Unagii Vaults is less than a year old. As an autonomous yield farming product, we’ve safely survived with over $18M-20M in funds locked by hundreds of addresses. While numbers may seem small compared to what’s known in the trenches, we’ve been very intentional about the kind of product we’re building and who we’re serving for. We know our limits and our strengths.
This upgrade on our Vaults will come with new implementations. Our product team has been scoping the markets for reliable new strategies and new ways to strengthen security. Now it’s time our Vaults get some boost.
Today, we’re first releasing the v2 DAI-Vault to the public. This soft launch gives us room to monitor the v2 vault closely and ensure the stability of the contract before launching all other remaining vaults in October next month - an exact date will be announced closer to launch.
v2 Key Features
New Convex strategy
Vaults on existing Curve strategies can expect new Convex boost strategies with v2 for more consistent and higher yields. The v2 DAI-Vault will yield on the Convex AlUSD strategy at launch.
The new version of Vaults will have the ability to support multiple strategies in a single vault allowing risks to be diversified and helps reduce the likelihood of front-running rewards attacks as harvests are trickled over a time period. The multi-strategy feature will potentially be deployed in the future when each vault achieves higher TVL. At launch, each vault will execute a single strategy.
Smart Contract Interaction
A new feature for developers will also be included to allow external smart contracts to interact and build with v2 Vaults.
What do users need to do?
Existing Vaults Users
Users who have funds locked with our existing Vaults will be required to complete the migration process within a month after launch. For example, this means that DAI-Vault depositors will need to migrate by October - an exact date will later be determined.
Existing v1 Vaults will stop harvesting after a month from the date our v2 Vaults launch. The v1 DAI-Vault will no longer accept new deposits from today, September 1st, 2021. However, it will continue to harvest until October - an exact date will later be determined. New DAI deposits will need to be made with the v2 DAI-Vault.
- Go to app.unagii.com/vaults
- Connect Wallet
- Click on <Migrate> with the v2 Vault and complete the process
- Approve zap contract
- Confirm transfer of funds from v1 to v2
Gas fees are payable by users in the process to approve the zap contract and for transferring funds from v1 to v2. These fees will be subsidized to support all Vaults users in this v2 Vaults migration. Please note that only users who wish to continue earning from our v2 Vaults via the migration process (using the <Migrate> feature) will be entitled to the gas subsidies. Users will not receive gas subsidies if they’ve withdrawn from v1 Vaults and later deposit into v2 Vaults.
Users who have not previously deposited funds into existing v1 Vaults will not be required to take any actions. The deposit function on existing v1 Vaults will be disabled once v2 Vaults are launched. Please make any new deposits with the v2 Vaults.