FAQ: YFV and VALUE Migration

Value DeFi Protocol
4 min readSep 11, 2020

1. What’s happening?

As discussed in our recent Strategy & Roadmap update, our focus is to enable platform upgrades by migrating from YFV to VALUE (essentially YFV v2). Rationale described in VIP 5.

We recognize that there is a lot of information out there on our very ambitious plans and roadmap, so to break it down, there will be three major changes:

1. YFV will transition and be swapped to VALUE

2. 98/2 Asset/YFV Balancer pools will transition from farming YFV to farming VALUE. You will need to approve this transition.

3. At a later date, 98/2 Asset/YFV Balancer pools will be migrated to Value Liquid as 98/2 Asset/VALUE Liquid pools. No action needed from farmers.

Over the coming days and weeks, we will do our best to mitigate confusion regarding the above three points.

2. Difference between current YFV and VALUE

VALUE will have the same price and governance powers as YFV, but VALUE will allow the YFValue protocol to evolve. Please read VIP 5 for further info.

3. Will VALUE replace YFV?

To smooth liquidity and transition, YFV and VALUE will co-exist for a time. Eventually, the community will vote for the complete transition from YFV to VALUE through Value DAO.

4. How will these changes impact farming?

Farming will continue as usual with some modifications.

  1. Approve transfers from current Balancer farming pools that reward YFV to new Balancer farming pools that give VALUE rewards
  2. Automatic migration from Balancer to Value Liquid at a pre-defined, later date. No actions needed from farmers.

1. You are currently farming YFV from the KNC/YFV 98/2 Balancer Pool

2. At VALUE transition date, you will have to click on a transfer button on the website to transfer your liquidity to a new KNC/YFV 98/2 Balancer Pool. You will now farm VALUE.

3. At Value Liquid launch, the team will automatically migrate your KNC/YFV liquidity from Balancer to Value Liquid. Your liquidity will become KNC/VALUE instead of KNC/YFV. No action needed on your part. Continue farming.

5. How will this migration affect YFV Holders and Traders?

You DO NOT need to do anything.

CEX and DEX (e.g. Uniswap) trading will not be impacted.

For those trading on Balancer, note the following details:

  1. Before the migration to Value Liquid from Balancer, you are able to trade YFV normally on Balancer.
  2. After the migration, you will no longer be able to trade on Balancer anymore since liquidity from YFV on Balancer will have been migrated to Value Liquid.
  3. You will then trade VALUE on Value Liquid instead. You will need to swap YFV to VALUE (1-to-1 swap) and can continue to trade of VALUE on Value Liquid.

6. How will YFV to VALUE swapping work?

After VALUE has launched, anyone can swap between VALUE and YFV 1-to-1. There will be a frontend UI on https://yfv.finance for these swaps; it will be available on Value Liquid as well.

In summary, anyone can easily swap VALUE to YFV and hold or trade as described above.

For trading of VALUE, please note the following:

  1. Before the migration to Value Liquid from Balancer, you will be able to trade VALUE on Balancer after the transfer of Balancer YFV pools to Balancer VALUE pools
  2. After the migration, you will no longer be able to trade VALUE at Balancer any more since liquidity for VALUE at Balancer will no longer exist.
  3. You will then be able to trade VALUE at Value Liquid instead.
  4. CEX and other DEX trading of VALUE will be up to their listing process. Nonetheless, the option remains to swap VALUE back to YFV to trade in the short term.

7. Max Supply of YFV total max supply

Our proposal of Max Supply of YFV is 4M and Max Supply of VALUE is 3M.

This will be finalized by Community Vote in VIP 5.

8. Infographic and/or graph explain YFV and VALUE

9. Is VALUE the governance token as well?

Yes, VALUE encompasses all features that YFV possesses, including voting power.

10. Is VALUE a liquidity pool token like UNI, BPT?

No. Value Liquid will have VLP, which is a pool liquidity token similar to UNI, BPT.

11. What is the “rugpull risk” of VALUE?

As previously stated, YFV’s development as a platform has been stunted as we have burned governance keys.

That said, we recognize that the introduction of new governance keys once more for VALUE in order to make upgrades resurfaces this risk. YFV holders will vote on key protocol changes through the Value DAO, or votes by YFV holders. Decisions by the DAO will operate under a 48 hour timelock contract, a standard that has been adopted across DeFi projects today.

12. How YFV liquidity shift to VALUE liquidity

Currently, there is little liquidity for VALUE before the launch of Value Liquid as all the current liquidity is in the Balancer pools (250mil$) for YFV. So people who receive VALUE and who want to sell will need to swap to YFV through the wrap portal.

After the migration is complete from Balancer to Value Liquid, all current liquidity at Balancer for YFV will become liquidity for VALUE (all asset/YFV pairs at Balancer become asset/VALUE pairs at Liquid).

13. Do I need to swap YFV to VALUE now? Any deadline

No, you do not need to swap now. There is no deadline to swap

14. I have YFV at Exchange, will it be auto-swap to VALUE? Any deadline to swap?

No, there is no deadline to swap. If you have YFV at a Centralized Exchange, YFV will not be auto-swapped to VALUE.
Please contact the support of your Centralized Exchanged regarding this.