TL;DR

• The Yescension Event migrates YES from V1 to the upcoming V2

• Spot $YES holders, LPs, and Loopers that held $YES at block 1421059 can migrate, getting in on the ground floor for YES V2

• YES V2 features many improvements that will see the BLV price increase higher and faster

• Migrating will also earn you Blast Points and Gold

Two weeks ago, the team discovered a bug in the Credit Facility. This prompted a whitehat operation, dubbed Operation YEV, where the team preemptively captured all available liquidity in $YES above the BLV across all pools. As a result, the team was able to rescue 368.69 ETH to be distributed pro-rata to all YES holders participating in the Yescension Event.

What is the Yescension Event? Yescension is the migration from YES V1 to the upcoming V2. The new YES will launch with an improved liquidity design, enabling BLV to move up higher and faster. V2 will also launch Baseline Exchange, which we’ll share more details on in next few weeks.

Not everyone gets a golden ticket to participate in launch of V2. The opportunity is exclusive to spot YES holders, YES-X LPs, and Loopers that held YES at block 1421059. You can check your eligibility here:

By participating in the Yescension Event, participants get:

1. The best entry price for the new $YES token, V2, and Baseline Exchange

2. Spot holders and LPs will migrate at the BLV value, currently at 0.001231, and receive a pro-rata ETH bonus (currently 1.9%) paid out from recovered funds in Operation YEV (368.69 ETH)

3. Loopers will receive ETH paid pro-rata out from recovered funds, and have their looped positions recreated with almost no drawdown

4. Blast Points will be awarded pro-rata based on ETH in the Yescension.sol contract

5. 25,000 Blast Gold will be awarded pro-rata based on ETH in the Yescension.sol contract by April 20th

Alternatively, you can choose to exit the system by collecting your pro-rata share of BLV and recovered funds, and forfeit a spot in V2. Please note that loopers who do not migrate will face significant drawdown. Thus, if you are looped, it is highly recommended you participate in the Yescension Event.

How to Migrate

Spot holders

A spot holder is someone who holds naked YES in their wallet. If you held YES in your wallet at block 1421059, you are in the snapshot. To participate in Yescension, do the following:

1. Visit https://app.baseline.markets/yescension

2. Click approve to spend your YES

3. Click Ascend() to migrate (or Exit() to leave)

4. Submit the transaction and you should see a success screen that records your ETH deposited. Behind the scenes, the protocol transfers your YES, for ETH and deposits it into the contract.

5. Wait for V2

Example

1. Circulating supply snapshotted for migration is 16,039,542.95. Current BLV is 0.001231

2. You hold 100,000 spot YES.

   • The ETH value of this at BLV is 123.10 ETH.

   • You’re entitled to your pro-rata share of 368.69 ETH, which is 2.30 ETH.

3. You either deposit 125.4 ETH and secure your spot in V2, or exit with 125.4 ETH and forfeit your spot.

LPs

An LP is someone who provided liquidity to YES-X pair in AMMs (Thruster, Ambient, etc), deposited into lending markets (Maybe Markets, Ajna, Alien, etc) or margin trading protocols (Particle, Wasabi). If you held one of these in your wallet at block 1421059, you are in the snapshot. To participate in Yescension, do the following:

1. Unwind your LP position or withdraw from lending market

2. Visit https://app.baseline.markets/yescension

3. Click approve for protocol to spend your YES

4. Click Ascend() to migrate (or Exit() to leave)

5. Submit the transaction and you should see a success screen that records your ETH deposited. Behind the scenes, the protocol transfers the credit account to itself, and redeems YES for ETH based on pro-rata distribution of YEV rewards.

6. Wait for V2

Example

1. Circulating supply snapshotted for migration is 16,039,542.95. Current BLV is 0.001231.

2. You hold YES-USDB LP. You unwind to receive 2,000 YES.

   • The ETH value of this at BLV is 2.46 ETH

   • You’re entitled to your pro-rata share of 368.69 ETH, which is 0.0459 ETH.

