How to rollover your liquidity from the expiring USDC term to the current USDC term
The USDC term that went live on August 02, 2021, is expiring today!
The USDC term that went live on August 02, 2021, is expiring today!
Follow the tutorial below and learn how to rollover your liquidity to the current USDC term live on Element!
Remember that you will need to wait until the term expires to remove your liquidity and/or redeem your underlying USDC.
1. Remove liquidity and redeem your underlying tokens
- For LPs: when a term ends, you will first have to remove your liquidity and then redeem your underlying tokens.
- For Principal Tokens (PT) holders: you will only need to redeem your underlying tokens.
1.1. Remove liquidity if you’re an LP
- Head to the Pools tab, scroll down to the USDC term that’s expiring today, Oct 29, and click on “LP”.
2. Click on “Remove LP,” then click on MAX, and, finally, click on “Remove liquidity”, at the bottom of the screen.
1.2. Redeem your underlying tokens if you’re an LP or a PT holder
Click on the “Portfolio” tab, and redeem your USDC PTs and/or YTs for the underlying tokens by clicking on redeem.
After redeeming your tokens, you will have two options when rolling over to the current USDC term
“Mint and LP”: if you choose this option you will be exposed to variable rates while LPing.
- Go to the “Mint & LP” tab on Element, scroll to the USDC v2 vault ending on April 29, 2022, and click on “Show”. Input the number of USDC tokens you wish to deposit. Click on “Mint Tokens”.
2. Click on “LP for additional yield”, and then enter the number of PT and YT that you want to allocate. Click on “Add liquidity” and that’s it! Your rollover will be complete!
Note: Remember that to LP you will need to supply some of the base assets as well.
Buy Principal Tokens: if you choose this option you will be exposed to fixed rates while LPing.
- Head over to the Pools tab on Element, scroll to the USDC — ePyvUSDC term ending on April 29, 2022, and click on “Trade”.
2. Go to the Pool Actions section, click on the “Buy” option, and buy the number of ePyvUSDC tokens you want.
Note: Remember that to LP you will need to supply some USDC, so don’t buy the MAX available if you don’t have extra USDC to provide liquidity.
3. Click on the Add LP section and add enter your ePyvUSDC tokens and some of the base asset (USDC).
4. Approve the transaction, and that’s it! You’ll be now providing liquidity for the USDC term.
Concerns or questions?
If you have any doubts, questions, or feedback regarding liquidity rollover, please don’t hesitate to reach out!
Feel free to ping us in our #questions channel on our Discord server, and we will get back to you to clarify any doubts you might have!
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