Tenderize v1 Sunsetting GRT: How To Transition
Chefs,
Two significant developments for those currently staking tGRT on Tenderize V1:
- Tenderize v1 Sunsetting: On February 1, 2024, Tenderize v1 will be sunset, marking the end of tGRT rebasing. We encourage users to unstake their tGRT and withdraw their GRT before this date.
- Reduced Delegation Rewards: The Graph is reducing delegation rewards on mainnet to 5% of the total rewards.
For our tMATIC and tLPT holders, we will release documentation on transitioning in the following weeks. For now, hold tight!
The Graph continues scaling on L2 with 95% of indexing rewards enabled on @arbitrum ⚡
— The Graph (@graphprotocol) November 27, 2023
Transfer to L2 now to take advantage of the increasing indexing rewards, significantly lower gas fees & faster tx times.https://t.co/8b4ixz78uD
What does this mean for v1 users?
To ensure a smooth transition, we recommend the following steps for Tenderize v1 users:
- Unstake and Withdraw: Unstake your tGRT and withdraw your GRT as soon as possible. You have 4 weeks to unstake before the 28-day unbonding period begins. While unstaking and withdrawing after this period is still possible, it will take an additional 28 days.
- Embrace Tenderize v2: Once you have withdrawn your GRT, it’s best to begin staking it in Tenderize v2 come mainnet with an expected launch in January. Tenderize v2 offers several advantages, including:
- Indexer-specific Liquid Staking Tokens (LSTs): Silo risk and rewards to an indexer of your choice, boosting decentralization.
- WAGYU Rewards: Participate in the WAGYU rewards program, unlocking additional incentives.
Snapshot and Airdrop
To recognize our valued Tenderize v1 users, a snapshot has been taken we will be taking a snapshot of all tGRT holders on the date of this announcement.
The percentage of the airdrop users will receive is proportionate to how much tGRT they staked as well as for how long they have staked (from v1 launch up until snapshot).