Yield Farming: Migration FAQ and Patch Updates
Hello LOAders! The past couple of days have certainly been a wild ride for everyone. After 35 hours of sleep deprivation and copious amounts of coffee, the tech team pulled through and successfully deployed a new smart contract that rectifies the bugs found in the initial launch.
As promised, users are now able to migrate their tokens from the old smart contract to the new one and collect the correct amount of rewards accumulated, as well as continue earning on the new smart contract.
We know that the community has a number of queries regarding the migration process, so we have compiled the most frequently asked questions and prepared a simple guide for your convenience!
Before that, however, we’d like to furnish everyone with the patch updates for the yield farming feature, which includes bug fixes and miscellaneous updates.
- Deployed new smart contract for LOA-BUSD & LOA farm
- Implemented treasury wallet functionality for yield farming withdrawal fees
- Implemented migration contract to enable stakers from old smart contract to claim accumulated rewards from the initial yield farming launch
- Added “Migrate” button for affected stakers to claim rewards, unstake from the old smart contract, and directly stake to the new smart contract
- Fixed reward calculation formula due to decimal error
- Fixed harvest reward display glitch
- Fixed liquidity data reflection in UI
- Fixed harvest rewards resetting after page refresh
- Fixed harvest amount claimed with display in UI
- Fixed annual figure data reflection in stake & unstake UI
- Fixed decimal issue when clicking “Max”
Frequently Asked Questions
How do I migrate to the new smart contract?
Just head over to the farm on our Marketplace, click the drop down list, and you will see a “Migrate’” button.
- Click on “Migrate”
You’ll be able to see this button under the farm tab.
- Approve Transactions
Grant permission to migrate your staked tokens to the new smart contract.
Your rewards will now be accurately reflected.
I don’t see the “Migrate” button!
The “Migrate” button only appears to those who have staked in the old smart contract. New stakers will see the usual staking interface.
Do I need to pay any fees to migrate?
Migrating will not incur any marketplace fees, but the usual gas fees still apply.
When I try to migrate, approval pop-ups keep appearing!
This is normal, you will receive 3–4 approval pop-ups (depending on which farm you’re staking on), and you will need to approve all of them to ensure that your tokens are successfully migrated.
I’ve migrated! Why are my rewards starting at 0 again?
The reward reimbursement from the previous contract has automatically been harvested into your wallet.
Why does the APR keep reducing? I thought it’s been fixed!
As more and more users stake, the APR will reduce. This is typical of any farm, as rewards are distributed according to the percentage of your stake in the pool.
Is there a minimum APR?
No. As mentioned, APR will depend on how many people are staking in the pool, and how large your share of staking in that pool is. The larger your share in the staking pool, the higher your APR will be.
If I stake now, will it be on the new contract?
Yes, if you are staking for the first time, you will be staking on the new contract.
If you have staked previously, you will see the “Migrate” button to move your existing staked tokens to the new contract. Any staking from then on will be automatically conducted on the new contract.
Why should I migrate? Can I just leave my staked tokens in the old contract?
Simply put, staking rewards have halted for the old smart contract, so it is best to migrate your staked tokens to the new contract ASAP to resume earning immediately. There are no downsides to migrating, as your previously accumulated earnings will be automatically harvested into your wallet, and no marketplace fees will be incurred.
We will update this list as and when new queries arise, but in the meantime, do remember to migrate your tokens ASAP to ensure your earnings are maximised.
Also, please note down all your questions regarding the yield farming feature, as we will be announcing an AMA session with our Product Development Lead, Kenneth, as soon as he gets adequate rest after the arduous bug fixing marathon the team just underwent.
Until then, you may visit our official Discord channel and speak to any one of our friendly moderators or submit a ticket for assistance. Happy farming, and we hope to see you in our upcoming AMA session!