On the 23rd of December, we announced that we would be upgrading to an enhanced and cross-chain DDAO.
As well as introducing Binance Smart Chain (BSC) staking, you can keep earning rewards on Ethereum by migrating to the new DDAO contract!
Today, we’re happy to announce that the upgrade is finally complete.
Now, the DDAO contract works as originally intended in our original Whitepaper!
The Main Changes
Essentially, instead of earning VEMP on a block-by-block basis, when VEMP is deposited, it’s converted to xVEMP, which price increases against VEMP as rewards are sent to the pool.
When you come to withdraw from the pool, it will convert the xVEMP back to VEMP at the current price at the time of withdrawal.
How to migrate to the new V2 DDAO Pool
The migration to the new pool must be completed in two transactions, but we’ve made it easier than ever by adding a new “Migrate” button.
Please note, that you will have to approve VEMP on the new contract before you can re-stake into the V2 pool, so please ensure that you have enough ETH in your MetaMask wallet to cover gas fees.
First, click “Migrate” and then “Unstake” which’ll then take your VEMP out of the original pool. You will need to sign the transaction in your wallet.
Once the “Unstake” transaction has completed and you’ve approved the new VEMP contract, you will be able to “Stake”, which’ll re-deposit your VEMP, but this time into the new V2 pool. Once again you will need to sign this transaction in your wallet.
Once complete, you will see your VEMP balance in the DDAO v2 pool.
You will be able to see the total amount of VEMP earned as well as your xVEMP balance (which is your total VEMP staked multiplied by the price of xVEMP at the time of depositing).
Remember, when you want to withdraw from the pool, your xVEMP will be converted back into VEMP based on the current price at the time of withdrawal. You can complete this transaction by clicking the “Withdraw” button and signing the transaction in your wallet.
Step-by-step Instructions
- Ensure that you have enough ETH in your MetaMask to cover gas fees
- Click “Migrate” to transfer your staked VEMP into the new DDAO pool
- Click “Unstake” to take your VEMP out of the old pool
- Approve the new VEMP contract
- Click “Stake” to send your tokens to the new V2 pool.
Important Staking Info:
- Once completed you will see your updated balance in the DDAO V2 pool.
- You will see the total amount of VEMP earned and the amount of xVEMP that’s available for withdrawal.
- As rewards are sent to the DDAO the “price per xVEMP” will increase.
- When you want to withdraw, your xVEMP will be converted into VEMP based on the current price at the time of withdrawal.
We would like to thank you for your patience. This upgrade marks a monumental milestone for vEmpire, making our protocol more accessible to significantly more people throughout the industry.
You can watch a full breakdown on how to migrate to the new DDAO below.
Thanks,
The vEmpire Team ❤️
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About vEmpire
vEmpire DDAO is the largest decentralized Metaverse investment organization. We’re the first protocol to enable Metaverse token staking in exchange for dual yield interest, paying yields in both VEMP and the original token staked. Alongside this, we’re also the largest decentralized virtual real estate owner currently operating in this industry.
vEmpire was started to protect decentralized technologies, like the Metaverse, from being taken over by centralized entities while also lowering the barrier to entry to make investment easier, fairer and more equitable for the community. This will ensure that investment in web3 technologies like the Metaverse is not reserved purely for the wealthy. To date, our users have contributed to staking over $55 Million worth of Metaverse tokens on our platform which has enabled them to earn very lucrative yields and helped contribute to huge decentralized community investment across the Metaverse.
vEmpire is the first protocol of its kind and its revolutionary impact of lowering the barrier to entry for investment in the Metaverse has helped unlock pools of capital that would otherwise not be available. vEmpire has a trifecta effect, helping investors access investment opportunities that would otherwise be out of reach, helping spur growth and adoption in the Metaverse and helping keep it decentralized and in the community’s control.
