Hey ZZZers ! It’s the moment you’ve all been waiting for. ZZZ will now be going through it’s migration phase to v2.
ZZZ Migration pools will be going live within 48 Hours.
There will be 4 migration pools.
ZZZ -> ZZZv2
NAP -> NAPv2
ZZZ/ETH -> ZZZv2/ETH
These migration pools will be seeded with NAPv2 as the rewards, which will only be claimable upon withdrawing from the pool.
Withdrawing is only available after the migration pool has finished its duration.
At the end of the duration of the migration pools, a snapshot will be taken of the ZZZ/ETH and ZZZ/NAP prices. ZZZ/ETH and ZZZ/NAP will be unwrapped, we will create the new liquidity pairs at the ratio that the snapshot captures, and we will then re-wrap peoples tokens to create the ZZZv2/NAPv2 and ZZZv2/ETH LP tokens.
Around 1 week into the Migration Pools, we will deploy ZZZv2 and NAPv2. In these token contracts, users will be able to swap their old v1 tokens for v2 tokens at a 1:1 ratio.
Transfers/trading of these v2 tokens will be restricted until after the Migration Pools have finished (to prevent people fucking up the liquidity add ratio).
Once this trading Restriction is lifted, you will no longer be able to swap v1 -> v2 at a 1:1 ratio. You will only be able to trade V1 with v2 tokens at market value on uniswap, whatever that may be. Just like any other token.
After these pools end, an LGE will run for 72 hours accepting ETH. 50% of this will be used to market buy ZZZv2 and wrap those together to provide LGE participants ZZZv2/ETH LP.
Now, for the ZZZv1 and NAPv1 that doesn’t get migrated. We are re-minting up to max cap of 20k ZZZv2 and 20m NAPv2 so we can complete our max supply for v2.
The new minted tokens that weren’t migrated will be used to boost the vaults APY, and sent to uniswap for the LGE and trading of v2.
None will be kept by team or treasury (on par with zzzv1 100% distribution model).
More info on what developments will be in v2 will be released in a following article