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Symbiosis DAOSymbiosis DAOby0x04fDE790D26Da69AA9178249EAD6863977684e9D0x04fD…4e9D

[SIP-1] Suspend Symbiosis protocol V1 beta

Voting ended about 3 years agoSucceeded

Context Symbiosis protocol V1 was launched in March 2022. Since then, it has been battle-tested in the blood-shading environment of DeFi, proving its usefulness and stability every day. In December 2022, Symbiosis protocol V2 was launched. It inherits the main concepts and the logic of cross-chain operations of V1. On the other hand, due to its organization, it provides much better capital efficiency and can be easily expanded to new blockchains.

Proposal Halt Symbiosis protocol V1 beta:

  • Pause all its smart contracts,
  • Pause all liquidity pools,
  • Stop the relayers network V1.

Key Reasons

  • The Symbiosis relayers network V1 has shrunk; its size is not sufficient to transfer information about cross-chain operations between blockchains.
  • Liquidity providers migrated their assets from liquidity pools of Symbiosis protocol V1 to the liquidity pool of Symbiosis protocol V2.
  • Third-party aggregators are using Symbiosis protocol V2 now.
  • All rewarding programs have been moved to Symbiosis protocol V2.

Off-Chain Vote

Yes
80.94K veSIS100%
No
0 veSIS0%
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Timeline

Jan 26, 2023Proposal created
Jan 26, 2023Proposal vote started
Jan 30, 2023Proposal vote ended
Oct 26, 2023Proposal updated