Author: Core team
Reference: SIP-35
Created: April 8th 2023
Labels: Product features
Simple Summary / Abstract
To implement the migration of veSPA and SPA rewards from Ethereum and Arbitrum (SIP-35) we offer the mechanism of transition.
Motivation / Overview
As per SIP-35 we have paused staking of SPA on Ethereum and have come up with a migration plan for moving veSPA balances from Ethereum to Arbitrum.
veSPA balances on Ethereum are unable to play an active role in the growth of USDs.
Initially, veSPA was launched on Ethereum since Arbitrum hadn’t proven its security. Now that Arbitrum is the most popular and one of the highest used layer 2 chain, it’s important that we take steps to move the stuck SPA balances from Ethereum to Arbitrum.
veSPA holders on Arbitrum are able to benefit from the weekly SPA revenue share that comes from Sperax USD as well as the bribes that are being distributed to the veSPA holders.
Technical Specification
-
Wallets having veSPA balances only on Ethereum will be migrated to Arbitrum. Those wallets which have veSPA balances in the residual period or for which veSPA balances are expiring in 7 days or already expired will be locked on Arbitrum for 7 days with auto-cooldown turned on.
-
For wallets that have veSPA balances on both Ethereum and Arbitrum, the SPA token balances will be added to their staked veSPA balances in Arbitrum. The lockup expiry period will be maximum of their lockup period on Ethereum and Arbitrum.
Voting
For
Move veSPA from Ethereum to Arbitrum with the proposed technical specifications
Against
Develop alternative technical specifications
- For
- Against
0 voters