Migrate Your Liquidity to EmiSwap:
A How-To Guide
Today, we plan to reveal more details on the EmiSwap liquidity migration process that allows you to move your liquidity from other protocols to EmiSwap in a single click. Let’s have a closer look at what it is and how it works!
What is Liquidity Migration?
Liquidity migration also referred to as migration mining and liquidity vampirism is a fast and easy way to migrate user’s liquidity from one protocol to another. As liquidity miners are constantly monitoring the DEX landscape and search for the best terms, the liquidity migration feature has become an important instrument for emerging protocols to get more liquidity for offering profitable terms.
SushiSwap is just one example of the protocols that used this method before. They have successfully migrated over $800 million in liquidity funds from UniSwap. This instrument is actually very beneficial for liquidity providers as it motivates the exchanges to increase the LP rewards to stay competitive.
Liquidity Migration in EmiSwap
The reason why users may be interested in migrating liquidity from other protocols is Emiswap’s larger rewards as well as new incentive opportunities like NFT Magic Cards farming.
Ten days after the launch of the EmiSwap protocol, both swappers and liquidity providers will start earning higher rewards for their activities. Namely, the bonus for liquidity providers will be 10 times larger than the standard 0,25% of trading fees: 30,000 ESW will be proportionally distributed among LPs for 1 million DAI trading volume. Furthermore, EmiSwap will issue 6,150 ESW additionally every 1000 blocks that will be distributed among liquidity providers in proportion to the amount of liquidity provided.
How to Migrate Liquidity to EmiSwap?
The process of liquidity migration on EmiSwap is very simple. Just sign in to your EmiSwap account and follow the instructions:
- Press the “Migrate liquidity” button.
- Choose the DEX’s token pair from the list of possible tokens (UNIUSDT, SUSHIETH, etc.).
- Enter the number of tokens for migration.
- Press the “Approve” button if you migrate tokens for the first time.
- Press the “Migrate” button.
After that, the migration smart contract will initiate the following actions:
- Withdrawing the indicated number of LP tokens from the user’s wallet.
- Burning LP tokens on the initial sourced protocol and getting original tokens.
- Allocating the tokens to the respective pool and receiving the EmiSwap token pairs (ESWUSDT for example). In case a token pair doesn’t exist on EmiSwap yet, the user will receive a notification before they click the “Migrate” button, and the migration smart contract will initiate the creation of a new token pair.
- Sending the EmiSwap pair tokens to the user. In case there was a difference in the exchange rate, the user will receive EmiSwap pair tokens as well as token change.
What Pair Tokens Can Be Migrated?
The migration smart contract is to be released along with the launch of the general EmiSwap DEX functionality. The list of possible tokens for migration include:
- ETH — USDT
- WBTC — ETH
- DAI — ETH
- USDC — ETH
- ESD — USDC
- UNI — ETH
- CORE — ETH
- DPI — ETH
- ETH — AMPL
- LINK — ETH
New token pairs will be added gradually. EmiSwap focuses on providing our users with the most favorable terms for swapping and providing liquidity. So stay tuned, join the new platform, and share your feedback on our socials!