Dear YakDAO Community,
We’re thrilled to share a major update in the evolution of $YAKS as we prepare to migrate our liquidity from Arbitrum to Base. This transition is a strategic move to streamline operations, enhance liquidity, and position $YAKS for future growth. Here’s what you need to know:
Why the Migration?
Migrating to Base will allow us to leverage lower fees, increased scalability, and better integration with emerging DeFi ecosystems. This decision, approved by our Governance Committee, is key to ensuring the long-term success and sustainability of $YAKS.
Axelar: Powering a Seamless Migration
We’re proud to announce that the migration will be powered by Axelar, a leading cross-chain communication network. Axelar’s technology will ensure that the migration process is secure, efficient, and seamless. By utilizing Axelar, we can confidently bridge $YAKS from Arbitrum to Base, allowing our community to claim and transact their tokens without any interruptions.
Axelar’s robust infrastructure will manage the deployment of $YAKS on Base, the setup of new liquidity pools on Aerodrome, and the migration of all existing liquidity. You can explore more about how Axelar’s technology works here.
What You Need to Know:
- Timeline: The migration will officially begin on 09/05/24, with liquidity pools on Arbitrum being paused shortly before. The process will be carefully managed to minimize disruption.
- Process: Using Axelar’s cross-chain technology, we will deploy $YAKS on the Base chain, establish a new liquidity pool on Aerodrome, and migrate all existing liquidity. Holders of $YAKS on Arbitrum will be able to claim their tokens on Base effortlessly.
- Community Involvement: Your participation is crucial! We’ll host an AMA session to address any questions or concerns you might have about the migration process. Additionally, detailed guides and support channels will be available to ensure a smooth transition.
Key Benefits of the Migration:
- Enhanced Liquidity: Expect improved trading conditions with more accessible and robust liquidity on Base.
- Lower Fees: Enjoy significantly reduced transaction costs on Base, making $YAKS more attractive to traders and investors alike.
- Seamless Integration: The migration will pave the way for easier integration with upcoming DeFi projects and platforms.
What You Need to Do:
- Stay Informed: Keep an eye on our social media channels and Telegram group for the latest updates and important announcements regarding the migration.
Looking Ahead:
Post-migration, we will closely monitor the performance of $YAKS on Base and provide regular updates. We also have some exciting new proposals and developments lined up, so stay tuned!
Thank you for your continued support as we take this important step in the growth of YakDAO and $YAKS.
Best regards,
The YakDAO Team
