Based on the previous swapping problem in version 1, we decide to propose a new Flamincome-V2
In Flamincome-V1, users can deposit USDT into Vault to mint fUSDT，then fUSDT can generate nUSDT through Normalizer. nUSDT can be use to finish Cross-Chain job such as crossing to Neo.
However, there exists some problem that users can't swap their nUSDT back to USDT if they don not follow the swapping flow describe above(for example, one using Uniswap to swap USDT to nUSDT).
To deal with the logical problem, we decide to design a new Flamincome-V2. Instead of using one single Vault in V1, there will be two Vaults in V2 where one is XVault and the other is YVault responsible for different functions. Users can deposit USDT into either XVault or YVault as they want. If users choose XVault which will generate Xtoken, they can perform cross-chain function to Neo and get rewards but can not withdraw any rewards in Ethereum. If depositing into YVault, users can get rewards in Ethereum minted by both XVault and YVault but can not perform cross-chain operations.
To help users transfer funds from V1 to V2, we provide different options. If the ntokens are generated through the strict V1 process, users can directly swap back to original token. if not, then users can choose the way described below(using WETH as an example):
swap the nWETH straightly back to WETH. We provide a buffer between V1 and V2. Currently we have transfer all deposit funds to V2 Vault, so users can swap back to WETH from the buffer in a 1:1 ratio.
Currently we only support the over version swapping on WETH. The swapping of USDT and WBTC will be opened after stabilization.
xtoken can be withdrew for XVault without any rewards. In order to prevent frequent malicious withdrawal, there will be few withdrawal fees.
ytoken can be withdrew for YVault with the rewards from XVault and YVault.The actual amount received is the amount after deducting the strategy commission and withdrawal fees.
Agree with the new Flamincome-V2 model and Support the launch of V2.
Disagree with the new logic in V2 and refuse the version updating.
0xD4e599e0694612553D2B259Dbdc83eb9c4EF47DC
Link: https://client.aragon.org/#/flamincome/0x24d840dbaa0c0c72589c8f8860063024d1c064db/