veIB Migration from Fantom to Optimism
Dear Iron Bank Community, we will be migrating our veIB tokens from Fantom to Optimism. For our vote escrowed Iron Bank tokens, the priority will always be for the benefit of users and token holders.
Inexpensive fees and fast transaction speeds are advantageous for users of vote escrowed tokens due to the regular claiming of rewards. Gas fees become an important consideration for users during periods of high congestion, especially when factoring in the variability of the reward size and the frequency of claiming.
When surveying the current landscape we were immediately impressed with both the Optimism team and product. This culminated in our integration and subsequent launch on Optimism, with our partners Alpha Homora V2 and Yearn on August 17.
With the strong growth, along with current market conditions, we felt that Optimism would best serve the needs of veIB token holders moving forward. We’re excited to work deeper with the Optimism team and community, together with our partners in growing the DeFi ecosystem and being a liquidity backbone. We’ll have more exciting news to share jointly with Alpha Homora V2 in the near future.
In addition to this move, Iron Bank will be reducing the rewards emitted to veIB from 50% of the protocol fees to 25%. This is to increase protocol owned liquidity during the current market conditions, and ensure Iron Bank is best placed to take advantage of improved market conditions when they occur.
For veIB token holders, the below represents key steps to take for migration, along with key dates and impacts to rewards.
Migration will be available from October 13 10:00 UTC and users will need to migrate their veIB tokens by October 27 00:00 UTC, to be eligible for the next reward distribution on November 3 on Optimism. The veIB reward distributions will be paused within this time period. Please note this does NOT impact any liquidity mining rewards, ONLY rewards claimable by veIB token holders.
To migrate their veIB tokens, users will need to go to app.ib.xyz/veib. Please make sure your wallet is connected, and the Fantom Opera network is selected.
Users will see their veIB balance in the upper part of the screen with an action button to “Migrate”.
From there, users will see the screen shown below asking first to approve the transaction, followed by the claiming & migrating of their veIB balance to Optimism.
Once users have migrated their balance, to verify that the migration has been completed successfully they should remain on the same screen, but switch their network to Optimism. Upon refreshing, users will see their veIB balance, as per usual.
While users will always be able to migrate their veIB tokens from Fantom to Optimism, those who do not migrate will no longer be eligible for reward distributions. From now until November 3, veIB rewards will be paused to allow sufficient time for users to migrate. All fees earned during this time will be accrued for the next reward distribution on November 3 for Optimism veIB.
We thank the Fantom Foundation and the Fantom Community for their support this year. Should Iron Bank users have any concerns or experience any issues, please reach out to us within the Iron Bank discord.