New MM Finance (StableSwap) Pool and Migration Guide
Step-by-Step guide on migrating your current MMF bCRO-CRO LP to the new MMF bCRO-CRO (Stable) LP
Today we are excited to announce a deeper collaboration with MMF as we begin exploring further integrations within the MMF ecosystem.
Note: If you are currently staking bCRO-CRO LP on MMF or doing farming on Single Finance, this article is important to you.
You will have to follow our step-by-step migration process to migrate your MMF bCRO-CRO LP to the new MMF bCRO-CRO (Stable) LP.
Read on to find out more!
MMF bCRO-CRO pool & farm migration to bCRO-CRO (Stable) pool & farm
The current bCRO-CRO pool and farm on MMF will be upgraded and migrated into a bCRO-CRO stableswap pool on the MMF stableswap platform. The farm for this pool will continue to be hosted on MM.Finance.
Farm emissions migration
The current farm emissions on the current MMF’s bCRO-CRO farm will be gradually migrated to the new MMF bCRO-CRO (stableswap) farm. Exact timeline below:
18th July: bCRO-CRO (Stableswap) Pool set up on MMF Stableswap
18th July: bCRO-CRO (MMF) farm multiplier to decrease to 2.5x. bCRO-CRO (Stableswap) farm multiplier to increase to 2.5x
21st July: bCRO-CRO (MMF) farm multiplier to decrease to 0x. bCRO-CRO (Stableswap) farm multiplier to increase to 5x
What does it mean for you?
If you have bCRO-CRO LP staked within the current MMF’s bCRO-CRO farm, you will have to migrate your liquidity to the new MMF bCRO-CRO (Stableswap) stableswap pool and farm.
Follow the step-by-step guide below.
Step by Step Liquidity Migration Guide
Step 1: Go to MM Finance Farm to Unstake your bCRO-CRO LP
Step 2: Go to MMF Liquidity page and remove bCRO-CRO LP Liquidity
If you have performed this stage successfully, you should get back the stated CRO & bCRO tokens in your wallet.
Step 3: Go to MMF Stableswap
Step 4: Add bCRO-CRO (Stable) LP Liquidity on MM Stable Swap
Step 5: Head to the new bCRO-CRO (Stable) farm on MM Finance
Step 6: Stake your bCRO-CRO (Stable) LP
— Guide End —
Why is this migration happening?
One key aspect for CRO liquid staking is the creation of a liquid bCRO-CRO pool for users to swap out bCRO as and when they want. While the initial bCRO-CRO has serve this exact purpose, there were some inefficiencies such as high slippage (0.3% on VVS, 0.17% on MMF) during each trade.
Benefits of this migration:
1. Users and traders benefit from lower slippage for bCRO<>CRO swaps on MM Stableswap
This bCRO-CRO pool migration to MMF Stableswap will result in an extremely low slippage between CRO<>bCRO swaps (0.04%!). This makes bCRO a more attractive asset to users who wants to buy CRO at a discount (Lower slippage cost) and for users who are running arbitrage strategies between bCRO and CRO.
2. Argo bCRO Liquid Staking is even more attractive now
With a bCRO-CRO Stableswap pool, bCRO liquid staking will become even more attractive with lower slippage swaps. You do not have to worry about high slippage when entering or exiting a bCRO position.
3. Cementing a long-term strategic partnership with MMF
Argo Finance and MMF will be cementing a long-term strategic partnership as both protocols expand deeper into Cronos.
Head to Argo and start liquid staking today!
Smooth sailing Argonauts.