The sdveCRV/CRV Balancer Pool is live. You can deposit your sdveCRV and CRV tokens into the pool (sdveCRV/CRV 90/10).
SDT rewards for the current PPS LP have been migrated to the Balancer sdveCRV-CRV LP on 3rd June at 13:00 UTC as per SDIP 2.
In practice, SDIP #2 means that users currently staking their sdveCRV in the PPS LP on Stake DAO will have to migrate (guide below) to the PPS Balancer Pool in order to continue earning governance rights for Stake DAO in SDT.
Migration involves withdrawing your sdveCRV tokens from the PPS LP, pairing with CRV, depositing sdveCRV/CRV (90/10) into the sdveCRV/CRV Balancer Pool and then staking the Proof of Deposit tokens that you receive into the Balancer sdveCRV-CRV LP. You can find this on the LP Farming Tab on stakedao.org.
Note that you can deposit into the pool with either sdveCRV or CRV though this causes the internal prices of the pool to change as if you were swapping tokens. The higher the price impact the more you’ll spend on swap fees. If sdveCRV is trading at a discount against CRV i.e. 80/20 Alice can swap her CRV and get sdveCRV at a discount, essentially locking CRV for fewer CRV.
If you want to earn SDT as well as swap fees from Balancer instead of 3Crv fees, then you should pair sdveCRV with CRV and deposit both tokens into the Balancer Pool here. The Proof of Deposit tokens from the Balancer Pool can be staked into the Balancer sdveCRV-CRV LP on Stake DAO under the LP Farming tab on stakedao.org.
Holding sdveCRV still entitles you to 3Crv fees as long as you hold sdveCRV in your wallet during the weekly Curve snapshot.
If you have concerns about the migration, reach out to our awesome mods on our telegram.
Step 1: Unstake sdveCRV from the PPS LP on Stake DAO.
Step 2: Pair the sdveCRV in your wallet with CRV (90/10). e.g. if I have 10 sdveCRV I will need 1 CRV to be able to deposit into the Balancer Pool without incurring any slippage.
Step 3: Deposit the tokens together into the PPS Balancer Pool. You will receive Proof of Deposit tokens from the pool representing your liquidity.
Step 4: Stake the Proof of Deposit tokens that you receive into the Balancer sdveCRV-CRV LP under the LP Farming tab on Stake DAO.
Step 5: Profit. You will now accrue governance rights in SDT as well as swap fees from the Balancer Pool.