Expedition of Removing Technical Debt
In light of the recent exploit of Multichain’s bridge, we have been diligently exploring and working towards innovative solutions that will further strengthen our position. To navigate this new territory in an efficient and agile manner, we have partnered with Axelar, whose truly interoperable cross-chain infrastructure is now powering our new token.
The immediate impact on LiquidDriver is that LQDR cannot currently be bridged and mxLQDR functions are disabled. This requires us to migrate LQDR across every chain to a new version. Despite the minor setback of a $5,000 treasury loss (on KAVA) and the temporary inability to refill 3,3 Farms due to multisig being out of LQDR on BNB Chain, these challenges have allowed us to identify opportunities to eliminate technical debt, and eventually move away from the ve model we’ve been using for 2 years.
Migration Phase I: Introducing LQDRV2 and Removing Old Dependencies
The first phase of migration will introduce the next iteration of our token, LQDRV2, and dissociate ourselves from the older LQDR V1. We have initially deployed the contract on Arbitrum, with our cross-chain infrastructure built in collaboration with Axelar.
The new LQDR, axlLQDR, will starting tomorrow be available on Ethereum, Fantom, Arbitrum, BNB, KAVA, Avalanche, Polygon, and Optimism. The new token will feature a maximum supply of 30M, with emissions calculated per second rather than per block to resolve the issue of fluctuating block times.
We’re also transitioning away from traditional farms — LQDR emissions will no longer cater to them. That said, mxLQDR will continue to receive yields, with migration slated for Phase II. 3,3 Farms will necessitate a new double rewarder for LQDRV2. Despite these changes, LIVE products will continue to operate as usual.
- The LQDR V2 migration UI will be available from July 27th.
- The first bribe with LQDRV2 will be deposited between July 27th and August 3rd.
- The gauges for LQDRV2 will go live with emissions on August 3rd at 00:00 GMT.
How-to Migrate to LQDRV2
- Go to https://www.liquiddriver.finance/
- Follow the step-by-step instructions to migrate your tokens. You may need to refresh the page after connecting your wallet.
Migration Phase II: From mxLQDR to qLQDR
Our new locking model will potentially see minor adjustments before its release, but its primary features include quarterly locking and the possibility to unlock early for a penalty, which will burn LQDR. Notably, the locked position will exist within an NFT, making it composable. This feature will also accommodate cross-chain revenue sharing and eliminate decay.
Q: What happens if I have a 2-year lock?
A: It is converted to a 90-day lock.
Q: Does this mean no more mxLQDR?
A: Yes. All functions will be carried out on Arbitrum, but you will still earn from multiple chains with the new qLQDR.
We are trying to make this migration as seamless as possible. Stay tuned for more updates on our ongoing evolution.