Guide to Migrating from V1 Vaults to V2 Vaults
Hey Paçoca lovers! As many of you already know, the platform will be migrating all v1 vaults and replacing them with v2 Sweet Vaults, the latest innovation from Paçoca team, resulting from this governance proposal.
How will the migration work?
All users that have funds deposited into Paçoca v1 vaults, including the v1 Sweet Vaults, will need to migrate.
The migration will be split into two phases, and initially, all vaults, excluding the ones that involve $PACOCA, will be migrated.
Those vaults will stop compounding and receiving $PACOCA rewards. What does this mean? This means if you’re in a V1 vault such as the Cake vault, you will no longer receive rewards after the migration is over. This includes the latest v1 Sweet Vaults. This is because the change in the fee structure to create the $BNB pool will require migrating v1 Sweet Vaults to v2 Sweet Vault. But do not fret! The team has created this guide and streamlined the process into a click-and-go method, easy enough for any user level.
How long will users have to migrate?
Users will be able to migrate to v2 indefinitely. Thus there is no time limit as to when they need to migrate. However, rewards won’t be generated anymore in v1 vaults after the migration process has ended on August 19th.
How do I migrate?
Migrate simply with the click of a button. Is it that easy? That’s right, the team has made this process as painless as possible, and we’ll take you through the process. It’s important to note that there is no need to undo LPs.
All v1 vaults will have a ‘’migrate vault’’ button appear below it:
For each vault, once you click the button, a layout will show up and instruct the user to:
- Withdraw your tokens/LP from the v1 vault;
- Approve the new v2 contract;
- Deposit in v2.
After following these steps, It’s done! Fast, Smooth, and most importantly, Safe. 🎉
The incentive to migrate: migration reward
Oh, almost forgot to mention, users who migrate from v1 to v2 vaults will receive a $5 airdrop of $PACOCA! Come to support Paçoca as it progresses forward and be rewarded while doing so!
Other questions you may have
Aren’t the high rewards of v2 bad for the $PACOCA price?
The v2 vaults actually increase the value of $PACOCA constantly. By converting the staked token rewards into $PACOCA, endlessly adds buying pressure.
What about v1 withdrawal fees?
Withdraw fees for all v1 vaults (including Sweet Vaults v1) have been waived.
When will the v1 vaults be deprecated?
The deposits have already been disabled, and the rewards will stop on August 19th.
When will be the airdrop distribution?
Everyone who migrates from v1 to v2 Sweet Vaults will receive the $PACOCA airdrop on 23rd August.
When will the new Stake $PACOCA earn $BNB pool launch?
As soon as the team implements, tests, and audits, the new vault will be launched.
How does v2 work?
- The smart contract receives the original deposit from the user and deposits it to the third party platform masterchef (e.g., PancakeSwap);
- The generated rewards from your initial deposit are automatically claimed and converted to $PACOCA;
- The $PACOCA rewards are deposited in the Auto PACOCA pool, giving the user a higher APY while protecting their principal.
What is the fee structure of the v2 vaults?
The v2 vaults fees go as following:
- 3.0% fee on profits to upcoming stake $PACOCA earn $BNB vault;
- 0.5% on profits to the keeper;
- 1% fee for withdrawals within 3 days of deposit.
Learn more about V2 Sweet Vaults here.