#Mantra #MantraDao #MantraFinance
Mantra Finance is continuously evolving and introducing new products designed to add value to the ecosystem and better position ourselves for the future. In line with this motion, the DAO community recently approved a proposal to migrate the existing staking pools from the MANTRA DAO platform to the new MANTRA Finance platform.
MANTRA Finance provides OM stakers with a suite of new added benefits including an advanced transactions dashboard for easy portfolio tracking, improved user interface and institutional-grade security measures.
Additionally, this update will optimize the allocation of ecosystem rewards for the benefit of the community and align the staking products with MANTRA’s overall strategic development.
Migration Process
This article provides detailed information about the staking rewards migration process and what OM stakers need to do to ensure a smooth transition.
We will migrate all OM-related pools (single-asset staking and LP token staking) to MANTRA Finance in two phases:
Phase 1: Single-Asset OM Staking Pools
Affected Pools:
OM on Ethereum
OM on Polygon
OM on BSC
Phase 1 will commence on December 20th 2023, with the gradual migration of the OM Single Asset Staking Pool rewards to MANTRA Finance.
What OM Stakers Need to Do:
Once the new pools on MANTRA Finance go live on December 20th, OM stakers can unstake their tokens from app.mantradao.com and restake it on app.mantra.finance.
During the migration period, identical pools with separate reward strategies and APRs will exist on both platforms while gradually shifting weight to the new pools until 100% of the rewards are migrated. This allows the community to decide when to migrate their liquidity within the Phase 1 migration cycle.
Important: MANTRA Finance requires users to complete KYC. It can take up to 48 hours for applications to be reviewed and for wallets to be whitelisted.
Sign up early to avoid any delays in joining the new staking pools:
https://onboarding.mantra.finance/sign-up
After the migration period, OM stakers on the old platform will not earn any rewards. Their tokens will still be safe in the smart contract and they can choose to unstake at a later date.
Phase 2: OM LP Token Staking Pools
Affected Pools:
UniSwap: OM/ETH on Ethereum
PancakeSwap: OM/BNB on BSC
Quickswap: OM/WETH on Polygon
Phase 2 will focus on the migration of OM LP staking pools onto MANTRA Finance at a later stage. Until then, the current staking APRs for OM related LP token pools on app.mantradao.com remain unchanged.
As we gear up for Phase 2, we will make sure to inform the MANTRA community ahead of time to allow the transition to run as smoothly as possible.
Third Party staking pools on app.mantradao.com:
Please be aware, that with the migration changes, all remaining third party staking pools will be discontinued by 31st of December 2023. (MLT, UMAD & Cirus).
Important Dates:
December 20th, 2023: Phase 1 migration commencesDecember 31st, 2023: Third Party staking pools end (Cirus, MADworld)
Thank you for your continued support. The MANTRA team is confident that with this staking rewards migration timeline, the community will have ample time to onboard to MANTRA Finance and gear up for the bright future ahead!
Credits: Medium page of Mantra Finance.