VELOCIMETER UPDATE.

03 Mar 2023, 18:56

VELOCIMETER UPDATE After a few stressful days we have gotten to the route of the problem and have determined that there are overlapping issues that we believe will ultimately lead to the deterioration of many of the LPs. We are in contact with the Velocimeter team and they do still seem willing to make things right however at this time we believe the potential risk of having funds locked in vaults is not one that we are willing to take. Our official recommendation is to migrate to another vault on Canto Dex or withdraw funds completely from ALL vaults containing Velocimeter farms. In theory you should have 5 days until the next epoch to move funds at which point there is a 100% certainty that they will once again be locked but given the errors in the LP contracts you will be at greater risk the longer you are in those farms. We are still working on trying to find a solution for those that are in vaults with CANTO-USDC. Unfortunately the debt from these LPs far exceeds the value of the vaults themselves atm so we need to find a workaround or work with the Velocimeter team to provide compensation. We have never left a man behind and we don't intend to start now. If you are in one of these vaults please fill out a support ticket so we can address each one individually. Tips on dealing with denied transactions when trying to migrate/withdraw from these vaults: Try a different RPC (this is my preferred) Try a combination of these actions: > clear cache > manual harvest > deposit a tiny amount > migrate > withdraw We understand this is a pain but we have had success using these techniques in order to get around the errors in the dex as they seem to be intermittent. We will continue to update as we know more but for now it’s time to serve and protect so we can live to degen another day.