Migrating to Kalmar V2 Farms

Kalmar has informed its users to close their old positions and re-open them since their V2 farms are now live. Kalmar had to upgrade their farms to new ones because PancakeSwap migrated to V2.

By
Ifeanyi Egede
on
April 28, 2021
Category:
BSC News

PancakeSwap V2 necessitates Kalmar farms upgrade

Decentralized Finance (DeFi) bank Kalmar has asked its users to close their old positions and re-open them to complete the project's upgrade to V2. PancakeSwap's migration to their own V2 necessitated a Kalmar update which they have now completed. While this migration doesn't affect lenders, other users need to migrate from the old Pancake pools to continue earning on their positions. Users were not previously made aware of the reasoning behind the migration, which extended the timeframe needed to migrate liquidity into V2.

Why Migrate?

Source: A step-by-step guide to migrating user assets

This migration will enhance the security of their operations. PancakeSwap had to migrate to V2 because their current PancakeSwap router and factory contracts can’t be upgraded. Due to this they were unable to provide more incentives, change their current free structure or add other features to their existing project base. Kalmar was forced to migrate to their intertwined status with PancakeSwap. PancakeSwap's migration commenced on the 23rd of this month and has now been completed. There are four steps users with current PancakeSwap LP tokens need to do to complete their migration, which are explained in detail in a post from their official Medium account. After the migration, PancakeSwap was able to launch the beta Prediction tool, allowing users to make similar predictions to HXRO on Solana.


About Kalmar

Source

Kalmar is a DeFi/ NFT-powered decentralized bank. It makes banking engaging, transparent, and accessible by utilizing secure financial instruments and advanced gamification models. Kalmar recently announced that it has launched its NFT fundraiser page. It is the first NFT-based, BSC-powered fundraiser product ever. Kalmar works in conjunction with PancakeSwap pools in order to make their yield farms operate.

About PancakeSwap

Source

PancakeSwap is BSC's leading Automated Market Maker (AMM) and yield farming project based on volume and user base. It offers various creative ways for its users to earn utilizing $CAKE, their proprietary token. PancakeSwap recently announced that it is now possible to earn $DFD (DeFidollar) by staking $CAKE because the DeFidollar farm and Syrup Pool are now functional. Similarly, the availability of the Alpaca Syrup Pool and the $BUSD farm allows $CAKE users to stake $CAKE and earn $ALPACA. After upgrading to its V2, PancakeSwap has seen almost 5 million of its almost 7 million liquidity providers move to their V2. Since the migration is now complete, PancakeSwap will no longer reward those with the previous LP tokens but will only reward those with the V2 LP tokens. 

Closing Thoughts

At last, Kalmar users now know the reason behind mandatory instructions for users to close their old positions and re-open them. That means they can now complete the V2 upgrade more confidently because they're armed with the knowledge of the benefits that they stand to gain. Users will gain access to even-further optimized yields in the V2 model than were possible previously, and the migration is set to boost Kalmar’s leverage potential even further in the future.

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile crypto writer and researcher on fintech, the blockchain and emerging technologies. He has several published works online and in the print media. He loves reading, research, traveling, meeting people and football. When he is not writing, he spends time with his lovely wife and kids