3. You either deposit 2.5059 ETH and secure your spot in V2, or exit with 2.5059 ETH and forfeit your spot.

Loopers

A Looper is someone who borrowed at least once, and has not defaulted. If you had a credit account in your wallet at block 1421059, you are in the snapshot. To participate in Yescension, do the following:

1. Visit https://app.baseline.markets/yescension

2. Click approve for protocol to spend your YES

3. Click Ascend() to migrate (or Exit() to leave). Note that while you can exit, you will suffer significant drawdowns by doing so. Migrating is a better choice because your position in V2 will be re-created almost identically from your V1 position.

4. Submit the transaction and you should see a success screen that records your ETH deposited. Behind the scenes, the protocol unwinds your looped position using a flash loan, with the ETH deposited into the migration contract, and then rewinds it to original shape and deposits pro-rata share of YEV rewards.

5. Your looped positions will be recreated with almost no drawdown in YES V2.

Example

1. Circulating supply snapshotted for migration is 16,039,542.95. Current BLV is 0.001231.

2. You hold 1,000,000 looped YES.

   • The ETH value of this at BLV is 0 ETH (all boosts have been distributed already).

   • You’re entitled to your pro-rata share of 368.69 ETH, which is 22.99 ETH.

3. You either deposit 22.99 ETH and secure your spot in V2, or exit with 22.99 ETH and forfeit your spot.

Points, Points, Points, Points

Holders who choose to participate in the Yescension Event will automatically accrue Blast Points, pro-rata based on ETH deposited into Yescension contract. In addition, the team will incentivize timely migration by distributing 25,000 Blast Gold, pro-rata based on ETH deposited, for all holders who migrate by April 20th.

These new incentives supercede Universal Baseline Income: users will no longer be incentivized for looping or providing YES-X LP. Two days ago, we distributed the last batch of 229M points to loopers. We are still working with our partner, Hyperlock, to distribute 68,000 Gold to LPs for providing liquidity from March 18th until block 1421059.

Next Steps

• Yescension Event is now live until end of day Pacific Time, April 20th.

• Visit https://app.baseline.markets/yescension to migrate. Ascend, anon!

FAQ

What do I need to do as a user?

Follow instructions in the article, and do so by April 20th. This applies if you’re holding spot YES, your’e a looper, and/or if you deposit liquidity into AMMs or lending markets.

Who qualifies?

Only wallets in this snapshot qualify: https://github.com/banteg/baseline-snapshot/blob/master/snapshot_data.csv

What happens if I don't yescend by the deadline?

You will not be able to migrate. You can always sell YES into the protocol-owned YES-ETH LP at BLV price (0.001231 ETH).

Do I need to have wETH to migrate?

No.

Do I need to buy $YES to migrate?

If you have sold YES after the snapshot, you’ll need to repurchase up to the amount snapshotted in order to migrate. If you had an LP position and the total amount of YES has shifted since snapshot, you’ll also need to buy YES to reach the snapshot balance if you’d like to migrate the full amount. You can buy YES at BLV price from protocol-owned YES-ETH LP.

What if I buy more YES than I’m snapshotted for?

Say you’re snapshotted for 10 YES and you hold none. You can buy 15 YES. The contract will only migrate your 10 YES, and wont touch the remaining 5 YES. You can sell the remaining YES into protocol-owned YES-ETH LP at BLV price (0.001231 ETH).

Can I partially migrate?

No. You can only migrate your entire position.

What’s the TLDR I need to know so I don’t mess things up?

1. You only get one migration entry, if you do not migrate your full amount of YES now, you will be unable to do so later.

2. You need to migrate by April 20th.

3. You need to approve YES to migrate. Your spot YES and looped position will be transferred to Yescension contract.

Does my credit account position retain its loops in V2?

Yes

What will my expiration date be?

Your credit account will be migrated to V2, and start on the same expiration date as everyone else.

Can I add to my position once I migrate?

Yes, you’re able to add to your position and extend like normal when V2 launches.

How can I check my position on V2?

Yes. A frontend for V2 will be available at launch.

What happens to the boosts I didn't claim?

No need to do anything. The team boosted everyone’s credit account pre-Yescension.

Will Jimmy Stimmy still be paid in V2?

Yes, JimmyStimmy recipients will continue to receive distributions based on this article