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Action Required: sETH liquidity providers must migrate from September 18-25!

Requirement for sETH LP's on Uniswap

Action Required: sETH liquidity providers must migrate from September 18-25!

Please note (July 23, 2020): this incentive is now over — providing sETH liquidity on Uniswap is no longer rewarded.

We are deploying an updated proxy architecture to ensure better compatibility with DEX’s like Uniswap and Kyber. This requires an upgrade to the existing Synth proxies. Which means sETH liquidity providers (LP’s) on Uniswap need to withdraw their liquidity from the current sETH/ETH pool on Uniswap and migrate to the new liquidity pool.

Important dates (all snapshot times are unchanged ~20:30 UTC+10):

  1. Current rewards period - 11/09/19 to 18/09/19
  2. Transition rewards period - 18/09/19 to 25/09/19
  3. First reward period for new pool - 25/09/19 to 02/10/19

To avoid LP’s missing fees during the transition fee period, we will not take a closing snapshot for the transition fee period 18-09 to 25-09.

The sequence will be as follows:

  1. LP rewards will be finalised for the current week, 500 blocks after the close of the current fee period ~20:30 UTC +10, 18/09/19.
  2. After the snapshot LP's may begin migrating to the new pool.
  3. In order to qualify for the first reward period in the new pool they must migrate by 25/09/19
  4. Reward distribution for the transition period will be based solely on the opening snapshot to be taken at ~20:30 UTC+10 18/09/19.
  5. Once the transition is complete rewards will be calculated ongoing as normal based on participation in the new pool.

In addition, in order to avoid having their ETH/sETH locked in the Uniswap contract, LP’s MUST withdraw their liquidity from Uniswap before the snapshot on September 25, ~20:20 UTC -10. Any remaining liquidity will be trapped in the contract and will require a Synthetix upgrade to release it, which could take several weeks.

We have made a request with Uniswap to rename the current sETH liquidity pool to ‘sETH (old),’ and add one called ‘sETH (new).’ All LP’s need to withdraw liquidity from sETH (old) and migrate their sETH and ETH to sETH (new).

We apologise for the inconvenience, but this migration will ensure that we can upgrade the sETH contract while improving composability with other DeFi platforms.