Jan 9, 2023

sPMM v2: the next chapter for WOOFi

New Supercharger vaults, improved price execution, and greater yields are all coming — on every chain.

Fasten your seatbelts — sPMM v2 is imminent

2023 has barely begun and WOOFi has already put its foot to the floor, aiming to complete its full migration to sPMM v2 by the 11th of January. This mega upgrade will see WOOFi kick into high gear with halved gas costs, enhanced pricing, all-new Supercharger vaults, and bolstered yields across every single chain.

sPMM v2 has already taken effect on Arbitrum and Optimism, processing >$50M volume with less than $1M TVL in just two months. Now WOOFi is going to go vroom and accelerate the expansion of sPMM v2 to BNB Chain, Avalanche, Polygon, and Fantom as we list more assets in sPMM liquidity pools, and enable everyone to feel the benefits. In addition, we have created the WOOFi dev docs center to make it easier for developers to find the information they need.

Supercharger vaults are getting souped up

Supercharger vaults have become the flagship product of WOOFi Earn, occupying a gap in the market for investors who seek hassle-free, single-sided passive yield. sPMM v2 is set to crank up their voltage, increasing the bonus monthly rewards for depositors from 100,000 to 150,000 WOO as we boost TVL, deepen liquidity, and hone price execution.

As WOO emissions increase, so too will the size of WOOFi’s buybacks (in November and December WOOFi bought back on average over 440,000 WOO per month) — fuelled by the extra swap fees collected from the unrivaled execution of sPMM v2. New vaults will also go live — one for BTC.b on Avalanche and another for BUSD on BNB Chain (replacing the former vault for USDT) as we seek to support our ecosystem partners in the adoption of their native tokens.

Get ready to migrate your funds

The implementation of sPMM v2 requires updates at the smart contract level — meaning sPMM v1 liquidity pools will be winding down and all funds currently deposited in Supercharger vaults on BNB Chain, Avalanche, Polygon, and Fantom will need to be withdrawn and deposited into new vaults. No action is needed if your funds are in the Supercharger vaults on Arbitrum and Optimism.

*An overview of what will happen in the next few days.*

In short, you should request withdrawals from the current Supercharger vaults on BNB Chain, Avalanche, Polygon, and Fantom at your earliest convenience and prepare to migrate your funds to the new vaults which will go live on the 11th of January at ~1 pm UTC.

Step-by-step instructions to migrate your funds:

1. Visit WOOFi Earn, click ‘My vaults’ to find your Supercharger vault, click on the vault, go to the ‘Withdraw’ tab and unstake all of your weTokens. Any unclaimed xWOO rewards will be automatically harvested.

2. Now it’s time to request the withdrawal of your funds by clicking the ‘request withdrawal’ button. If there are any funds left in the vault after your first request, please initiate another request to withdraw them.

3. Once the next batch of withdrawals has been processed, you’ll be able to click the ‘withdraw and migrate to new vault’ button. After you’ve then signed a few transactions, your funds will be moved into the new version of your Supercharger vault and begin earning yield.

Congrats - your funds have been migrated! For any queries or additional help, please hop into the WOO Network Discord and make your way to the WOOFi-feedback channel. Happy migrating everyone, and see you on the other side!

Stay tuned for all of WOO Network’s exciting developments!

Socials: cuda.io/woonetwork
Website: https://woo.org
Telegram Announcements: https://t.me/woonetworkann
Medium: https://medium.com/woonetwork

The content above is neither a recommendation for investment and trading strategies nor does it constitute an offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.

Disclaimer: WOOFi reserves the right to modify the terms, dates, and the final interpretation regarding the migration without having to notify users in advance.