GARD V2 Migration Announcement
At 1:22 am EST today the GARD team removed 7.32T GARD from the V1 smart contracts. This move of funds was planned and necessary in order to ensure a seamless transition from V1 to V2. We will custody the GARD at F7XKOKOU2F2TSHNEKB2ZHG5SZAET7X6GCSQUT62EV5MGF5EAZOCNGVPBDI address until we move it to the V2 smart contracts. This transfer could not be shared ahead of time in order to eliminate the risk of smart contract exploitation during this brief transition. The GARD team is devoted to adding value to the protocol, promoting its growth/adoption. This transfer done by the team to prepare for our V2 launch illustrates why decentralization is important. This migration is a vital step on the protocol’s path to decentralization and had to be done to launch V2.
The GARD team is eager for a decentralized oracle to launch to have TGE for GAIN occur in the coming year to make a move like this impossible for a centralized entity to make in the future. The V2 protocol will be using a similar underlying model to ensure that GARD remains valuable and pegged. The closeness in the two models is why V2 will use the same GARD token instead of launching another. The original model can be found outlined here and the new model can be found described here. The models are both overcollateralized in the same way and based on the same principles. Utilizing the same token will enable a smooth transition between the protocols for our users and mitigate a potential liquidity crunch.
There will be no forced migration from the V1 protocol. The V1 smart contracts will remain functional in perpetuity although they will have significantly less GARD in them which should ensure V1 is phased out over time. We will also continue providing support for the V1 webapp for some time and will give users ample warning in the coming year before we discontinue support for it. This support is planned to be discontinued by Q2 2023.
V2 is a massive upgrade from V1 and we encourage all current and future users to try out our testnet here before using their mainnet ALGOs. Upon GARD’s V2 launch, the protocol will have all the features V1 had that users are accustomed to plus lower fees, high composability with other protocols, new partnerships, stable yield farming by staking, LP token purchasing, and improved UI on a redesigned WebApp.
The GARD team encourages all users to migrate their funds from V1 to V2 at their convenience once the new platform launches. The team will reimburse any closing fees incurred by users that redeploy equal or greater funds on the new platform during Q4 of 2022. In order to process reimbursements, please share your Algorand account address used as well as the fees you were charged to close your position with us at the following email: hello@algogard.com. Please do so by December 1, 2022 in order to be elligable for reimbursement.