Migration to V2 Notes
This documents addresses some of the common questions related to migration from Bridge Mutual V1 to V2 that took place in January 2022.
BMI Community,
After Bridge Mutual V2 got deployed on Ethereum, the BMI team made a decision to manually migrate all user's data and liquidity from V1 to V2. The goal of this was to save users from the expensive gas fees incurred when migrating, as well as provide a seamless user experience.
As some of you may know, this process turned out to be much more complicated than anticipated, and took much longer to complete as a result. In the end, the team successfully migrated all of the data but had to make several compromises along the way for the sake of the protocol and the DAO's interests. Most of the compromises were made with gas fees in mind; oftentimes moving a small amount of capital meant spending multiple times more in gas than the value of the principal.
If you owned policies, provided coverage, or staked BMI in any form in V1, please read this memo to find out how you may have been affected. You can access V1 here: https://appv1.bridgemutual.io/user/dashboard
USDT liquidity providers greater than or equal to 2,000 USDT: All liquidity positions greater than or equal to 2,000 USDT were migrated to V2, but were unstaked in the process. In order to start earning passive BMI rewards, you need to stake your coverage liquidity again. You can do that by heading to Dashboard -> My Liquidity -> Liquidity -> the "Stake" button.
USDT liquidity providers under 2,000 USDT: All liquidity positions under 2000 USDT were not migrated to V2 due to the cost of migration. In total, 148 000 USDT was not migrated. These funds are safe; we’ll be returning the funds to the users either manually or through a claiming portal in the coming days.
Policies covering 2,000 USDT or more: These policies have been migrated.
Policies covering less than 2,000 USDT: All active policies under a value of $2,000 were not migrated to V2. We wanted to migrate these, but it was not practical to migrate policies of this size. We will refund users an amount equal to the amount paid for these policies, minus an amount proportional to the duration that the policies were active and claimable. For example: If a 10-week policy costs $100 USDT and 5 weeks have past, the user will receive $50 USDT back. This refund will happen through an airdrop direct to the user's address.
In addition, in the event that one of the covered protocols experienced a coverable event, if any of these refunded policy holders wish to claim their policy before the date the policy would have expired, the owner of the policy can contact our team and the team will review the claim in good faith and reimburse the user using team funds if we deem the claim to be valid.
Native BMI Staking: Available in the same manner as V1. Sushi Liquidity Staking: Available in the same manner as V1. Sushi Swap .
Old BMI rewards earned on V1: To access old rewards, to head to the old Bridge Mutual V1 app, connect wallet, and either: withdraw rewards instantly with 20% slashing; or re-stake the rewards, where they will be accessible in V2 and subject to a withdrawal waiting period.
Why do some pools show 0 % APY?: Proper APY amounts will display after any amount of liquidity is staked in the pool; until then, pools with no stakers show 0% APY.
I don’t see my policy/liquidity/pools/etc/! What happened?: The app is misbehaving and not as responsive as we’d like; we’re working on it. If you know something should be there but you can’t see it, wait 20 seconds–if it’s still not there, refresh. Refreshing usually works.
What if I requested a withdrawal before the migration?: Users who had requested withdrawals before the migration and have lost their window will be reimbursed for the gas costs of the withdrawal via airdrop.
In case you have any questions, head to our community channel on Discord or telegram.
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