary premium rate.
Otherwise, you can follow the instructions below on what to do if you have (staked) LP on Lybra V1.
3. WHAT TO DO IF YOU HAVE (STAKED) LP ON LYBRA V1
If you have Staked LP on Lybra V1 then you just need to follow a two-step process:
- Unstake your LP on Lybra V1.
- Then remove liquidity from Uniswap V2 / Curve (LBR/ETH, eUSD/USDC pools).
NOTE: If you don’t remove your LP before the secret snapshot, then you will need to take the following actions:
- For LBR: Remove V1 liquidity at any time, then migrate your V1 LBR to V2 LBR as per the instructions in the “HOW TO MIGRATE LBR TOKENS FROM LYBRA V1 TO V2” section above.
- For eUSD: Remove V1 liquidity at any time, then migrate your V1 eUSD to V2 eUSD as per the instructions in the “HOW TO MIGRATE eUSD FROM V1 TO V2” section above.
4. HOW esLBR WILL MIGRATE FROM V1 TO V2
Whether your esLBR is vested or unvested, no action will be required to migrate it from V1 to V2. Here is how the automatic process will work:
- If you have unvested V1 esLBR, a snapshot will be taken at an unspecified time and then V2 esLBR will be automatically transferred proportionally.
Vested esLBR example: If you had, for example, 100 esLBR unvested in V1, you will receive 100 esLBR unvested in V2.
- Likewise, if you had vesting LBR, a snapshot will similarly be taken at an unspecified time and you will receive a proportionate amount of esLBR and LBR.
Vesting esLBR example: If you had, for example, 100 esLBR vesting (let’s say, 33 esLBR vested, and 67 vesting), you will receive 33 LBR and 67 esLBR (with the vesting period starting from Day 1).
- Any existing boosted esLBR (locked up for 3 months / 6 months etc.) will be airdropped as esLBR in v2, no matter the boosted duration.
Boosted esLBR example: Imagine, for example, that a user has boosted and locked their esLBR for 12 months. When migrating, a total of 1,000 esLBR has been emitted from boosting, which would normally be claimed in a year. However, in actuality, this emitted esLBR will be airdropped without lock duration.
NOTE: Once migration has been announced, the boost function will be paused. Even if anyone tries to “boost” directly from the contract, at this stage the boosted emission won’t count. They would not get any extra esLBR airdropped in v2 and would forfeit any esLBR that their existing boost had already accumulated.
5. MIGRATION INSTRUCTIONS FOR CR GUARDIANS / REDEMPTION PROVIDERS / LIQUIDATION PROVIDERS
For users performing the following functions on V1, you simply need to sign up to the functions again on V2 in exactly the same way you did on V1:
- Being a CR Guardian: Sign up as a CR Guardian on V2 in the same way you did on V1.
- Being a Redemption Provider: Sign up as a Redemption Provider on V2 in the same way you did on V1.
- Being a Liquidation Provider: Sign up as a Liquidation Provider on V2 in the same way you did on V1.
Conclusion
We can’t wait for you to start using all the exciting new features that Lybra V2 has to offer. We hope this guide will make the process of migrating existing V1 holdings to V2 as smooth and simple as possible when the time comes. If you experience any issues, reach out to us on our Discord for help. See you on V2!