Discontinuation of v1 farms
Riders! It has already been quite some time since all of the farms were upgraded from v1 to v2. Nevertheless, every epoch still to this day, rewards are distributed also to v1 farms - this is slow, costs unnecessary amounts of ADA and is ineffective.
As there has already been plenty of time - since June 2022 - for users to transfer to v2 farms, it is hereby proposed to end eligibility of v1 farms for farming rewards. This discontinuation of rewards distribution should take effect with epoch 403 (starting on March 31st at 21:45 UTC, ending on April 5th, 21:44 UTC), meaning this will be the last epoch in which rewards will be calculated and distributed for v1 farmers. After this v1 farms will no longer count towards effective liquidity.
Our data shows most users upgraded their farms to the new contracts. Currently, there are:
in the v1 farms:
- 473 deposits (6,54% of total farming deposits on WingRiders)
- 405 410 ADA value locked (1,3% of total value locked in farms)
in the v2 farms:
- 6760 deposits (93,46% of total farming deposits on WingRiders)
- 30 872 160 ADA value locked (98,7% of total value locked in farms)
The farm contracts were upgraded in June 2022. In comparison with v1 farms the upgrade reduced the contract size to half, user interaction with farms, such as harvesting, are 2-3x cheaper, and rewards distribution is approximately 10x cheaper.
The possibility for users to upgrade to v2 farms will still remain open. Those Riders who have been farming on WingRiders using the old v1 farms could either click on the “Upgrade” button in the UI or take any action in the app, such as deposit or withdraw LP tokens, harvest their rewards, participate in stake pool voting by voting for a stake pool or changing the voting power used for voting, and they will be automatically upgraded to the new version of the farming scripts. No other action is required.
Read more about the upgrade in our Double Yield Farming & Upgrade to Farming Scripts blogpost from June 2022.