PancakeSwap: Why You Need to Remove LP Tokens Right Now
WHY?
PancakeSwap is ready for upgrade and V2 is live now which means that current LP tokens have to migrate to new LP tokens!
Here is the tweet
https://twitter.com/PancakeSwap/status/1384904207938068480
It seems like more good things are coming to PancakeSwap with this upgrade but their current architecture won't be able to upgrade their contracts automatically so you have to manually migrate your LP tokens when they migrate the system.
The migration starts 4/23/2021 @5AM UTC
What is going to happen to the old LP tokens after migration is started?
Even if you are farming in the old system, you won't receive any rewards from the old LP tokens because they will stop the old rewards and start the new ones after the migration.
What you have to do?
Unstake your LP tokens from old farms
Remove liquidity from old type of LP
Add liquidity to the new type of LP
Restake in new farms
Basically take out the old LP tokens and put it into a new LP 👇
They made this easy to follow migration instructions so you just need to follow these steps to migrate to a new farm.
They also made this in different languages like Spanish, Japanese, Indonesian, Portuguese and more so if you like to see these steps in your own language, check out this thread on twitter here
https://twitter.com/PancakeSwap/status/1385233331915157504
They kind of have this "live" update on twitter what is going on and what to do so be sure to check this out.
https://twitter.com/PancakeSwap/status/1385562516311351301?s=20
If you are not farming? Only staking in Syrup pools? You don't need to do anything. This V2 migration won't affect syrup pools.
I think this upgrade is interesting because this migration will bring super high APRs to the farms and they could be very rewarding!
More info here
The Great Migration Vote!
https://pancakeswap.medium.com/the-great-migration-vote-4093cb3edf23
SWAPSPACE Fast Crypto Exchange 👇
hello @tomoyan ,
this is information that few people know I mention it because I am in a news group and there is no talk of this change, it is a relief that the content creators of this community are up to date with the news, right now copy the link and go to the group, thanks for the information.
Cool to know the syrup pool is not affected by this migration.
Excellent, thank you very much for reporting, I will keep an eye on the migration of these tokens. I really like this project on the Binance Smart Chain.
Financial Markets Analyst.
@lenonmc21
Wow! I never knew there's actually more to the effect of LP on pancake swap.. Thanks for sharing this great post.
I will love to ask if tokens like safemars, safemoon are also affected in this case.
Thanks for sharing this great post with love from @hardaeborla and I hope you have a great day ahead ❤️💕♥️
I patiently read through more than once without having the slightest insight of all this.
Can someone help a wondering one here who needs knowledge please?
This sounds quite interesting but I need to know more please.
What is pancake swap cause it sounds like some cake I eat here in my country.
Hello after reading your post and off course dropping my first comment, I had to quickly check out the pancake swap stuff and I tried connecting my metamask account to it but it kept giving me errors.
Screenshot of my screen
Use MetaMask For Binance Smart Chain
https://docs.binance.org/smart-chain/wallet/metamask.html
I don't use metamask but there are bunch of tutorials how to connect bsc