Migrating ibETH/ALPHA to ibETHv2/ALPHA
ibETHv2/ALPHA pool has been added to SushiSwap.fi, allowing liquidity providers to provide liquidity and stake LP token to earn SUSHI. SUSHI incentive is a part of SushiSwap’s Onsen program.
ibETHv2 is an interest-bearing token that users get when lending ETH on Alpha Homora V2. This means that liquidity providers will earn interest on ETH while providing liquidity to the pool.
ibETHv2/ALPHA pool is also now supported on Alpha Homora V2.
Below explains the differences between interacting ibETHv2/ALPHA pool on SushiSwap vs. on Alpha Homora V2, the migration process to migrate ibETH/ALPHA to ibETHv2/ALPHA, and how new liquidity providers can start providing liquidity on Alpha Homora V2.
Differences between interacting with ibETHv2/ALPHA on SushiSwap vs. on Alpha Homora V2
When supplying liquidity
via SushiSwap
- Users would need to have both ibETHv2 and ALPHA.
via Alpha Homora v2
- Users have the option to supply only ibETHv2 or ALPHA or both assets in any proportion.
- Users can supply ETH (instead of ibETHv2) since Alpha Homora V2 will help convert ETH to ibETHv2 (by lending on Alpha Homora v2). This means that even if liquidity providers have only ETH, you will be able to provide ETH to the ibETHv2/ALPHA pool through Alpha Homora V2.
When staking to earn SUSHI
via SushiSwap
- Users need to approve staking of LP token on the Onsen page.
via Alpha Homora v2
- Alpha Homora v2 user interface would prompt the user to the staking step.
When unstaking and removing liquidity
via SushiSwap
- Unstake to earn SUSHI
- When removing liquidity, users will get both ibETHv2 and ALPHA.
- To convert ibETHv2 to ETH, users can go to Alpha Homora V2 → Earn page → withdraw ETH amount which also includes the accumulated interest earned.
via Alpha Homora V2
- Unstake to earn SUSHI
- When removing liquidity, users will get everything back in ALPHA.
Migrating ibETH/ALPHA to ibETHv2/ALPHA
Liquidity providers of ibETH/ALPHA can migrate by following the steps below.
- Go to ALPHA Pools page on Alpha Homora v1 and click ‘Migrate your liquidity to v2’
2. You will be redirected to the Migration page. User can click ‘Migrate to v2’ button
Note that the APY V2 is significantly lower than APY V1 because Trading Volume Mining program on ibETHv2/ALPHA pool has not started. Currently, APY V2 comes from SUSHI rewards only. As a part of SushiSwap’s Onsen program, the rewards will also increase as liquidity in the pool increases.
Later this month in February, we will start Trading Volume Mining program on ibETHv2/ALPHA pool on SushiSwap, distributing ALPHA to liquidity providers in a form of high trading fees.
3. Remove liquidity from ibETH/ALPHA
4. Supply liquidity to ibETHv2/ALPHA
5. Stake LP token to start earning SUSHI
How to provide and remove liquidity via Alpha Homora V2
For a more detailed guide on providing and removing liquidity via Alpha Homora V2, please refer to the document here.
Next steps
Later this month in February, we will then start Trading Volume Mining program again on ibETHv2/ALPHA pool on SushiSwap, distributing ALPHA to liquidity providers in a form of high trading fees.
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