Following the community snapshot, we have implemented all necessary changes and completed a smart contract Audit process with Halborn. Now that we have audited contracts, we want to make the transition from V1 to V2 as seamless as possible, we will be providing all the details of the changes made. Liquidity Providers in the Sushiswap pool: we will be migrating liquidity on Wednesday Feb 2nd at 12:00 noon, UTC - you are advised to withdraw your liquidity by that time.
Timeline
- V2 Token
- Wednesday Feb 2nd
- V2 LP
- Wednesday Feb 2nd (12:00 noon, UTC)
- V2 Vaults
- Within 6 hrs after V2 LP launch
- V1 vaults will still have yield until the V2 vaults introduced
- Avax Vault
- Second Week of Feb
- Avax LP
- Second Week of Feb
- Arbi Vault
- Third Week of Feb
- Arbi LP
- Third Week of Feb
Investor/Advisor and Core Tokens
Core team and Investors/Advisors token vesting is doubled to 4 years and 2 years with a daily vest, respectively. Furthermore, a cliff is introduced for Core and Investor/Advisors tokens of 1 year and 6 months, respectively.
While smart contracts were being audited Investor/Advisor tokens not yet claimed have been placed in escrow. Upon V2 migration an equivalent amount of tokens are issued with new terms and a cliff, while V1 tokens in escrow will be burned. Core team V1 tokens are permanently locked, and will be issued an equivalent amount of V2 tokens with the new terms and a cliff (as above).
V2 Contract Mechanics
One issue that came up during the audit, as well as, mentioned by other projects we talked to, is making the V2 governance token Ownable/Pausable - which will allow the New Order DAO multisig to pause token transfers in certain cases which include, for example, responding to:
- Protocol upgrades as directed by governance will be much quicker and smoother (we'll have the ability to pause and airdrop)
- Emergencies such as a public bridge getting hacked
As per the results of a snapshot vote, the V2 Contracts will be pausable. Note that if any change is requested by the community the key can always be burned.
Transition from V1 to V2 for NEWO holders
Once V2 is deployed, V1 NEWO holders will need to take action to migrate.
Note: Staking rewards for V1 NEWO (LP and Single Sided staking) will be turned off upon migration and transferred to the V2 vaults.
Staked NEWO holders
Step 1: Single sided and Governance stakers will need to unstake their tokens
Step 2: Swap V1 NEWO for V2 NEWO using a smart contract conveniently present in our Dapp.
Step 3: Swapping for V2 tokens will take 3 forms: Swap Ethereum Mainnet V1 NEWO for Ethereum Mainnet V2 NEWO, Swap Ethereum Mainnet V1 NEWO for Arbitrum V2 NEWO, Swap Ethereum Mainnet V1 NEWO for wrapped NEWO on Avalanche.
Note: Arbitrum and Avalanche Vaults and LP’s are going to be available in the coming weeks. So if the tokenholder wants to save on gas, they could wait for the token to be bridged and LP/Vaults availability. Important to mention that while gas would be saved, V1 staked tokens will not be eligible for staking rewards.
Staked Liquidity Pool tokens
Step 1: Staked LP tokens will need to be unstaked
Step 2: Liquidity has to be withdrawn on SushiSwap
Step 3: NEWO tokens received from withdrawing the LP position swapped for V2 NEWO in the Dapp. Swapping for V2 tokens will take 3 forms: Swap Ethereum Mainnet V1 NEWO for Ethereum Mainnet V2 NEWO, Swap Ethereum Mainnet V1 NEWO for Arbitrum V2 NEWO, Swap Ethereum Mainnet V1 NEWO for wrapped NEWO on Avalanche.
Note: Arbitrum and Avax Vaults and LP are going to be available in the coming weeks. So if the tokenholder wants to save on gas, they could wait for the token to be bridged and LP/Vaults availability. Important to mention that while gas would be saved, V1 staked tokens will not be eligible for staking rewards.
Restaking V2 Tokens
After the V1 NEWO was swapped for V2 NEWO you can restake your tokens in the V2 Governance or Single sided vaults.
Staking Liquidity Pool Tokens
After the V1 NEWO was swapped for V2 NEWO you can provide liquidity on SushiSwap. New Order will initiate a new V2 pool as soon as the V2 vaults are live. The LP tokens received from the initiated position can be staked in the Dapp in the V2 Sushi LP vault.