Migration Deadline

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#1

As far as I understand there is no deadline set at the moment for migrating LEND to AAVE.

Good pick up thus far having already achieved 33%+ but are there any concerns re: stagnation in the migration process 1) in general and 2) given that some are complaining about low yield for now for AAVE / better yield elsewhere with LEND?

According to a comment from @defidude on discord there is no deadline at the moment and one could only be implemented based on a governance vote. Is this something we want to pursue to eliminate doubt as to the path forward, LENDs place in it (or lack thereof) and to expedite progress?

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Cream.Finance help!
#2

I think it’s a good idea. for a deadline towards the end of October seems very realistic to me because some want to see more volume in the Aave token but that will not work if more than 65% are not swapped

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#3

I like the idea of moving over at your own pace. Someone in the Telegram channel said there is no due date currently on the migration. My inquiry was to determine if there was an urgent need to get out of a UniSwap position and I was told to get out when I consider it. He said “I expect along the time liquidity to be the moving and proceed to the migration through”. To me that sounds like at some point liquidity will be the driving force to migrate.

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#5

I believe it would be beneficial to have just one token (Aave) as opposed to both Aave and legacy LEND. @marczeller just uploaded a community sentiment poll to bring Aave staking online and to allow native swap between stkAave and aLEND. I believe we should set a deadline reasonably after that functionality is enabled.

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#6

The idea behind open migration without a deadline was to ensure fair migration process. Currently over 33% have migrated and I believe that the number will grow above 60% by next week when the centralized exchanges are migrating as well. Eventually all utility is in AAVE so it’s up to the governance to decide when to set a deadline for migration, probably something that could be reviewed within upcoming weeks again.

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#7

Hey all, really good point !
I also believe we should set up a reasonable deadline to migrate lend to aave, which could bring a lot of scarcity for the AAVE token, but i also agree that we need to list aave first, then maybe end of year could be good as a deadline, what do you think ?

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#8

Deadline should be in place subject to 70%-75% migration completion for fairness to entire community.

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#9

It is quite tempting to have a deadline so that we can block future converted Aave from the stand point of a current Aave holder (myself included). But really if we get into a shoe of a long-time LEND holder who might have not been watching defi for months, it will be heartbreaking when they some day suddenly find out that LEND cannot function no more and there is no way to migrate to Aave just due to the deadline.It is simply unfair.

I am not technical savy if I think the only downside of keeping this migration contract going forever would be some sort of smart contract deployment fee? Based on the Math then we can probably cut off the deadline say at 99.99%?

I personally don’t think it is awfully fair to keep someone out.

4 Likes
#10

If you ask me at the moment there is no need for a time line. After Binance swaps, there will be over 60-70% migrated for sure.
After that you could think of a deadline. But in this case I would only suggest end of the year. Should be fair enough for everybody. Only if some exchanges can’t handle the deadline you could say to extend it so end of February. That’s half a year. Possible for Anybody.

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#11

Agree to keep it open for now and reassess at a later time.

1st, convert aLEND to aAAVE - collateral. If you create a deadline too soon, it could impact the overall in circulation value of AAVE, no? Plus leaving those invested in LEND no option to convert could have impacts on the eco all together.

No necessarily against the time deadline, but should be at a point where it makes sense to do so. I don’t think now, or even soon is the time.

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#12

hello everyone,
i think setting a deadline for the end of the migration is a good idea.
This will allow, as some have said, to have only one token left on the protocol and will also allow the real supply to be adjusted.
I think a lot of lend has been lost since its inception and therefore the aave supply will be distorted.
As to how to fix this i think we can look at two things.
First, choose a fairly distant (for example mid-2021 or end of 2021) in order to remain respectful of those who have invested one day and who do not necessarily look on the side of the current migration. Second, we can also look at the swap velocity between lend and aave.
There will come a time when almost no token will be swapped. At that moment it will be time to fix the date with more precision.
Let’s maintain impeccable ethics, but remember that this is not the most important question we are required to answer in the first place.

