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 !
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.
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.
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.
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.
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?
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!
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.
I’m for an end of the year deadline.
December 31, 2020 -> the last day when you can exchange LEND for AAVE
I would love to migrate my LEND into AAVE but I can’t for now because I use my LEND tokens as collateral. If AAVE would be enabled as collateral I could do the switch. Is there a deadline for the token migration? I dont want to lose my LEND because of this.
Im sure im not the only person with this situation right now
@piterpetito Don’t worry you won’t be liquidated. Lend to Aave should be part of v2 which is rumoured to be before end of year. Any migration deadline will have to take in to account Lend being used as collateral
As @DrAdz786 mentioned, with V2 if AAVE is collateral you’ll be able to swap your collateral from LEND to AAVE without withdrawing or affecting the health factor.
There’s a thread for supporting AAVE as collateral here: Proposal to add AAVE as collateral only
a deadline is very much needed, though the LEND being use as collateral factor should be taken into account but since it’s locked in AAVE anyway automatically converting that should be possible. Token migration phases like this tend to confuse potential new buyers, delay new exchange listings while people who want to sell will do so anyway so not a good phase to be in. Sooner rather than later.
I am unable to migrate my LEND to AAVE as it is deposited and on an unhealthy safety ratio right now. I think if we find a way to migrate aLEND to aAAVE directly without affecting safety ratios etc on DefiSaver you will see the vast majority of unmigrated LEND move over…
A good “entre deux” could be to integrate a floating deadline.
1st January 21 - 101 $LEND = 1 $AAVE
2st January 21 - 102 $LEND = 1 $AAVE
3st January 21 - 103 $LEND = 1 $AAVE
I have only recently discovered the migration thing and want to know if I am stuck with my Lend tokens.
Why should you be stuck? Just convert your Lend to Aave with the migration tool on the website.
There is no deadline yet and i honestly dont think its needed at all.
What is the status on the above Stani?
Hi again, I have had no success in finding the migration portal or getting anything to work. I so much want to save my money invested in Lend. Please help if it is possible. Regards, Alan
Thats what i found on the AAVE FAQ:
How do I migrate?
The process to migrate from LEND to AAVE is quite similar to a deposit. You just need to enter the Aave app and go to the migration portal. Then you need to execute 2 transactions to perform the migration: 1. Approve: This is a required transaction prior to the migration allowing the migration contract to move your LEND tokens to migrate them to AAVE. This transaction won’t be required if you perform additional migration actions unless you revoke the approval. 2. Upgrade LEND to AAVE: This transaction performs the upgrade from LEND tokens to AAVE tokens. When confirmed, you will have your new AAVE tokens in your wallet.
It seems like there is no UI for the portal anymore so you have to execute it by yourself. So direct interaction with the contracts.
Or you have to look for other tools that are using the same contracts to have an UI. I know MEW had something, but i dont know if it is still there. Google should help you.