(Last updated: October 01, 2021)
Unagii Vaults is less than a year old. As an autonomous yield farming product, we’ve safely survived with over $16M-20M in funds locked by hundreds of addresses. While numbers may seem small compared to what’s known in the trenches, we’ve been very intentional about the kind of product we’re building and who we’re serving for.
This upgrade on our Vaults will come with new implementations. Our product team has been scoping the markets for reliable new strategies and new ways to strengthen security. Now it’s time our Vaults get some boost.
v2 Launch
Last month, we only released the v2 DAI-Vault to the public. The soft launch gave us room to monitor the v2 DAI-VAULT closely and ensure the stability of the contract before launching all other remaining vaults.
Today, all v2 Vaults are now live. We understand that gas fees can get pretty high so we're offering users who go through the migration process a subsidy on gas fees - exact amount TBD at a later date. We'll open the window for migration for all Vaults till the end of the month, October 31, 03:59 UTC (23:59 SGT), 2021 and encourage users to look out for low gas periods within the month to complete the migration.
v2 Key Features
The upgraded v2 Vaults will see several new key features, namely the following:
- New Convex strategy
Vaults on existing Curve strategies can expect new Convex boost strategies with v2 for more consistent and higher yields. The v2 DAI-Vault will continue to yield on the Convex alUSD strategy. - Multiple Strategies
The new version of Vaults will have the ability to support multiple strategies in a single vault allowing risks to be diversified and helps reduce the likelihood of front-running rewards attacks as harvests are trickled over a time period. The multi-strategy feature will potentially be deployed in the future when each vault achieves higher TVL. At launch, each vault will execute a single strategy. - Smart Contract Interaction
A new feature for developers will also be included to allow external smart contracts to interact and build with v2 Vaults (with block delays).
Learn more: New v2 Vaults architecture
The Migration Process
Understand what you need to do as an existing Vaults users, or if you're new to Unagii:
Existing Vaults Users
Users who have funds locked with our existing Vaults will be required to complete the migration process within a month after launch because existing v1 Vaults will stop harvesting after that time on November 01, 2021. All funds in v1 strategies will be transferred back into v1 Vaults on that date - note that funds will no longer be invested and users should withdraw or migrate to v2*.
For example, ETH-Vault depositors will need to migrate by October 31, 03:59 UTC (23:59 SGT), 2021. The v1 ETH-Vault will no longer accept new deposits from today, October 01, 2021. However, it will continue to harvest until November 01, 2021 when we pause the Vault. New ETH deposits will need to be made with the v2 ETH-Vault.
- Go to app.unagii.com/vaults
- Connect Wallet
- Click on <Migrate> with the v2 Vault and complete the process
- Approve zap contract
- Confirm transfer of funds from v1 to v2
Gas fees are payable by users in the process to approve the zap contract and for transferring funds from v1 to v2. These fees will be subsidized to support all Vaults users in this v2 Vaults migration. Please note that only users who wish to continue earning from our v2 Vaults via the migration process (using the <Migrate> function) will be entitled to gas subsidies*.
*Important:
Users will not receive gas subsidies if they’ve withdrawn from v1 Vaults and later deposit into v2 Vaults as separate transactions. Gas subsidies will also not be applicable to users who migrate after October 31, 03:59 UTC (23:59 SGT), 2021.
Non-Vaults Users
Users who have not previously deposited funds into existing v1 Vaults will not be required to take any actions. The deposit function on all existing v1 Vaults are now disabled. Please make any new deposits into v2 Vaults.
