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ENCORE Migration
The CORE and ENCORE developer teams have reached a consensus regarding discussions to transfer Encore’s LP to CORE’s ecosystem. ENCORE launched about a month ago with an unprecedented Liquidity Generation Event (LGE) of over 10,000 ETH. Since the LGE completion, participants received a diminished return due to a lack of trading volume. Many were unable to recover their principal. The ENCORE team believes the value for their LP holders grows more substantially and faster by joining CORE’s LP pools, which provide various arbitrage opportunities. Thanks to these innovative arbitrage pools, a guaranteed APY is achievable. Regardless of CORE’s price changes, APY pays all forced arbitrage pool stakers, a net win-win for ENCORE and CORE LP token holders.
The next steps of the transfer:
- All buys of ENCORE tokens on Uniswap are disabled forever.
- The CORE dev team will zap all ENCORE LP tokens into the upcoming DAI/CORE LP.
- All withdrawals from ENCORE’s vault end immediately.
- The CORE team detected a memory corruption within the ENCORE Vault contract while performing due diligence; we’ll make efforts to mitigate any concerns before zapping liquidity out.
- As liquidity migrates to the new CORE pair, all ENCORE tokens will be burned.
We strongly urge all ENCORE token holders to move their ENCORE tokens into the ENCORE Uniswap pool (selling your ENCORE). We will dispose of all tokens once transferred to the new pool.
If you have any questions regarding the ENCORE Migration, please read the following FAQ. If anything is still unclear you can direct any questions to the CORE team & Admins in the following Telegram channels:
CORE Main Channel: https://t.me/COREVault
CORE Support Channel: https://t.me/coretechsupport
Frequently Asked Questions about the Migration:
1) When will the migration take place?
The migration of LP tokens will happen during CORE’s third Liquidity Generation Event. Follow us on Twitter and our Telegram Channel to receive news about the launch date.
After the event is over all participants, including ENCORE LPs, will receive the new CORE LP tokens.
2) What do ENCORE LP holders have to do?
The migration process will be as seamless as possible.
Staked ENCORE LP tokens will migrate to the LGE automatically.
3) What happens to unclaimed ENCORE in the vault?
Due to memory corruption of the contract that occurred weeks before the CORE team took over, all pending rewards are zero.
4) What happens to the ENCORE in our wallets?
You will be able to sell your ENCORE tokens to the Uniswap pool. Buying ENCORE is disabled forever. You will be able to exchange ENCORE for the floor price forever, in a smart contract the team will set up at a later date.
5) What happens to unstaked LP in our wallets?
The easiest way to participate in the migration of ENCORE LP tokens to CORE LP tokens, is to have them staked in the ENCORE Vault. You will be able to zap into a liquidity pool after the LGE3 but that will most likely result in a worse price for your ENCORE LP tokens and is not a priority for the team to set up. It will be a long time before this will be enabled. CORE Liquidity Generation Events are designed to give the fairest price to its participants.
6) What is the value of my ENCORE LP?
1 ENCORE LP will be redeemed at 0.5 ETH worth of DAI/CORE LP
7) Why not just unlock the pools and give back the ETH?
Unlocking the pool would allow people to sell their ENCORE into the pool which would steal value from others. It would give the biggest advantage to the people that act first. The fairest way forward was to use the zap function and migrate ENCORE LP tokens into the new CORE/DAI pool which will launch after the completion of the third Liquidity Generation Event.
Last modified 1yr ago
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Contents
The next steps of the transfer:
Frequently Asked Questions about the Migration:
1) When will the migration take place?
2) What do ENCORE LP holders have to do?
3) What happens to unclaimed ENCORE in the vault?
4) What happens to the ENCORE in our wallets?
5) What happens to unstaked LP in our wallets?
6) What is the value of my ENCORE LP?
7) Why not just unlock the pools and give back the ETH?