Staking V2 - Manual Migration
🚨Staking V2 will first commence on Optimism🚨
Polygon staking options will soon follow once the community becomes more familiar with the new staking model and app. This article will stand as "how-to" for manually transferring DHT tokens from either Ethereum or Polygon to Optimism at any time.
Quick Refresher
A major upgrade to the current staking model has been passed by a governance voting. The original staking features are to be overhauled and migrated from Ethereum L1 to the L2 on Optimism. Current stakers of DHT will have their dHEDGE DAO tokens unlocked on the go-live date, and remaining rewards will be distributed at that time on a prorated basis based on how many days since last emission.
dHEDGE will notify users of this event across various mediums to not miss any loyal hedgehogs - so keep an eye out and turn on all notifications to not miss a beat.
This blog will focus on the process of how to bridge either Ethereum or Polygon DHT over to the Optimism network safely and securely. This article does not describe the benefits, mechanics, or detailed intricacies of the new Staking 2.0 model that will go live shortly after this release. To read more on the mechanics of rewards of the new staking model, click here.
Bridging is the term used to describe the action of moving assets from one blockchain to another.
The fundamental overhaul of Staking 2.0 is the new requirement that Staked DHT on the Optimism network must be paired with a portion of staked dHEDGE Vault Tokens (DHVT) of the same network. This staking creates a paired ‘staked position’ of DHT and DHVTs.
In order to participate in the new staking model rewards and governance, users will have to manually bridge their Ethereum or Polygon DHT tokens to Optimism. The new staking model also represents a migration of governance from Ethereum mainnet to Optimism, which is consistent with the recent product developments and the total TVL growth of dHEDGE.
The new V2 Staking App is now passed its final phases of production and has undergone rigorous testing and contract audits.
Before You Begin
- We want to make it clear that you do not need to bridge your DHT tokens. It is only necessary if your DHT is on the Ethereum or Polygon if you wish to participate in governance or staking rewards.
- The token migration sites provided in this blog will remain open indefinitely, so you can decide when to swap whenever you wish. This is particularly useful to know if gas fees are high, as you can wait for fees to reduce before bridging.
- Using MetaMask, or any other crypto wallet is at your own risk. You are responsible for ensuring that you are using the correct addresses, procedures, and protecting your private keys.
- Please always remember the ONLY time you need your seed phrase is if you are recovering a wallet, and even then only when you have intentionally initiated this procedure.
- dHEDGE DAO will NEVER ask you for your seed phrase or private keys. You should never provide them to ANYONE, and any request for your private keys or seed phrase is likely a scam. ⚠️⚠️
- Beware of scams and phishing attempts! Please be wary any time you are interacting with any sites, and ensure that you are ONLY using the official links provided in this blog.
Further Topics
A proposal was passed to move the existing DHT liquidity onto Optimism, as this is the chain with the most recent growth in activity for dHEDGE. DHT liquidity is now on the Velodrome DEX. To purchase DHT, click here.
Bridging your assets is not mandatory and is not required to be a shareholder of dHEDGE DAO - it is only necessary to participate in the new staking model and governance. Users can choose to keep their token on Ethereum or Polygon mainnet as they see fit.
What's Needed
To bridge assets, you must first fund your existing wallet address that holds the DHT you wish to bridge with Ethereum mainnet ETH, or Polygon mainnet MATIC - depending on which chain you are bridging from. This ETH or MATIC will be used to cover gas fees in the bridging processes. Plan accordingly, and fund your wallet in advance to cover any fees ($50 USD of either ETH or MATIC should suffice).
Now that you're ready to go, follow one of the links provided below and connect your wallet to the bridging protocol of your choice.
For bridging Polygon DHT to Optimism, use this link https://app.multichain.org/#/router.
Otherwise, if you are bridging to Optimism from Ethereum, use the links below.
Verified Official Links
Optimism Official Bridge Website | Bridge How-To
More About dHEDGE
dHEDGE is a decentralized asset management protocol connecting the world’s best investment managers with investors on the blockchain in a permission less, non-custodial, trustless fashion. dHEDGE aims to democratize the investing experience leveraging Blockchain technology.
Supported by some of the biggest names in crypto, including Framework Ventures, BlockTower Capital, DACM, Maple Leaf Capital, Cluster Capital, Lemniscap, LD Capital, IOSG Ventures, NGC Ventures, Bitscale Capital, Divergence Ventures, Genblock Capital, Trusted Volumes, Altonomy, Continue Capital, The LAO, bitfwd (比特未来) and Loi Luu, Co-Founder and CEO of Kyber Network,