Goal
To improve the health of our protocol and ensure the longevity of the project, the OtterClam community approved our first proposal, CIP001. CIP001 converts CLAM to CLAMv2 with a ratio of 5:1. This means that the supply of CLAM will be reduced from 80% to 20% of the current share. After the migration, the number of CLAMs in each Otter’s wallet will be reduced by 80%, but the actual value of your CLAM will remain the same, which means an increase in the value of each CLAM. The price will open after the migration at 5 times the value it was before the migration (around $100 to $120). This change will improve our bond premiums which will give much better discounts for our Otter community through bonding!
The vote result: https://snapshot.org/#/otterclam.eth/proposal/0xf972c1f0c96323957583f2b6bb83648455b6afc991f11b852b48d8480efdfe87
Process
- Go to https://app.otterclam.finance/#/migrate (will be availabe at 2021/11/20 0:01 UTC)
- Claim your CLAM in warmup (if any)
- Unstake sCLAM
- Migrate to CLAM2
- Stake CLAM2 and enjoy!
Notes
- Migration starts at epoch 53 — 2021/11/20 0:01 UTC.
- The staking warmup will be set to 0 at 11/19 16:05 in epoch 52 — This is so that the staking rewards that are still being earned by CLAM in the epoch 52 warm-up will not be affected by the migration.
- The bond selling of v1 will stop at 11/19 16:05.
- The final staking reward of CLAMv1 will be distributed at the end of epoch 52 — 2021/11/20 0:00 UTC.
- The staking reward at the end of epoch 53–2021/11/20 8:00 UTC will be distributed to CLAM2. You will have 8 hours to perform the migration without losing any rebase reward.
- If you missed epoch 53, you will lose the rebase reward.
- The new symbol for CLAM is CLAM2 which is to temporarily make it easier for Otters to identify when migration is occurring. The symbol for sCLAM will also change to sCLAM2 temporarily. After most Otters have finished the migration process, we’ll update the symbols back to CLAM and sCLAM (~1 week later).
For Bonders
- Redeem your bond(s) from v1 bonds as CLAM
- Migrate from CLAM to CLAM2
- Stake CLAM2 and chill
