Avalanche tokens migration for new Avalanche-Etherium Bridge tokens
According to Ava Labs’ announcement Avalanche launched a new bridge.
Now we are calling as old bridge tokens and new bridge token, also the naming convention is different here is the examples;
For instance, DAI from Ethereum will be DAI.e.
You can convert old assets to new ones using the convert tool from Ava Labs.
We will do this migration step by step.
Here is the first step: emmision changes are;
OLIVE-USDT 8x → 0x | OLIVE-USDT.e 8x
DAI-USDT 7x → 0x | DAI.e-USDT.e 6x
BUSD-USDT 6x → 0x | BUSD.e-USDT.e 6x
Here is a quick migration guide;
Step 1: Unstake your liquidity
Go farms https://avax.olive.cash/farms page then select your farm;
Press minus button (-) a quick modal will appear as follow;
Click the max button then click confirm button, it will unstake your staked liquidity.
Step 2: Remove your unstaked liquidity
Go exchange page https://swap.olive.cash/#/pool
Find your liquidity pool here, click the remove button then the Remove Liquidity window will appear as follow;
Click the Max button or slide right then press Approve button sign with metamask wallet then Remove button will active, press the Remove button & confirm.
Step 3: Token upgrade (convert)
The new AB Bridge supports new token contracts, name conventions end with .e as mentioned above. The old ones will be deprecated from AEB
That’s why tokens are needed to convert new tokens.
Go to https://bridge.avax.network/convert select your token then press the Upgrade button wait for a while after 2 transaction confirmations you will have a new token.e
For example, as you see from simple after USDT conversion will have USDT.e token
Step 4: Add new liquidity with new tokens.
Again, if you’ve used any AMM previously, then you know the drill. To farm OLIVE, you need to first add liquidity to the exchange.
Navigate to Trade on the sidebar on the left, then click on Liquidity, hit Add Liquidity, and select the token pair that you want to deposit. Also, make sure you know about impermanent loss before adding liquidity to a pool.
Check these screenshots for better undestating how to receive LP tokens.
Open add liquidity window, select your new token pair for instance if you want to stake your tokens to new OLIVE-USDT.e you should select OLIVE and USDT.e token then set your amount and approve tokens after supply will actively press the Supply button.
After you create the LP token with new bridge tokens find your farm from the farm page. Approve and stake your new LP.