Here’s an FAQ for the YakDAO community regarding migrating $YAKS liquidity from Arbitrum to Base using Axelar.
YakDAO $YAKS Liquidity Pool Migration FAQ
1. What is Axelar, and why is YakDAO using it?
Axelar is a decentralized cross-chain communication network that allows blockchain ecosystems to interoperate securely. By using Axelar, YakDAO can move $YAKS liquidity from the Arbitrum network to the Base chain seamlessly and efficiently. This migration enhances our platform’s scalability and user experience by leveraging Base’s lower transaction costs and growing ecosystem.
Links for more information:
2. Why is YakDAO migrating $YAKS liquidity from Arbitrum to Base?
The decision to migrate $YAKS liquidity from Arbitrum to Base is driven by several strategic factors:
- Lower Transaction Costs: Base offers significantly lower transaction fees compared to Arbitrum, which benefits all YakDAO users by reducing the cost of transactions.
- Scalability: Base’s infrastructure is optimized for scalability, allowing YakDAO to support a growing number of users and transactions without compromising performance.
- Ecosystem Growth: Base is rapidly becoming a hub for innovative DeFi projects, Liquidity providers, and migrating to this ecosystem aligns YakDAO with other cutting-edge platforms and increases our potential for growth and collaboration.
3. How will the migration process work?
The migration process will involve the following steps:
- Step 1: Branding and Application Submission: First, we will complete the branding of the $YAKS token on the Base chain, heavily into RWA Apps and defi apps. Concurrently, we will apply with Aerodrome, the leading liquidity provider on Base, to ensure that our liquidity is supported and accessible. We are done with the setup and completing branding.
- Step 2: Axelar Integration: Using Axelar’s cross-chain communication network, we will transfer $YAKS liquidity from Arbitrum to Base. This process is designed to be secure and efficient, minimizing downtime and ensuring a smooth transition for all users.
- Step 3: Community Coordination: We will provide detailed instructions to the YakDAO community, including how to claim their $YAKS tokens on the Base chain and participate in the new liquidity pools.
- Step 4: Coin profile site optimization: ongoing.
4. What is the timeline for the migration?
- Phase 0: Branding & Initial Preparations
- Finalize branding for $YAKS on Base.
- Apply Aerodrome and begin Axelar integration.
- Phase 1-2: Liquidity Transfer & Community Onboarding
- Execute the migration of $YAKS liquidity from Arbitrum to Base.
- Provide community members with instructions on claiming their tokens and participating in new pools.
- Phase 3: Finalization & Optimization
- Monitor the migration process and optimize liquidity pools.
- Conduct community events to ensure smooth adoption and address any issues.
5. How will the community be affected during the migration?
The migration process is designed to be as seamless as possible for the community. However, there are a few key points to keep in mind:
- Token Claiming: Community members will need to claim their $YAKS tokens on the Base chain. Detailed instructions will be provided, and our support team will be available to assist with any questions.
- Temporary Downtime: There may be a brief period during the migration when $YAKS liquidity is temporarily unavailable. We will communicate this in advance and ensure that the downtime is minimized.
- Rewards and Incentives: To encourage participation and support during the migration, we will offer rewards and incentives for those who participate in the new liquidity pools on Base.
6. What do I need to do as a $YAKS token holder?
- Stay Informed: Keep an eye on YakDAO’s official channels for updates on the migration process, including key dates and instructions.
- Prepare for Token Claiming: Be ready to claim your $YAKS tokens on the Base chain once the migration is complete. We will provide detailed guides and support to help you through this process.
- Participate in New Liquidity Pools: Once the migration is complete, you can participate in the new liquidity pools on Base, earning rewards and contributing to the growth of YakDAO.
7. How will this migration benefit YakDAO in the long term?
Migrating $YAKS liquidity to Base positions YakDAO for long-term success by:
- Enhancing User Experience: Lower fees and improved scalability on Base will make YakDAO more attractive to both current and potential users.
- Expanding Ecosystem Partnerships: Being part of the Base ecosystem opens up opportunities for collaboration with other leading DeFi projects, fostering innovation and growth.
- Strengthening Token Value: Improved liquidity and access to a broader market on Base could positively impact the value and utility of $YAKS tokens.
8. Where can I get more information or support?
- YakDAO Community Channels: Follow our official social media channels and community forums for updates, support, and discussions.
9. I’ve received my $YAKS on base, thank you! Can I trade them?
Great question! Once you’ve received your Yaks, you can swap them as you please in the Coinbase Wallet or MetaMask, just make sure you are using the right CA and the base chain!
Support Team: If you have any questions or need assistance, our support team is available to help. Contact us through our official website or support email.