2 Likes
#13

Hi all,
This is a very important point raised here and thanks for posting it.
I am torn between a deadline and a migration ratio (75/80%).
A deadline too far away would be penalizing in the short - medium term in my opinion
With an appropriate communication, this should reassure everyone.
Looking forward to reading you !

#14

I’m also in-between on this one, but leaning towards supporting a deadline in the future.

The benefits of a deadline is less supply, in addition to that, a more active supply. You can safely assume all AAVE in circulation is fresh/active and likely not in dead accounts or forgotten about. On top of that, it brings us closer to leaving LEND behind and moving forward with AAVE.

The downside I think, is what everyone else is probably thinking, what about people who may not have known about the migration until it is too late. What effect could this have on the protocol? To me, it just seems like users could be upset or lose money because they weren’t aware of the migration or deadline in time, which is the main/only downfall I can see.

I think one approach I’d lean towards is after the migration has reached a certain point (60-70% migrated as others have suggested), we could set a deadline after that migration amount is met. But even doing that, I think there should be proper steps taken to ensure every LEND holder that can be possibly notified is notified, for example, MetaMask warned users about having SAI when it turned to DAI if I remember correctly, similar with Uniswap - so what if we could reach out to these providers to warn users still holding LEND that they’re able to migrate?

Just thinking out loud here.

2 Likes
#15

Great comments everyone.

My question around a migration isn’t intended to lock anyone out of the ecosystem but rather to expedite the migration process and the benefits that AAVE brings.

Considering the uptick in activity on LEND wallets lately it would seem the community is reasonably aware of what’s going on. Between Twitter and Discord there seems to be a reasonable amount of communication channels to alert people. As @defidude suggested there is certainly benefit in reaching out to Metamask / etc to get the word out as well. Perhaps even engaging some of the more popular DeFi newsletter publications like Bankless and The Defiant?

Regardless of migration progress, setting a deadline for end of 2020 (3 months away) seems like a more than sufficient timeline for people to become aware and have the space needed to act.

My concern is the ecosystem feels like its in limbo at the moment with some on LEND and some on AAVE which is probably contrary to the hopes of the Aave team and contrary to whats best for the protocol. As long as there are other yield opportunities with LEND, it seems to me that its just going to be a very slow process for people to move over. Unclear what the “critical mass” number is regarding migration percentage for LEND positions to no longer be viable nor how long it will take to get there.

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#18

I would be in favour of a migration deadline also. The sooner we are all in on aave the better. Obviously sufficient time should be allowed for migration and not to lock any holders out from migrating to Aave.

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#19

I believe a EOY deadline is an appropriate amount of time to allow LEND holders sufficient time to sort through their financial affairs. The best thing to do in my opinion is to at least begin with an initial deadline. If there is any concern with a specific date, then the community can at least get together to work through any concerns and set a more realistic date.

1 Like
#20

Great topic and nice to see lots of comments. Agree with the deadline approach but don’t think it needs to be any time soon. Setting it 1 year from now (for example) would still be reasonable. So many variables to consider though and lots already mentioned. One I’d add is what if current aLend holders don’t migrate when the functionality is added? I guess we’d have to pass a proposal to auto migrate all aLend to aAave so we don’t liquidate holders?

#21

Hi all,
Since the migration is happening at a breakneck pace since we have almost 70% of the total supply that has already been swapped.
I agree with the majority of the aavengers and propose that we set the migration deadline by the end of the year.
This allows time for the last 30% to swap and also limits the time that Aave will have two tokens in circulation.
So I ask you a maximum of likes so that the Aave team can write the next AIP concerning this decision!
Gogogo !!!

4 Likes
#22

This is certainly less of an issue than I expected which may be why its not getting much attention (in this forum) from the Aave team. Understandable considering we went from around 30% migration to nearly 70% in what feels like less than 1 week. Didnt realise how much LEND was sitting on Binance.

An end of year deadline seems reasonable so as to put a definitive “end” to the migration process but the initial concerns over what seemed like stagnation are decreasing.

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#23

I’m for an end of the year deadline.

December 31, 2020 -> the last day when you can exchange LEND for AAVE

1 Like