Your Gem boy is back here to help our goslings to face the pancake swap V2 migration, with a simple and straightforward guide. Enjoy!
NB: these info are unofficial and could change. I will try to keep this guide updated but can't guarantee it will be at anytime.
Pancake swap: what's going on?
In simple words, pancake swap is about to release a new version of its exchange, which will fully replace the actual one.
This means that they will have new Liquidity pools, with a different Liquidity provider token for each pair.
You can find the Medium official announcement here.
What should I do with my actual CAKE-LP tokens?
After the migration will start (Friday 23rd April at 5AM UTC), pancake swap will deactivate the actual pools on its site and will start new pools with the new LP tokens. For this reason, your actual CAKE-LP tokens deposited in the actual pancake Farm section or in any other platforms exploiting the same farms to compound interests (like the actual version of the Goose Vault or even Autofarm), will not earn any rewards coming from pancake pools.
This means that if you are staking your CAKE-LP tokens into a pancake Farm or an external Vault service (including Goose vaults with PCS logo) you will need to
- Withdraw your LP tokens from the actual pancake farm or Vault service
- Go to the LP migration section on the pancake swap website here
- Remove liquidity from the V1 (old) Liquidity Pool
- Add liquidity to the V2 (new) Liquidity Pool
- Deposit your new LP tokens into the new pancake farm or updated Vault service (Goose V2 vaults)
What about external farm services (like Goose Finance Farm section)?
These pools aren't related with pancake swap pools. This means that the platform developers can keep rewarding the actual LP tokens.
It's a developer decision and they will clearly state if users will need to switch to the V2 ones.
Goose Finance is about to release its own AMM and will inactivate the actual farms in a few weeks. This makes useless a new farms deployment.
So, if you are staking your LP tokens in a Goose Finance Farm (included EGG-BUSD/BNB and old layers pools) you won't need to switch to the new LP token in order to get EGG rewards. Indeed, if you'll switch your LP tokens you won't be able to deposit the new LP token into the Goose farm or layers farm section.
How will Goose Vault react to the PCS migration?
- The GUSD Vaults deposit function for LP token vaults has been disabled in order to avoid losses to users as announced:
As we also expect a reduction in liquidity for LP pools, we will now be disabling further deposits into the GUSD vaults to avoid losses due to increased slippage. During this transition period, current GUSD stakers will be able to withdraw at a loss.
- All the vaults accepting LP tokens and with the PCS logo (so this won't affect the CAKE vaults) will be disabled. You will be able to withdraw at any time before and after they will be disabled.
- New vaults based on the V2 LP tokens will be deployed ASAP.
Summarizing (for goslings ONLY)
- Goose Farms and Nests won't be affected - no action is needed.
- EGG & CAKE vaults won't be affected - no action is needed.
- Vaults without PCS logo won't be affected - no action is needed.
- Vaults with PCS logo will be deactivated and V2 will be deployed - you will need to withdraw, switch to V2 LP token and deposit into the V2 vault
- LP GUSD Vaults will be deactivated and V2 will be deployed - you will need to withdraw GUSD from the V1 and restake into the V2 (you will be allowed to withdraw with negative profit. The loss will be deducted from the amount of GUSD you'll receive)
At the moment, that's all. This article will be updated as soon as there will be further announcements and useful details for you, stay tuned!
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If you didn't know Goose Finance before, these are useful links:
- Official website: www.goosedefi.com
- Official Twitter: @Goosedefi
- Official Telegram: @goosedefi
- Official Discord: @Goose_Finance
- Official Medium: goosefinance