The proposal to migrate our project to a new token ticker passed with 99.9% of voters confidently voting in favor. The community has spoken: we are migrating!
This blog post explains the next steps.
Swap your $YFL
The first step in the next phase of our journey is simple: $YFL holders will be able to redeem their tokens 1:1 for the new $VRN token (Varen). Inspired by our friends over at yAxis, we are also using the innovative and gas-efficient ERC-677 token standard for $VRN.
The ERC-677 standard is fully ERC-20 compatible with the added benefit of the transferAndCall function, making 1-click approving and staking, and other features possible. Read more about ERC-677 here.
The migration is now available directly through our swap interface on Linkswap here:
We have integrated the migration into the swap interface our community knows well, for ease and comfort. Just enter your $YFL and swap to $VRN. If you are staked in the governance vault, you will have to unstake before migrating.
Please note that it is intentional to not have the new logo for the token live just yet, since that will be in the proposal for the rebrand.
The $YFL tokens taken out of circulation after migration will be sent to the 8 ‘burn’ address 0x0000000000000000000000000000000000000008
We have worked with @ox_b1 to LP the new $VRN/$USDC and $VRN/$ETH pairs on Linkswap to support a smooth transition with relative price parity.
As of now the swap will be open indefinitely, so everyone will have ample time to migrate in their own time.
As per the proposal, the new token will have an auspicious supply of 88,888 tokens, of which 49,000 have been sent to the swap contract, and 39,888 tokens to are held in the community treasury. Note that the 52,000 supply on Etherscan and CoinGecko includes 2,000 lost tokens which never circulated.
The tokens allocated to treasury are owned by the protocol and will not be earmarked until a review and Snapshot vote is held on the team’s planned allocation, which can also be adjusted during the 3-day community review period before the Snapshot is held.
The intent is to use this new funding to bootstrap liquidity and development for the post-migration phases. We’ve recently seen at YFI that a supply increase positively impacts the protocol when these funds are directed to development and growth.
We will be focusing product development to be in line with our strengths - community, partnerships, multi-chain access from our base on Ethereum. We will also be implementing a full rebranding of all our public facing channels, for which we will put up a proposal later in the week. This proposal will include an immersive preview of the rebrand, high level product overviews, and funding allocation.
Two products on our roadmap currently being scoped are a new product in partnership with Ren protocol and liquidity aggregation by leveraging many liquidity sources. More details to come in the rebrand proposal post-migration.
What we can say now though is that we are fully entering the cross-chain arena.
Governance forum: https://gov.yflink.io/