On the 17 Aug at 11.29PM SGT, we started receiving KyberSwap user feedback regarding our Elastic Farms.
We have identified a small issue with our Elastic LM contract that prevents a few users from harvesting their rewards. ALL funds are safe. Only a few users are affected regarding farm rewards.
You are an affected user if you cannot unstake your liquidity position, which is an NFT. Affected users will also see an announcement when visiting the Farms tab.
If you are not an affected user, no action is required. The farms are running and farming rewards are being distributed as per normal.
For affected users, please find the issue analysis, impact analysis, compensation plan and user plan detailed below.
The issue lies in the reward calculation function of the smart contract of the farms. While the good news is that all user funds are safe, the farming rewards of some affected users cannot be harvested and claimed the normal way.
To resolve this, we are fixing the smart contract; after which affected users can migrate their liquidity positions (NFTs) from existing farms to new farms. We will release an update on this soon.
In the meantime, as affected users cannot unstake, and thereafter, withdraw their NFTs the normal way; we are providing a Forced Withdraw function on KyberSwap. Through this, affected users will be able to withdraw their NFTs. To ensure that affected users’ receive the farming rewards they are due, we will manually transfer the rewards directly to their wallets.
- Impact on Capital
There is no fund loss for liquidity providers. Your funds are SAFU.
- Liquidity Pool Fees
LPs will continue earning fees from their liquidity positions in the pools as per normal.
- Farming Rewards
Affected liquidity position NFTs will be entitled to their farming rewards, which we will transfer directly to the owners’ wallets after the farms end.
- Number of Positions Affected
There are a total of 220 NFTs on Polygon and 58 on Avalanche. Currently, there are only 5 positions that are affected.
- User experience
Not all users are affected. As stated above, you will know if you’re affected if you see an announcement when you visit the Farms tab.
Rewards Distribution Plan
For all users — you will receive all rewards for which you are eligible based on your farming activity. The process of receiving your rewards is outlined in the User Plan below.
User Plan for Affected Users
Here is a timeline of the technical fixes being done.
- A Elastic Farm Support Discord channel (#elastic-farm-support on the Kyber Network Official Discord Server) has been created, and all user issues should be raised directly there.
- Force Withdraw functionality for affected users will be available by 10pm SGT, 18 August 2022.
- Complete fix for Elastic LM — will be announced at a later date.
- Reimbursement of all affected users’ rewards after the farms end.
*15th September 21:59 GMT+8 for stMATIC pools on Polygon
**12 October 21:59 GMT+8 for sAVAX/YETI pools on Avalanche
As an affected user, what are my options now?
a. You can ‘Force Withdraw’ your funds anytime from now.
b. We will transfer your farming rewards directly to your wallet after the Phase 1 of farms end. You can get in touch with us via Discord
*stMATIC farms will end on September 15th at 21:59 GMT+8.
**sAVAX/YETI farms end on October 12th at 21:59 GMT+8.
c. You can re-stake your liquidity positions in the new farms once they are live to continue earning rewards.
a. Continue to participate in the farm till it expires and continue to earn rewards.
b. You will have to ‘Force Withdraw’ your funds once the farm expires.
c. Then we will transfer your farming rewards directly to your wallet after the farms end. You can get in touch with us via Discord.
*If you believe your liquidity positions have been affected but you don’t see a warning on KyberSwap, you can get in touch with us via Discord.
- Are my funds safe?
- How do I know if I am affected?
You will know if you are an affected user if you see a warning “Important Announcement” on the Farms page.
If you think you have been affected but you can’t see the warning “Important Announcement” on the Farms page, join our “Elastic-farm-support” channel so we provide you with the support you need.
- Will I get my farming rewards?
Affected users: Yes, we will transfer your farming rewards directly to your wallet after the farms end. You can get in touch with us via Discord.
Non-Affected users: Yes, farming rewards are distributed by the farming contract as per normal. Users can harvest and claim their rewards as per normal.
- How many positions are affected?
We have taken a snapshot, and so far only a NFT with an initial value as negative will be affected, we have 220 NFTs on Polygon and 58 on avalanche. Currently, only 5 positions have been affected.
- What do I need to do now?
Please follow the User Plan above if you are an affected user.
- If I don’t withdraw, are my rewards affected after the issue fixed?
If you do not withdraw, your position will be automatically unstaked at the end of the farm. Proceed to join our Discord channel to get the rewards manually distributed to your wallet after.
- Where can I get help?
If you have questions, please join and message admins in the Discord group to get help.