3 Things You Need to Know About CyberTime v1.0 LP Pools Closing for Deposits

Last week, March 27, we closed version 1.0 LP pools for deposits for the first time due to our upcoming token migration. This Friday, we re-opened them, but only for a limited period.

This raised a lot of questions in the community, so I decided to clear things up with a short article covering the main points.

Why version 1.0 LPs closed for deposits last week

Let’s start at the beginning — why have we closed pools for deposits in the first place? Since CyberTime is gearing up for migration to version 2.0 CTF & NFTL tokens next Saturday, farming on v1.0 LP pools will stop after April 10. That means that you will have to unstake from v1.0 pools and re-stake to new v2.0 LP pools to keep farming.

The migration process from v1.0 to v2.0 is launching on April 10, the same day as farming launched. Since there’s a 2% deposit fee in the pools, we closed the deposit in advance before the migration process to keep farming profitable for our farmers.

However, we moved the launch date for farming after we initially closed pools for deposits, so we temporarily re-opened them this Friday to give our users more options.

What to consider before you unstake

If you stay in the pool until the last moment — the launch of the migration portal — your share in the pool may increase, since there will be a period when new deposits can’t be made, while other stakeholders leave the pool to prepare for migration.

Moreover, we will release a special NFT series especially for LP farmers who are farming in the NFTL / BNB and CTF / BNB pools between March 04 and April 10. The NFTs will be distributed among the top farmers in mid to late April.

When we launch v2.0 smart contracts, we will take the price of tokens at the time of creation and add $5,000 to each LP. This is not a lot of liquidity, but it will allow us to stabilize the price a bit more around launch time, as long as new LP farmers enter.

Staying put in the pools sounds like a good choice, but you shouldn’t forget about impermanent loss (when the price of a token increases, the amount of tokens in your LP share decreases). If you wait until the last moment possible, you risk suffering from this impermanent loss, so we advise you unstake before migration launches.

What you can do with your version 1.0 LPs before and after April 10

Basically, you have two options while LP pools remain open for deposits:

• Make a deposit on April 2 after 2:00pm UTC (pools will re-open for 24 hours) and continue farming CTF until April 10. After that, farming on v1.0 will stop and resume only on v2.0, so you will have to re-stake your assets accordingly to continue.
• Remove your LP and keep tokens until migration. When the migration portal is launched, exchange v1.0 tokens for v2.0 and continue farming in LP pools

After April 10, you need to remove LP v1.0, exchange NFTL or CTF tokens for the v2.0 version and then add tokens to LP, and then to the pool itself. There’s no more point keeping them in the v1.0 LP pools, they won’t earn you anything after farming migrates to v2.0 pools.

For security reasons, we limited the migration period to 1 year — until April 10, 2022. This time should be more than enough for everyone to exchange v1.0 tokens for v2.0 🙂