SaucerSwap WHBAR Migration

Published on: 03.11.2022
SaucerSwap WHBAR Migration

SaucerSwap WHBAR Migration Announcement

Single-Sided Staking Recap

An Introduction to Single-Sided Staking on SaucerSwap outlines how SAUCE can be staked in the Infinity Pool in exchange for a receipt token called xSAUCE. There is no risk of impermanent loss with this type of liquidity provisioning since only one asset is involved.

WHBAR and Native Staking Explained

HBAR not an HTS token — analogous to ETH vs. ERC-20 — so it must be wrap to interact with the SaucerSwap contracts. This is achieve via a smart contract that stores incoming HBAR and mints wrapped HBAR. These WHBAR tokens are used to provide liquidity in SaucerSwap’s decentralized exchange. When liquidity is withdrawn, WHBAR tokens are sent back to the smart contract and burn, and an equal amount of HBAR is return to the user.

What this means for you as a Liquidity Provider

  1. Identify if you are providing liquidity in a pool containing WHBAR — all existing pairs containing HBAR fall in this category.
  2. If you have LP tokens containing WHBAR, unstake those LP tokens on the farm page if applicable — these deprecated farms will be found in the “inactive” tab.
  3. Withdraw your liquidity for pairs containing WHBAR in the “My Pools” tab on the liquidity page.
  4. Provide liquidity to the same pair — for example, if you withdraw HBAR-SAUCE LP tokens, provide liquidity back to the HBAR-SAUCE pool. Our site will automatically route your liquidity to the upgraded pools.
  5. If applicable, stake those LP tokens in the new farm to receive HBAR and SAUCE emissions.
  6. Be mindful of the inverse relationship between APR and liquidity — those who stake first will receive a higher yield.

Summary

A new WHBAR contract will be deploy, coinciding with the release of single-sided staking in November. When this occurs, users are encourage to withdraw liquidity from existing pools containing WHBAR & deposit it in upgrade pools to continue earning swap fees. If a deprecated pool has a corresponding yield farm, a new farm with an identical weight will create for the upgrade pool. Our team will provide frequent updates as we approach this migration date, representing an exciting milestone for the SaucerSwap protocol.

About SaucerSwap

SaucerSwap a fork of Uniswap v2 that leverages the HSCS to include Solidity smart contract integration with the HTS. These smart contracts implement an AMM protocol, which facilitates token swaps within decentralized liquidity pools.

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