I. Introduction

This governance proposal outlines the detailed steps and procedures for the migration from V1 to V2. Conducted with a commitment to transparency and meticulous planning, the migration process is designed to ensure a seamless and efficient transition for all participants.

Timeline and Key Events

Before Migration (Base Contract Deployments)

All V2 contracts that can be fully deployed in advance, will be done during the week leading up to the Migration. This includes everything in Ulysses and Talos, and deploying Hermes and Maia without minting or initialization. This ensures a swifter migration since we can already start integrating and adding these addresses to our UI.

• User Actions:
  • Users should prepare by removing LPs from UniMaia that has Maia, sMaia, Hermes or starHermes.

Migration (Pausing V1 and Token Airdrop)

V1 will be transitioned to withdraw-only mode, allowing only for claiming bribes, unstaking, and removing liquidity, with no new interactions (swaps) permitted. This transition will coincide with the migration block, where all relevant balances and pending distributions will be captured through snapshots. The migration process will begin at this block. Within the next 12 hours new tokens will be available on Arbitrum through the V2 user interface (UI) that will be launched. This will feature bootstrap incentives to ensure liquidity during the first week.

• Start Date: 15th 00:00 UTC of August
• Steps:
  1. Remove WETH/MAIA POL (Protocol-Owned Liquidity) from UniMaia from Multisig in Metis.
  2. V1 will be paused and migration block of pause transaction will be recorded for balances migration.
  3. Change Hermes V1 website to withdraw only mode.
  4. Run migration balances scripts to get V2 balances to distribute.
  5. Run last Hermes and Maia smart contract deployment/initialization scripts.
  6. Deposit 500k $HERMES as LP staking rewards for migration epoch.
  7. Deposit WETH/MAIA POL on Uniswap V3 and transfer to Treasury Governance Contract in Arbitrum.
  8. Distribute balances according to migration scripts.
  9. Make V2 mainnet website public before 15th 12:00 UTC of August when migration emissions start.
• User Actions:
  • Should remove liquidity and claim outstanding bribes from Hermes V1.
  • After the Migration Block users will be able to claim their new tokens on Arbitrum within the first 12 hours.
  • During the migration week, users can place votes for gauges in preparation for gauge incentive start.

V2 Mainnet Launch (V2 Fully Operational)

At this point V2 will be fully launched and operational, with emissions going to gauges based on gauge votes.

• Date: 22nd 00:00 UTC of August
• Steps:
  • Mainnet liquidity incentives will go live. Minter rewards will be distributed by each gauge, reflecting the previous week's rewards.

II. Full Proposal

Due to the size of this proposal, it is too large for snapshot, please read it on commonwealth and the discussion on discord:

• Proposal: https://commonwealth.im/hermes-omnichain/discussion/24358-hip21-governance-proposal-for-migration-to-v2
• Discussion: https://discord.com/channels/927968921443786862/1270755749597024411