Retiring Metavaults 1.0
"The current iteration of Metavaults is being deprecated. Why? Because a major player just joined us at the Camelot Roundtable."
The current iteration of Metavaults is being deprecated.
Why? Because a major player just joined us at the Camelot Roundtable.
This might come as a shock to some, and might not make sense to others, but this is actually a good thing for you and your LP bags. The deprecation of the original Metavaults creates a path towards MV2.
First, let’s go over the reasons why we need to say goodbye to the current strategy, and then we’ll talk about some of the upgrades coming very soon with V2.
Greener Pastures
About 6 months ago, Jones made a large commitment to Camelot, who we believe will be crowned as THE Arbitrum-native DEX. Before Camelot, all of the Jones liquidity & staking operations occurred on SushiSwap. But upon finalizing our partnership with Camelot, we moved all liquidity over. This resulted in better LP rewards for token holders and less emissions of the $JONES token.
Another big player has just announced they will be joining us on the Roundtable: Dopex.
Dopex has been one of our most important partners since inception and continues to have a big impact on Jones in terms of strategy, performance, and community. We are glad to see them come over to Camelot and embrace everything that the protocol has to offer. As a show of dedication to Camelot, Dopex has also decided to migrate their $DPX - $ETH & $rDPX - $ETH liquidity pools over from SushiSwap.
What Does This Have To Do With Metavaults?
As the keen amongst you might have realized, this will have a significant impact on our Metavaults, which accept Sushi LP token deposits and have strategies built upon the LP rewards that are delivered to those two Sushi pools.
To make matters even more complicated, Dopex will also be moving to a Uni V3-style liquidity architecture instead of Uni V2, the latter of which is the architecture that Metavaults are built upon.
For these reasons, we will be retiring our MV1 strategy post haste. The original plan was to have a seamless transition from MV1 -> MV2 upon release, but due to these recent developments the better solution for all parties involved is to move ahead with a new plan of action.
The Plan of Action:
- The MV1 strategies will run until Friday, August 11th.
- After the last epoch, the MV1 strategies will be shut down and all deposits will be open for withdrawal.
- Users can retrieve their LP tokens and migrate them to Camelot pools while they wait for the MV2 release.
Metavaults will reopen when:
- Dopex liquidity is migrated to Camelot.
- MV2 is ready to be released.
It’s Not Goodbye, It’s See You Later
Yes, you read that right - MV2 is right around the corner.
In its current iteration the Metavaults strategy was a success in terms of performance. The goal of Metavaults was always to make a simple solution of increasing yield for LP pairs using options to do so.
Over time, Metavaults were able to consistently beat out the vanilla LP rewards of the Dopex LP pairs. Mission accomplished.
But can we widen the scope?
Of course we can, and that is what the second iteration of the Metavaults strategy is setting out to do.
MV2 will bring three (3) very important upgrades to the Metavaults strategy:
- The Crab Strategy
- Instant Liquidity
- Metavaults Factory
We are going to thoroughly explain each in future readables, but just know that this specific combination of upgrades will make Metavaults the most simple and efficient tool for managing liquidity and increasing yield.
TL;DR
To remind you once again:
- Dopex is joining Camelot, migrating all liquidity to their platform, and adjusting their LP architecture.
- Due to this, the current Metavaults will be retired on Friday August 11th.
- Metavaults will be back when MV2 is ready.
If you have any questions about the withdrawal process or about the future of Metavaults, we urge you to come talk to our Jeeniuses and Jonesies in Discord.
Our community members and team would be more than willing to help you walk through the process or chat about their undying anticipation for the new Metavaults upgrades.
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No part of this article is to be interpreted as financial advice. We aren’t financial advisors and you should always do your own research.
Come join the Jones DAO community now to stay up to date on our upcoming releases and partnership announcements.
We’ll be hosting AMAs, previews, and sharing plenty of alpha: