As you may remember in September the Staking contract was found to have a withdraw function that was designed to enable users to recover tokens which were sent by error/mistake to the staking contract. This meant there could potentially be an element of trust required that the team would not remove the staking tokens. To ensure security for all, the staking tokens not required for rewards were sent to a time lock smart contract.
We are pleased to confirm that the Staking contract has now been amended to remove the withdraw function and has been approved by Blockchain Consilium. We will now start the process of migrating all users to the new contract and the Staking tokens held in the time release smart contract will be transferred on Monday, October 26, 2020 at 11:00 UTC.
The Full report from Blockchain Consilium can be viewed here:
Please note that there is an advisory note on the Blockchain Consilium report that states if a user’s pending earnings and initial Stake amount become more than the available balance of tokens in the contract that users will be unable to claim their rewards or remove their original stake amount. This section is understandable, if the rewards run out then there would not be a balance to enable users to withdraw further.
As the full amount of Staking tokens to be transferred to the new contract is 5129 tokens, this will ensure there are enough tokens to cover rewards and stake removals for a minimum of 1.5 years, however this period will be extended as there will be a percentage of users who decide to move from Staking to farming. To ensure that all users are informed of the balance of remaining tokens we will cover this in the monthly transparency report to ensure that in the distant future users will be able to withdraw their tokens in ample time.
The process to Migrate to the new Staking contract is very straightforward, this can be done immediately and must be completed by 27/10/2020 at 10:00 UTC. Failure to migrate within this time period will result in any outstanding Staking rewards becoming non-claimable, however you will still be able to withdraw your Staked amount after this time.
1.Navigate to http://Stake.yfdai.finance
2.Click connect wallet
3.When connected this will not display your current amount of staked tokens
4.To migrate the tokens you will be required to have ETH on the wallet to cover Gas fees
5.Click the Migrate button — please note you do not have to enter an amount, this will automatically be calculated when you Migrate.
6.Once clicked your Metamask wallet will pop up and you will be asked to confirm the transaction, we suggest using Gas of 300 (please note that this is just the maximum amount you are willing to pay, you will only be charged the current amount required to send and this will ensure your transaction is carried out as fast as possible and reduces the risk of costly failed transactions)
7.There will be a total of 4 transactions to confirm, once done your tokens will show up in the new Staking Dapp and your migration will be complete.
Due to the Staking tokens being locked in the time release smart contract until Monday, October 26, 2020 at 11:00 UTC any users who migrate to the new contract prior to this date will accrue their staking rewards but will not physically receive them until the transfer from the time locked smart contract has been executed.
If you would prefer to continue receiving your staking rewards in real time then you simply have to wait until October 26, 2020 at 11:00 UTC to migrate. At this point the process will be seamless and the distribution of your rewards will not be affected.
There will be a 0.5% fee for un-Staking and a 1.5% fee for Staking again, these fees will be refunded direct to your wallet on the 27th October 2020 at 16:00 UTC. There will also be the cost of Gas to migrate and we feel that this should not be an expense our users have to bear, therefore the Gas amount spent will also be refunded along with your fees. All refunds will be sent from the YFDAI reserve fund.
Additionally from the 20/10/2020 to the 27/10/2020 at 10:00 UTC all new users who Stake via the new contract will also have the entry fee of 1.5% refunded to them on the 27/10/2020 at 16:00 UTC. The following Staking Dapp must be used:
Due to the change in the code to ensure removal of YF-DAI tokens is no longer possible, we will no also not be able to recover any tokens sent to this contract address in error. When making any token transfers always double check the address details that you are sending to are correct.
We hope that you find the above acceptable and that the migration process has been made as straightforward as possible.