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V1 to V2 Liquidity Move

Symbiosis User Guide: How to migrate liquidity from Symbiosis protocol V1 to Symbiosis protocol V1 in one click.
The Symbiosis protocol V2 is here! It retains the main effective and reliable features of the Symbiosis protocol V1 and, at the same time, thanks to its organization, has better liquidity usage and easy ways for further evolution of the protocol.
​Symbiosis V1 vs. V2 discusses new features of Symbiosis protocol V2.
Since the Symbiosis protocol V2 uses a new multi-coin liquidity pool, liquidity providers should move their liquidity from the liquidity pools of V1 to the liquidity pool of V2. We have developed a web application to make the liquidity migration process as simple and smooth as possible: to migrate liquidity in one transaction.
This document explains all nuances of the liquidity migration process. You may skip the explanation of the migration processes and go directly to the migration instructions: User Guide to Migrate Liquidity​

Explanation of Liquidity Migration

Challenge
The initial conditions of the liquidity migration challenge are shown in Scheme 1.
Scheme 1. Liquidity migration challenge Symbiosis V1 → V2
Two sets of smart contracts are deployed on every supported blockchain: one for V1 and one for V2. The sets are identical. The smart contracts of V2 do not introduce any new functionality compared to the ones of V1. So, liquidity is migrated with existing functionality that has been heavily used in the Symbiosis protocol V1:
  • Liquidity withdrawal (with Symbiosis V1), and
  • Liquidity depositing using cross-chain zaps (with Symbiosis V2).
As an example, let’s take the liquidity pool on BNB containing {BUSD , sUSDC} stablecoin pair and used for cross-chain operating between Ethereum and BNB. Please consider three cases:
  1. 1.
    A user has BUSDs only (Scheme 2),
  2. 2.
    A user has sUSDCs only (Scheme 3), and
  3. 3.
    A user has both BUSDs and sUSDCs: a combination of case 1 and case 2 above. The user signs just one transaction.
Case 1: Migrating BUSDs only
Scheme 2. Migrating local stablecoin.
Step 1. The user signs one transaction that contains all instructions for Symbiosis V1 and Symbiosis V2.
Steps 2-3. Following the instructions from the initial transaction, Symbiosis V1 withdraws assets on the user’s behalf and handles them to Symbiosis V2 with the instructions from the initial transactions on what to do with these assets.
Steps 3-8. Following the instructions from the initial transaction, Symbiosis V2 deposits the assets to the Octopool on S-Chain using the cross-chain zap functionality. For more information about cross-chain zaps, please refer to this document.
Case 2: Migrating sTokens only
Scheme 3. Migrating sTokens.
Step 1. The user signs one transaction that contains all instructions for Symbiosis V1 and Symbiosis V2.
Steps 2-7. Following the instructions from the initial transaction, Symbiosis V1 withdraws assets on the user’s behalf and handles them to Symbiosis V2 with the instructions from the initial transactions on what to do with these assets.
Steps 8-12. Following the instructions from the initial transaction, Symbiosis V2 deposits the assets to the Octopool on S-Chain using the cross-chain zap functionality. For more information about cross-chain zaps, please refer to this document.

Associated Fees

There are fees associated with liquidity migrations paid by the user:
  • Fee for the initial transaction paid upon transaction sending,
  • Fees for cross-chain operating deducted from the final sum. For more information on this type of fees, please refer to this document.
Since no intermediate swaps are involved, there is no slippage.

User Guide to Migrate Liquidity

  1. 2.
    Unlock your wallet, and connect to Symbiosis WebApp.
  2. 3.
    Press on My liquidity:
  3. 4.
    Press on Migrate V1 liquidity. Symbiosis WebApp checks liquidity pools of V1 and shows the pools where you have liquidity:
    ​
  4. 5.
    If you do not see the Migrate liquidity to V2 button, switch the active network.
  5. 6.
    Press on the Migrate liquidity to V2 button:
  6. 7.
    Give permission to access your LP tokens via your wallet. For instance, how it looks like in Metamask:
  7. 8.
    Check the information and confirm the transaction in your wallet. For instance, how it looks like in Metamask:
  8. 9.
    You will get a confirmation as soon as the migration is completed:
  9. 10.
    Check the migrated liquidity:
    ​
In our example,
  • We had 39.7016 LP tokens in the liquidity pool on Avalanche (Step 3).
  • These 39.7016 LP tokens turned into 39.804 LP V2 tokens (Steps 7-8): - 14.4742 sBUSD BNB - 25.3295 sUSDC.e Avalanche -> 39.8037
If you have liquidity in more than one liquidity pool of the Symbiosis Protocol V1, you should migrate liquidity pool by pool.
If your migration gets stuck, check Stuck transactions and revert your migration.