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Migration
Migrate your assets and debt from ParaSpace to ParaX
As ParaSpace and Parallel merge into ParaX, it is imperative that we foster this new Web3 experience together. In order to do this, we must migrate from ParaSpace V1 to ParaX.
To facilitate this transition, we have meticulously curated a dedicated migration process, designed with your experience in mind. Our aim is to ensure every step of the migration journey is guided and optimized for a smooth experience.
ParaX Migration
In order to migrate your positions smoothly, you will need to proceed accordingly. We've created detailed guides to help you with this step. Be sure to follow the guides to ensure the safe migration of your assets to the new ParaX protocol:
If you have any questions about the migration, you can get in touch with us directly in our Twitter, Discord, WeChat communities.
During the migration process, we will temporarily increase the LTV of all ParaX assets to 99% of the liquidation threshold, which will ensure that your positions are completely and smoothly migrated. This temporary adjustment will last for two weeks beginning on August 30, 2023 to September 12, 2023. This will not have any impact on your current positions.
Our team is working tirelessly on the backend to ensure a smooth, stable migration process, but rates may begin to fluctuate as we begin the migration process. We highly suggest users repay any high interest loans as to not be affected.
While every effort is made to ensure a safe and smooth upgrade and migration process, it is still recommended that you maintain a high degree of vigilance during the operation. Make sure you are using guides and links provided by our official channels to avoid any misinformation or scams from unknown sources.
After the deployment of ParaX, ParaSpace’s lending products will be streamlined within ParaX, and will make the following adjustments:
- 1.On August 31, 2023 UTC time, the calculation of points for ParaSpace V1 will be closed. Points can only be obtained by interacting with ParaX.
- 2.User migration will begin on September 6, 2023 UTC. After September 1, 2023 UTC time, ParaSpace V1 will shut down functions including: Supply, Borrow, ApeStake (Stake ApeCoin, Stake NFT, P2P) and other functions. Don't worry, you can still use these functions in ParaX.
- 3.On September 29, 2023 UTC time, support for all functions of ParaSpace V1's Ethereum mainnet will officially close, and you will only be able to experience the functions of the ParaSpace Ethereum mainnet in ParaX.
- 4.Other networks of ParaSpace will not be affected immediately, including: zkSync, Arbitrum, Polygon and other networks. You can still use them until ParaX is gradually deployed on these chains. Please pay attention to our latest developments so that your positions can be migrated in time.
- 5.It should be noted that even if ParaSpace is completely closed, all ParaSpace Withdraw and Claim related functions will not be affected and you will still be able to Withdraw and Claim your assets and rewards. You just cannot continue to Supply and Borrow.
Last modified 17d ago