The final migration to boosted farms
Recently we will be pushing changes that will wrap up the farm migration process to boosted farms.
This is ahead of the time we originally planned for the migration to take effect. We are doing this because it aligns well with our DAO multi sig being approved. With these two taking effect, we are taking a big step toward true decentralization.
So what does this mean?
Essentially, the UI for voting on all farm emissions will be live soon. However, emissions won’t take effect until after our next inSPIRIT distribution block. Up until this point, existing farms will stay active to ensure emission rewards are live and liquidity is incentivized. Once the inSPIRIT distribution block renews, old farms will be set as inactive and emissions to all the boosted farms will commence.
There is one important thing to note
Due to the structure of the gauge proxy contract, users will notice APRs are slightly lower between distribution blocks (from 13–19th Jan). This happened with the last migration, however we want to be transparent with you all about this.
The reason being:
— The MasterChef contract feeds the Gauge proxy once a week upon distribution blocks ending and a new one starting.
— With the migration to boosted farms taking place, the 34% emission allocation currently feeding standard farms, will be redirected to the Gauge proxy (which currently emits 65% of emissions).
— This means until the distribution block following the migration of farms commences, 34% of the emissions that have been feeding standard farms, will start to feed through to the Gauge proxy, which subsequently feeds boosted farms in accordance with the voting allocations each respective boosted farm receives, as per community inSPIRIT emission votes.
TL;DR Master Chef > Gauge proxy > Boosted farms
To reiterate, the exact same thing happened with the previous migration, however we want to be transparent about this so there is no confusion. Come the 19th of Jan PST, once the next distribution block commences, the Gauge proxy will be primed with 99% of emissions (1 % currently going to winSPIRIT pools) and standard APRs will continue across boosted farms.
There are two important things the community needs to do to ensure their liquidity rewards are consistent
1. Once the UI is live for the new boosted farms make sure to use your inSPIRIT to allocate votes for emissions, towards your respective farms.
2. Ensure that you migrate your LP tokens to the new boosted farms after the next distribution block (this is when you would usually claim your inSPIRIT rewards). You will be able to migrate LPs using a migrate LP function that we will be implementing on the standard farm page.
If you have any questions, please feel free to direct them to the mod team. We look forward to you all taking part in the governance that inSPIRIT offers.
Cheers,
Team Spirit
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