Liquidity providers in Balancer’s Boosted swETH pool need to migrate their liquidity to continue receiving Balancer incentives.
Jul 27, 2023
As part of Balancer's composable stable pool migration, swETH liquidity providers (LPers) in Balancer’s Boosted swETH Pool (swETH-bb-a-WETH) need to migrate their liquidity to continue receiving Balancer incentives. This includes LPers in protocols built on Balancer, such as Aura, Pendle, Penpie, and Equilibria. (Note that the new Pendle swETH only pool is not impacted.)
The migration involves several of the largest Balancer pools and aims to resolve an issue with fee collection. As described in BIP-366: "By migrating to these new pools Balancer LP’s are in a safe position while protocol fees can still be collected by the DAO. While no funds are at risk in the current state, the migration will once again enable the core pool cycle and protocol fee collection."
Swell is now working with Balancer to help streamline the liquidity migration process ahead of the killing of the existing Balancer pool gauge on the week of August 14th. From that point, zero Balancer emissions will flow to the old pool, but LPers will continue to be eligible for pearls in the Swell Voyage.
LPing in the new Balancer pool, however, will earn pearls at DOUBLE the usual rate for LPing. (Note: pearls earned at the boosted rate for the new Balancer pool are already accruing in the background, however, they won’t be immediately available on the Swell dapp’s Voyage UI until a later date.)
To help you migrate your liquidity, we have prepared the following guide:
How to migrate your liquidity
If you are LPing in any of the protocols in the Balancer stack, you can now migrate your liquidity to either:
A new dedicated swETH pool we have set up on Pendle; incentivized with bribe rewards from Equilibria and Penpie.
Our new Balancer pool.
All pools mentioned, including the existing Balancer pool, are eligible for pearls in the Swell Voyage.
To get started, simply follow the steps outlined below for migrating from whichever protocol you are using to provide liquidity in Balancer: