As part of Pancakeswap’s upgrade to V2, they are going to be migrating some of their smart contracts to newer upgraded versions. This migration is going to require users to migrate their LP tokens from V1 to V2 in order to continue to receive rewards and such. They have released some instructions on how to handle the migration. We’ll detail them below, BUT FIRST: an infographic, by @cryptotaku, breaking everything down.
From Pancakeswap’s Medium
According to Pancakeswap;
Part of the V2 upgrade will be the increased trading fees and there is currently a governance proposal to determine what will occur with the trading fees, and Pancakeswap’s Medium page has more information about it here; pancakeswap.medium.com/the-great-migration-vote-4093cb3edf23.
The winner was Option #4, which was to increase the trading fees to .25%, and going the “Big Burn” route which meant that .17% will go to LP token holders, .03% will go to the Pancakeswap Treasury and finally .05% will go to CAKE token buyback and burns.
How to Migrate LP Tokens to V2
It’s important to note that this process must be done by the users who own the tokens, and can’t be done by any yield optimizers or farms for you. The good news is once your tokens are migrated to V2, yield farms can simply update their masterfarm contract allocation points to the new V2 LP tokens, and everything will fully migrated.
Step 1 of the Pancake Swap Pool Migration
You must go to the “Farms” page in the Pancakeswap Menu, find any of the old farms you’re currently staked in, and unstake your LP tokens from them.
Next you must remove your tokens from the liquidity pools, and you can do that by going to “Trade” and then “Liquidity”. On the “Version” tab click on “V1 (old)” and the bottom of the page, and then click on “Remove” and input your desired % to remove.
You can now add your tokens to the new LP pools by going back to “Trade” and then “Liquidity” and clicking on “New” on the “Version” tab. From there, you may click on “Add Liquidity” to receive the new V2 LP tokens.
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