23rd October Update: You must now update your YFV to VALUE. After 4th Nov 2020, YFV will no longer have any use.
The YFV token is currently being migrated to a new token called VALUE. VALUE will replace YFV and will allow the Value DeFi protocol to evolve.
Why are we migrating to VALUE?
In order to add new features to the protocol, but also the community voted to reduce the YFV supply from 12 million tokens. Introducing VALUE means the total supply of tokens will be reduced to just 6.4 million.
Will VALUE replace YFV?
Yes, on 23rd October the community voted to end support for YFV. All staking Vaults will use Value instead of YFV. After 31st October there will be no use for YFV.
How will this migration affect YFV Holders and Traders?
If you hold YFV in a wallet you need to ensure that you swap this to VALUE before the 4th Nov 2020 deadline.
The Value DeFi website contains a wrap function that will convert all your YFV tokens to Value at a 1:1 ratio.
I have YFV on an exchange do I need to swap to Value?
Most exchanges have now already completed the change. If not you should enquire with them about swapping your tokens.
If your exchange is not making the change it is important you do this step yourself. This will mean you will have to move your YFV tokens off the exchange to your own wallet.
Please see our instructions for creating your own wallet, send the YFV tokens to it and perform the swap yourself using the onsite wrap function.
I am staking YFV in the Governance Vault V1, what do I do?
You need to move your tokens to GOV V2 (see below) or unstake all and then use the swap function to swap all your YFV to Value. Gov V1 can now be found using the ‘Staking’ link at the top of the Value DeFI page.
How do I move from Gov v1 to v2
- Go to https://valuedefi.io/staking, click on the ‘Stake’ button at the top of the page and then click on ‘Governance Vault’.
2. Click on the button ‘Exit & Stake to Governance Vault (V2)‘ . This button does the following (this will have multiple approvals & transactions): Exit Governance Vault V1 (& claim your rewards) -> 3 Approvals -> Convert YFV to Value -> deposits Value to Governance Vault V2.
How does the swap/wrap function work?
The team have provided a mechanism on the Value DeFi site to swap your tokens, see the ‘Wrap’ link at the top of the page.
Please use the following steps to convert your YFV to Value.
- Connect your wallet to the site
- Your YFV balance should automatically populate inside the wrap function.
- Select the MAX amount.
- Click approve.
- Transaction 1 : You will be asked to allow access to your wallet. Confirm this transaction.
- Transaction 2 : Click approve and confirm the transaction in your wallet. This will complete the swap.
- VALUE tokens will now be in your wallet
If you cant see your VALUE tokens after doing the swap please ensure you have added the VALUE token contract address to your wallet.
Why don’t my coins show up in the wrap function?
You may need to clear your browser cache. Press CTRL + F5.
What can I do with the VALUE token once swapped?
When you complete the swap, instead of holding the token in your wallet you can stake VALUE in our Goveranance Vault. This way you will earn interest on your Value tokens.
Also, if your looking for a higher APR, you can use your tokens to provide Liquidity on Value Liquid. Find out more on how to provide liquidity and receive rewards.