This migration plan is only applicable to users who have used the ARTH v1 platform. The team has documented the various steps taken to make sure we have a smooth migration towards the mainnet. The steps mentioned here will address ARTH tokens that are in circulation and to LPs who have their liquidity locked on MahaSwap.
The migration plan is split into 3 different phases.
- Pre-snapshot phase: Users are requested to withdraw their ARTH from exchanges and hold them in their wallets. During this period we will be informing various exchanges (Bitmax) and coordinating with different listing providers (CoinMarketCap, CoingGecko, Etherscan etc..) to update the information about the ARTH migration plan. Users are given 48 hours to prepare for this phase.
- Snapshot phase: Right before the snapshot is taken, all exchanges are requested to pause deposits/withdrawals and trading of ARTH. The snapshot is taken and all liquidity from Uniswap and MahaSwap is extracted by the team and refunded back to LPs.
- Post-snapshot phase: After the snapshot is taken, the team will begin airdropping the new ARTH v2 tokens and proceed with the mainnet launch.
The snapshot has been scheduled for Monday 31st May 2021.
Freezing & Resuming Trading/Deposits on Exchanges
During this period we will be informing exchanges such as AscendX (Bitmax) to pause trading/deposit and cancel all orders to allow for users to not incur a loss when deposits/trading resumes.
Deposits/Trading will resume once the migration has fully completed. However, this will happen most likely after the main-net launch.
For this very reason, we request users to withdraw their ARTH tokens from the exchanges and hold them safely in their wallets.
Extracting & Airdropping Liquidity back to Uniswap LPs
One of the key concerns raised by many users was that their liquidity has been stuck on the MahaSwap platform for a very long period of time. However, the team expects to refund the individual LP tokens at the same time as the snapshot.
Right after the snapshot is taken, the team will mint new ARTH coins and use that to drain all LP pools of their collateral (ETH/DAI). With the tokens that are collected, the team will then airdrop them back to the original LP holders proportionate to their share in LP.
Users will also be rewarded with some extra ARTH tokens for this period in which their tokens were locked.
What do you need to do?
If you hold a balance of ARTH tokens on an exchange, we request you to withdraw your funds from it and hold them in your wallet before the snapshot.
We request users to not trade ARTH tokens after the snapshot is taken. New ARTH tokens will be airdropped around the main net launch.
If you’re holding ARTH tokens in your wallet, then there’s nothing else you need to worry about and the team will take care of all the steps to ensure that you are airdropped the new tokens.
If you have LP tokens that have either been staked on the platform or deposited onto Uniswap or Mahaswap, then there’s nothing for you to do; the team will airdrop back your collateral tokens (ETH or DAI) back to you.
If you have ARTH staked on the arthcoin.com website, then there’s nothing for you to do as the team will airdrop the new ARTH V2 tokens directly onto your wallet.
The team will be paying for all the gas fees to airdrop your new tokens and we will be available to answer any of your queries on our telegram/discord.
We thank you for your patience so far and we are super excited as much as the rest of the community for the ARTH v2 mainnet launch.