Operation Bombshot — Migration

Fellow drunks, thank you for staking your $BEV underlying during Operation Bombshot! Operation Bombshot has been a huge success with TVL reaching upwards of $4m and the size of our community doubling. As it stands now, Operation Bombshot will increase the amount of $BEV up to 8 fold. 🚀

Operation Bombshot is the first of its kind. Therefore, this article will cover in-depth what will happen during the migration.

The migration is scheduled to take place on Monday, July 12th, 4 P.M. UTC.

If you are unfamiliar with Operation Bombshot, please read up here.

Migration

We have sent a total of 42 transactions to the Timelock contract and will execute them one after the other. On a high-level the migration proceeds in this order:

  • Call set() to adjust the allocationPoints of all MasterChef pools (21 TX).
  • Call setLongPerBlock() to set the $LONG emission rate back to normal (1 TX).
  • Call setMigrator() to add the migrator to the MasterChef (1 TX).
  • Call migrate() to migrate all pools of the MasterChef (19 TX).

Please be aware that the process of executing the transactions will take 30 to 60 minutes.

Let’s look into each of these steps in more detail:

Allocation Points

AllocationPoints for all Operation Bombshot pools will be set to 0. The allocationPoints for the $LONG-BNB and $BEV-BNB pool will be set back to pre-Operation Bombshot levels (10/60).

LongPerBlock

LONG emission will be set back to 0.4 $LONG/block . Emission had been increased for our so-called ‘Happy Hour’ for Operation Bombshot. Please note the 0.02 $LONG/block discrepancy between our old and new emission rate. This will be addressed in a future blog post on Tokenomics (ETA July).

Set Migrator

We will set the following contract top be the Migrator of the MasterChef: 0xF972eeF0F9d475b7198F1f597DBCA9080B45cFac

Migrate all pools

Once the Migrator has been set, we will migrate the pools one-by-one. We will start with the single-asset pools and afterwards migrate the LP-pools.

Single-asset:

  • Under the hood the Migrator uses the Underlying from one pool to mint as much $BEV as possible. It will then create a BombshotPool within the Migrator with the amount of $BEV that has been minted with the funds from the MasterChef pool. Each BombshotPool has a corresponding BombshotToken, that will be returned to the MasterChef, in place of the migrated underlying token (e.g. $BCAKE, instead of $CAKE). Users can withdraw the BombshotToken and claim their share of $BEV that resulted from migrating the underlying from the corresponding BombshotPool in the migrator.

LP token:

  • For LP pools, the procedure looks very similar. The Migrator will remove the liquidity from the Underlying-BNB pair. It will then mint as much $BEV as possible from the Underlying and resupply liquidity to the $BEV-BNB pair. Afterwards, the migrator mints a replacement BombshotToken and returns it to the MasterChef.

Withdrawing the BombshotToken and claiming the $BEV/$BEV-BNB share will be enabled through the interface.

Please take a look at the Migrator contract here and ask us any questions you might have!

🎁 Airdrop

Users that stay through the migration will be rewarded with a retroactive airdrop. We will airdrop 5000 $LONG to all depositors that stay through the migration. The airdrop will be split among all depositors according to the square root of the dollar value that they have deposited.

Thank you for participating in Operation Bombshot. This is will be the first of many migrations to come for Longdrink Finance. After a successful migration we will introduce $xLONG, enabling rewards for single-asset $LONG staking. Following, we will announce our next index.

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Longdrink Finance creates index tokens on Binance Smart Chain

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Longdrink Finance creates index tokens on Binance Smart Chain

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