yieldbasis (@yieldbasis): Yield Basis: v3 pools, upcoming migration, and season 2 distribution

Yield Basis: v3 pools, upcoming migration, and season 2 distribution YB v3 pools are almost here. Yield Basis is preparing to deploy v3 pools for existing markets. All LP positions will need to migrate to the new pools. Summary: v3 pools will go live following YB governance approval All BTC & WETH LPs will need to migrate (your existing allocation remains protected) Migrated LPs will share the remaining YB season 2 allocation Background Yield Basis is a leveraged liquidity product built on top of Curve, using Curve’s Cryptopools as the core liquidity layer. These underlying pools were recently upgraded to v3 through Curve DAO governance. Since Yield Basis pool contracts are immutable and do not have custody or control over users’ liquidity, LPs must migrate their positions manually. The new pools were announced a while ago, audited, and recently approved for use by Curve governance. v3 upgrade summary: Future-proof: fee and rebalancing logic adjustments without migrations Smoother rebalancing (no big sudden jumps of value) More flexible splitting of earned fees between rebalances and LPs Protected liquidity allocation for migrating v2 LPs Migration procedure A dedicated migration contract has been created. The migration UI will be available at yieldbasis.com once migration begins. Migration will be announced in X and starts right after approval of YB governance proposal Migration process The positions are migrated from the old contract to the new contracts through the migration contract. All steps are done automatically. Protected allocations for existing v2 LPs will be held for 1 month, so LPs can migrate conveniently V3 pool contracts have been independently audited by @chain_security . The report will be published soon. Season 2 distribution The remaining Season 2 $YB allocation (5.65M $YB) will be distributed only to migrated LPs on the following basis: Approximately 1.8 $BTC equivalent will be distributed to as a compensation for LPs that switched their positions between staked and unstaked options The remaining $YB will be distributed in four tranches: first one immediately after migration is completed. It is an early adopter reward. The three other tranches will be distributed to long-term v3 LPs Long-term LP rewards distribution: the first one in 6 months, the second one in 9 months, the final one in 12 months. For the remaining distribution, there are only two eligibility criteria: (1) being a v2 LP prior to migration and migrating the position; (2) maintaining the position until the distribution date. All tokens will be distributed pro rata based on each user’s share of LP tokens at the distribution date. LPs who remain in the pool until distribution may receive a proportionally larger allocation if other participants exit earlier. We are grateful to all LPs that have been loyal to Yield Basis. You are still early. Disclaimer: This publication is provided for informational purposes only and does not constitute financial or investment advice. Participation in DeFi protocols involves risks, including market volatility and smart contract risk. Yield metrics and protocol parameters are dynamic and depend on market conditions. All protocol changes remain subject to DAO governance and smart-contract implementation.