Users on BNB Chain Must Migrate Assets to Continue Earning Rewards
To implement the hard cap that was passed through DAO governance, ApeSwap is implementing a new suite of upgraded BNB Chain smart contracts.
Why Do I Need To Migrate?
To date, the MasterApe smart contract has been the primary contract controlling BANANA emissions on BNB Chain. One major limitation of the current version of the smart contract is that it cannot facilitate fine-tuned changes to the rates or distribution of BANANA emissions. In other words, it can either have emissions turned on, or turned off.
To achieve finer control over BANANA emissions, including the implementation of the hard cap and maximum supply of 420M BANANA as voted on by the DAO in Gov Prop 22, we need to upgrade the legacy MasterApe contract.
We’re ready to implement this upgraded BNB Chain contract, aka MasterApe V2, as of the 26th of January, 22:00 UTC. However, to ensure that users are able to continue earning the rewards emitted by that new contract, users must migrate staked assets from the old MasterApe contract to the new MasterApe V2 contract.
What Assets Need To Be Migrated?
Assets staked in the following ApeSwap products (Only on BNB Chain) need to be migrated to continue earning rewards:
- All BANANA Farms: Farms Page
- All BANANA Maximizers: Maximizers Page
- The Stake BANANA, Earn BANANA Staking Pool: Pools Page
The following products are not affected by the hard cap migration:
- Any pool besides the BANANA-BANANA pool
- Any Jungle Farms
- Any Treasury Bills
- LP tokens themselves
- Any non-BNB Chain products (Polygon, ETH, Telos)
How Do I Migrate?
ApeSwap has been working hard the last several months to ensure that the migration is as smooth and easy for users as possible.
Users can visit the dedicated Hard Cap Migration page which will go live 48 hours prior to the migration (Jan 24th, 22:00 UTC), to migrate their assets. These are the steps to you’ll follow to ensure you continue earning rewards:
1) Unstake your assets from the old MasterApe product contracts
2) Approve the new MasterApe V2 product contracts
3) Stake your assets in the new MasterApe V2 product contracts
The Hard Cap Migration page will walk you through each of these steps, with a button for each that will queue multiple transactions in one, allowing you to complete the migration in as little as three minutes and six clicks. The page will automatically detect any of your assets staked on ApeSwap that need to be migrated, and provide easy-to-follow instructions on how to move your assets over.
When Should I Migrate?
ApeSwap has carefully prepared a specific timeline for the migration in order to allow users ample time to migrate their staked assets to the new MasterApe V2 contracts.
Here are the dates to know:
January 24th, 22:00 UTC — Hard Cap Migration page goes live
January 26th, 22:00 UTC — old MasterApe contract rewards end, new MasterApe V2 contract rewards begin
Important! Please be aware that assets staked using the legacy MasterApe contract will no longer earn rewards as of January 26th, 22:00 UTC. So, be sure to migrate as soon as the MasterApeV2 contracts are live. If you don’t migrate your assets before the new contracts go live, don’t worry! You’ll be able to migrate at any time.
Closing Thoughts
Migrations are a part of a constantly evolving development landscape — in this case, ApeSwap is excited to be able to take the opportunity to implement a community-led hard cap proposal while also increasing the control the protocol has over BANANA emissions.
Still have questions? Users are encouraged to reach out to our Support team on Twitter/TG/Discord.
Twitter: https://twitter.com/ape_swap
Telegram: https://t.me/ape_swap
Discord: https://discord.gg/apeswap
