Hello guys, UPDATE FROM OUR DISCORD SERVER.
31 Jan 2022, 17:17
Hello guys, UPDATE FROM OUR DISCORD SERVER
Team is solving an issue that one of the coverage pools experienced during migration--it is not critical or serious.
All policies and liquidity has been moved over to v2. After the last pool is fixed, we will do a final round of testing and should be finished.
The NFTs from v1 could not be ported over because the gas fees were well over $1m to do so. NFTs still exist in v2 and they represent a staked amount of USDT in any given pool. People will all have their USDT showing in their accounts, but they will be unstaked. If USDT is unstaked, it only earns USDT rewards and does not earn BMI rewards. We looked at every possible method of trying to stake everyone's NFTs, all of which are so expensive that it is just impossible for us to do.
The way we did our v2 migration made it so that the community collectively saved a couple hundred thousand dollars in gas fees (we paid the gas instead of each of you individually paying the gas fees.) The only thing left for users to do is to re-mint v2 NFTs by staking their USDT. Alternatively they can request a withdraw instead.
For the users that had pending withdraws, they will be refunded the ETH it took to submit their original request.