MIMswap contracts are now ready to roll, and we are fully diving into Phase 2! This article outlines what Phase 2 entails as well as what to expect from the migration process between the Liquidity Launch Event (LLE) contracts and the live MIMswap pool.
Phase 2: Overview
LLE Phase 2 is the final step before MIMswap goes live, and it entails a series of exciting news and bonuses for its participants!
First of all, we are extremely proud to announce that the two audits done by Guardian Audits and CodeArena are finalized for the MIMswap contracts, which are now in the process of being deployed successfully. At Abracadabra, security is our top priority. We're actively addressing potential findings to ensure the launch code of our AMM is as safe and fast as possible. We appreciate our community's patience as we complete these final security checks before the official launch.
Secondly, in Phase 2, we're introducing more frequent points distribution. Blast Points will now be distributed to LLE participants every 12 hours in a scheduled and programmed manner, making rewards more abundant and easier to track. Our front end now displays a convenient countdown until the next point distribution, so users stay in the know. During the entirety of phase 2, All Phase 1 boosts will still be available, prioritizing locked deposits.
This marks the last step before real-time point distribution, the next milestone on our Blast Roadmap.
Thirdly, our developers are tirelessly preparing for the arrival of Gold and Potion points. Gold points will be distributed by the Blast Team, while the system creating Potion Points undergoes testing and finalization. Our target is to release both point boosts simultaneously. Potion Points will lead to SPELL airdrops and distributions natively on Blast, offering additional rewards for participants of both Abracadabra and MIMswap ecosystems.
Phase 2 is also the final opportunity for users to deposit their funds inside the LLE contracts and qualify for the Founder’s Boost, a perpetual LP rewards boost designed to reward Abracadabra’s most committed users.
Lastly, our front end team is diligently ensuring that the User Interface is ready for the imminent deployment of the MIMswap infrastructure, along with the bonuses and rewards for users participating in the initial launch. Please bear with us as we finalize these steps, as the launch of MIMswap is imminent!
Let’s now dive into the migration process and what the imminent Phase 3 will mean for LLE participants.
Contracts
To begin, let's familiarize ourselves with the three key components involved in Phase 3:
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Liquidity Launch Event (LLE) contract: The repository where USDB and MIM have been accumulated, accruing points up to now.
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MIMSwap Pool: The active MIMswap pool where users deposit stablecoins and receive LP tokens.
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MIMSwap Staking contract: A staking platform enabling users to stake LP tokens and earn rewards such as Blast Points and Potion Points.
Now that the final audits have been completed and the MIMswap contracts are in the process of being deployed, at the start of Phase 3 all deposits in the LLE contracts will be migrated to MIMswap. Once migration starts, LLE participants will now hold MagicLP (MLP) tokens, which represent their share of the MIM/USDB pool.
If you haven't already, there is still time for you to join Phase 2 and therefore actively receive the rewards planned for Phase 3!
Phase 3: Migration and Launch
Lastly, let's see what Phase 3 entails and how MIMswap will actually be launched into production.
At the start of phase 3, users have two potential routes to take, contingent upon whether their stablecoins are locked within the LLE Phase 1 and 2 or not:
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If your stables were unlocked, you can now freely withdraw tokens from the LLE user interface and deposit them into the MIMSwap Pool. Upon depositing, you will receive MLP tokens that can then be staked in our Staking Contract to receive boosted rewards. Our user interface will seamlessly guide users through each step of this process, ensuring a smooth transition.
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If your stables were locked, your tokens have been used to seed the initial MIM/USDB pool. You can now claim your LP and automatically stake them in the Staking Contract for boosted rewards. Users will then face a decision:
The first option is to lock their LP for an additional 3 months, thereby attaining the Founder Boost and maximizing rewards on Abracadabra. The Founder’s Boost is the highest reward system available in the Abracadabra ecosystem, which will result in Boosted Point rewards, Gold points airdrops as well as Potion Points distributions. The boost is permanent, and can only be lost if the LPs are withdrawn.
The second option is to choose not to lock LP, but instead simply stake them for the standard 1x multiplier. It's important to note that this decision is irreversible; if LP tokens remain unlocked, the Founder Bonus is permanently forfeited.
The third and final option is to withdraw your LP and convert it back into the underlying stables. Users will burn their MagicLP tokens, and receive back their share of the pool in MIM and USDB tokens, according to the at-the-time ratio of the pool, but forfeit all of the future Blast, Gold and Potion points boosted distributions.
As more components of the MIMswap ecosystem are rolled out, our frontend will seamlessly guide users through subsequent phases, unlocking additional point rewards and benefits.
More information on the exact timelines of these releases are coming soon, so stay tuned for these following our Twitter and Discord!