Hello, Velcrew Community!
We’re thrilled to announce that Velocore V2 has successfully launched on Linea, and we are now fully ready for our V2 migration on zkSyncEra. With the introduction of real-time voting without epochs, a unique AMM using the token vault system, and a vote-escrow system without any lock-ups, we’re proud to say that Velocore V2 has truly pioneered a new horizon in the veDEX landscape. For our dedicated Velcrew members on zkSyncEra who’ve been eagerly awaiting Velocore V2, the migration process is about to start!
This article will provide a comprehensive guide on the migration schedule, methodology, and detailed steps to ensure a seamless transition from V1 to V2.
Why the Need for Migration?
As we launched the first zkEVM ve(3,3) DEX and continued to operate after launch, we felt a strong desire to overhaul and innovate every aspect of V1, from its AMM structure and voting system to its UI/UX. This led us to the realization that a fresh, independent codebase for Velocore V2 was essential. This meant a natural upgrade from V1 was impossible, necessitating a migration to V2. Hence, we first launched V2 on Linea, excluding the V1 to V2 migration process.
Velocore V2 on zkSyncEra will officially open on September 18th. All features, including swap, add liquidity, and vote-bribe, will be available, and emissions will be provided as well. All migration features will also be available, allowing immediate migration of V1’s $VC token, unvoted veNFT, and LP through the one-step migration feature.
Starting from the new epoch on September 21st, all the gauges will be killed, emissions for V1’s liquidity pools will be stopped, and voting through the dApp will be disabled.
- V2 and migration launch: September 18th, 00:00 AM UTC
- Migration process: Via one-step migration feature in V1’s migration tab
- Pre-requisites: veNFTs must not be voted after September 21st, 0 UTC
- End of V1 emission, voting, and bribing: September 21st, 00:00 UTC
The one-step migration will ensure a 1:1 exchange from V1 to V2 tokens, offering an immediate, decentralized, and irreversible migration process. To ensure a smooth start, all LPs, including VC/ETH held by the protocol, will be migrated to V2 LPs. High APRs will be set on the new V2 $VC pool at the very beginning of the migration period due to the low liquidity amount, encouraging users to quickly migrate to V2.
Similarly, veNFTs can be migrated at a 1:1 ratio to $veVC tokens, corresponding to the quantities locked in the new $veVC. Before completing the veNFT migration, ensure all veNFTs are unvoted. Only unvoted veNFTs can be migrated to V2. Regardless of the number of veNFTs you possess, migration will be done in one go, equal to the total amount of $VC you have locked.
Beginning at 00:00 AM UTC on September 21st, all gauges on V1 LPs will first be deactivated, making it impossible to vote or distribute bribes/rewards on V1.
To summarize according to the schedule, if you want to migrate your veNFT immediately when V2 and the migration features officially open on the 18th, you should not vote in the epoch starting on the 14th. Starting on the 21st, V1’s emissions will end, and all the gauges will also be deactivated. From this time on, please do not vote your veNFT on V1 and use Velocore V2 by migration.
Our one-step migration tool is tailored for LP stakers, simplifying the process and eliminating the need to disassemble and reassemble existing pools.
Migrate your LPs without unstaking and withdrawing from the pools. By following the series of transactions prompted by the one-step Migration button, you can skip the unstaking step and re-stake your LP directly into the new V2 pools.
$VC Emissions on V2
The migration from V1 to V2 doesn’t involve any changes in tokenomics. Emissions of $VC on V2 will be released at the same rate as now, provided all $VC tokens and veNFT-locked $VC tokens migrate successfully to V2. Initially, V2 emissions will adjust based on the number of $VC and $veVC tokens migrated to V2, offering high APRs as an incentive for early migration. Once migration is complete, the original emission curve will be applied as the same, designed to naturally incentivize.
We’re almost at the finish line with Velocore V2’s rollout plan. If you’re a zkSyncEra user, get ready for a game-changing experience. Features like “Magic Deposit/Withdraw” and “Smart Vote” are about to take your user journey to the next level.
For any issues or queries during the Velocore V2 migration process, please reach out via our Discord community.