CVI recently announced a hard migration of its platform. After the transfer, the platform will shift from the USDT pools on Polygon and Ethereum to the USDC pools. The migration will go live on 17 November, 11:00 AM (UTC.)
The network recently closed the opinion to initiate new positions on Polygon and Ethereum. Moreover, it restricted the option to add liquidity to the USDT pools in the networks. CVI emphasized that its existing positions will stay functional.
It will allow traders and liquidity providers with staked CVI-USDT LP tokens to generate GOVI rewards. After the network migrates from USDT pools to the USDC ones, it will undertake several modifications, like:
A better automated market maker (AMM) that secures liquidity providers without hindering the experience.
The option to conduct margin trading in the USDC pools.
An added composability with any upcoming volatility tokens.
The venture released a post on its official website to address users’ queries. The blog talked about how the migration will affect its standings. Here are the key points addressed in the post:
- CVI will launch a new USDC pool on Ethereum. On the other hand, Polygon already possesses an active USDC pool.
- The venture will stop the distribution of GOVI rewards to liquidity providers and traders of the USDT pool.
- Any user offering liquidity to USDT platforms will get a notification with clear explanations about the migration. It will help them migrate the holdings to the USDC pools when connecting their wallets.
CVI will ensure that the process is secure, fast, and simple. Every liquidity provider who completes the migration procedure will also receive GOVI tokens as rewards. Users should note that after completing the migration, they must manually stake the new CVI-USDC LP tokens.
It can be done in the staking section of CVI, and is the only way to receive continuous GOVI rewards.