PancakeSwap Migration

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Hello Cowmoonity,

As many of you know, PancakeSwap is getting ready for PancakeSwap V2 very soon. Since this will affect all projects that rely on Pancakeswap for liquidity, we’re preparing everything for the switch.

Pancake is creating a new set of LP Tokens, and their farms and exchange will start supporting the new type instead of the old ones. Given that only LPs are affected by the migration, you don’t have to follow the instructions if you have funds in single asset vaults.

The migration will start on Friday 23rd April at 5AM UTC.

After the migration, PancakeSwap will stop giving out CAKE rewards for the old type of LP Tokens, and start giving rewards for the new type of LP Tokens. So you must take action if you want to keep earning rewards on Pancake and compounding on Beefy.

Right now Beefy vaults are pointed at the current Pancake farms, which will stop receiving rewards in a few hours, so new vaults will have to be deployed by our developers so users can stake the new LPs.


What do I need to do?

If you have PancakeSwap LP Tokens deposited in a Beefy vault, you’ll need to:

  1. Withdraw LP from the Beefy vault
  2. Unstake your LP tokens from old farms
  3. Remove liquidity from old type of LP
  4. Add liquidity to the new type of LP
  5. Restake in new farms
  6. Redeposit in Beefy Vaults once they are released

Step 1 and 6 can be done in Beefy app.
Steps 2 to 5 have to be done directly on PancakeSwap. The instructions can also be found in the following PancakeSwap tweet:

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Beware the network could be congested during the migration.

How much time do I have to do this?

There is no urgency to take action, however the sooner you deposit in the new PancakeSwap farms, the sooner you will start earning CAKE rewards.

Even if you are a bit late to the LP-switching party, your funds are SAFU on Beefy.

Our devs are working hard on the new releases so users can start compounding in Beefy’s vaults soon, we will announce the vaults as soon as they are available.

PancakeSwap Migration was originally published in beefyfinance on Medium, where people are continuing the conversation by highlighting and responding to this story.

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