Important Announcement. QI Liquidity Mining Allocation and Migration Updates:. Hey Qimps,.
26 Aug 2023, 11:04
📢 Important Announcement
QI Liquidity Mining Allocation and Migration Updates:
Hey Qimps,
In anticipation of the upcoming Qi Migration here’s an important announcement regarding the liquidity mining allocation for the QI/WMATIC LP.
Liquidity Mining Allocation Update:
As part of the ongoing strategy to decrease and optimise the use of QI emissions, the liquidity mining allocation for the QI/WMATIC LP (QuickSwap) will stop next week. This adjustment is in preparation for the upcoming QI migration and is aimed at ensuring a smooth transition for all our users.
The budget allocated to said LP will be accumulated to boost the initial weeks yield after the migration.
⚠️ Action Required: Withdrawing and Breaking QI LPs:⚠️
It’s highly encouraged for all users who are currently participating in the QI/WMATIC LP to take immediate action. It is important to withdraw and break your LP positions as soon as possible. This step is crucial to ensure that you are prepared for the upcoming migration and to avoid any potential impermanent losses associated with your QI bags.
Snapshot and newQI Airdrop Details:
Before the migration takes place, a snapshot of locked QI balances as well as QI balances held in wallets will be made. The newQI tokens will be airdropped based on these balances, in accordance with the thresholds and guidelines that have been approved by our governance. Be aware that due to its complexity, the protocol can’t guarantee that QI held in smart contracts will reach its end users. Please withdraw to your wallet or get in contact with the smart contract owner to make sure they are aware of the migration process.
Extra notes:
- The protocol is in contact with the main QI Liquid staking solutions deployers to facilitate this migration.
- Since QI is moving to being Ethereum native, all QI held on Ethereum will be already newQI, no user action needed. eQI and QI held on other chains will receive their correspondent share based on their current positions.
- Bridging of QI was only possible with Multichain, please do not attempt to bridge QI by any means. The protocol is very close to deploying a new solution for omnichain bridging to make QI available on every chain after migration.
TL;DR:
- Incentives for QI-WMATIC will stop next week to prepare for migration.
- ⚠️ Action required: Withdraw liquidity and break QI LPs to avoid impermanent loss risks and facilitate calculating users holdings.
- A snapshot will be made for users to receive newQI + locked QI LP based on governance approved thresholds.
Stay tuned for further updates and @QiDaoNews as the protocol moves forward with the migration process. If you have any questions or need assistance, please don't hesitate to reach out on the newly created Qi Migration channel on Discord.