Timeline For Final Migration and Re-launching Zaps

TL;DR

• Zaps will be re-launching on Thursday August 12th at 3:30pm UTC
• All existing stakers must migrate after the re-launch to continue earning rewards
• An airdrop of 2 NFTX will be given to all staked users at block 12,999,385

When NFTX V2 officially launched we introduced a Zap contract that allowed users to “Mint & Stake” as a way to escape the mint fee (typically 5%). The purpose of this was to remove the fee for users wishing to earn protocol fees by staking vault liquidity tokens.

Unfortunately, a bug in the Zap contract led to an accounting error on claimable rewards that created issues for some users. As a result, we requested that all users migrate to a new staking contract. In a quest to fix the issue quickly, we failed to address the bug fully and we decided to indefinitely remove the Mint & Stake functionality while we worked on a robust fix.

Re-launching The Staking Zap

We are now pleased to announce that we have a clear timeline for re-launching Mint & Stake and, to give users plenty of time to prepare, we have outlined this timeline below along with the necessary steps for our users.

Timeline

On Thursday August 12th at 3:30pm UTC, a final upgrade to the staking contract will be deployed. At this time, all existing user pools will be updated on the NFTX staking UI with a “Migrate” button. This button will send a transaction to automatically migrate the position to the new staking contract as well as claim any outstanding rewards.

We will announce on Twitter, Discord and Telegram when the migration UI becomes available.

While users will be able to migrate at any time in the future, positions that have not been migrated will not earn rewards after the upgrade has taken place, so please migrate as soon as possible to avoid missing out.

Airdrop

We are very grateful to our early users for their support, and we apologize for the issues over the past week which have required users to make at least two transactions worth of gas.

In an effort to make up for this, we will be airdropping 2 NFTX to all of our staking users up to block 12,999,385. More information about this airdrop will be announced soon.

Manual Reward Claims

A small number of users that interacted with the Zap contract were not able to claim their rewards in the previous migration. We are in the process of calculating these rewards using historical data and will make an announcement in the coming days. Feel free to reach out via discord if you have any concerns or wish to take a look at the JSON data yourself.

Zap Unlocks

In the new staking contract there is no concept of unlocking (locks are lifted automatically) and the UI will no longer display an unlock option.

There are 26 addresses that were unable to unlock their staked position in a previous migration. These users will receive a message on app.nftx.org/staking/ when their positions can be unlocked, expected on Friday August 13th at 5pm UTC.

Once this message is displayed, affected users will be able to unlock using the following steps:

1. Visit the legacy Zap contract on Etherscan.
2. Connect your wallet (the same wallet with a locked Zap position on NFTX)
3. Scroll down to function 12. withdrawXLPTokens
4. Enter the vault ID (IDs will be shown after Friday August 13th at 5pm UTC) and click “Write” to send the transaction
5. Head back to the NFTX staking UI and you will now be able to migrate your position

Thank you to everyone for being patient with our launch. We look forward to turning our attention back to new product and protocol features that will help maximize volumes and yield on NFTX!

FAQ

I migrated but rewards were not claimed automatically, what happened?

A handful of addresses that were affected by the previous migration were not able to claim rewards. These users will receive rewards as outlined in the "Manual Reward Claims" section above.

I didn't use the first migration, do I need to do anything differently?

Users that did not migrate on the first migration can follow the same steps above. There is no need to migrate ahead of the final migration on Thursday August 12th at 3:30pm UTC.

Will I earn rewards during the new zap lock period?

Yes, rewards earned while a position is locked in the Mint & Stake zap will be claimable. However, it is not possible to withdraw or transfer the position during the lock period.

I need more help!

The team is always around on the Discord #support channel to answer any questions that you may have. Please reach out to us and we will have your issue resolved as soon as possible.