I think it’s worthwhile for BSC wZNN Liquidity Providers to discuss and coordinate a date and time to remove their liquidity and bridge back to ZNN.
Track current LP’s: Pancake LPs (Cake-LP) Token Tracker | BscScan
Let’s also discuss about the potential volatility of ZNN’s price as liquidity thins on BSC.
@0x3639 proposed to coordinate an effort on either January 21st, 22nd, 28th or 29th.
ZenonOrg is okay with any of those dates.
I’m not sure, but I think wZNN contract will remain the same, only the bridge will deprecate, so keeping liquidity is okay.
I don’t quite follow how one would wanna keep it if there’s no way to bridge back into ZNN after, other than selling and buying native ZNN elsewhere? Let’s say the bridge is deprecated, and one LP wants to get back to ZNN, he’d have to sell his wZNN using Pancake, and then buy native ZNN elsewhere right? But what happens to the last few LPs when they also wanna get back to ZNN, what liquidity will they use to sell wZNN so they can get buy back into ZNN? The last LPs of a bridgeless BSC wZNN are gonna be in trouble, no?
IMO it’s safer for LPs to swap back to native ZNN, and then reposition themselves into a new pool once @sumamu’s interop solutions are rolled out.
the new bridge will support the current contract if I’m not mistaken, so as long as you’ll get a way to get back to native ZNN in the next months, it’s not worth removing all the liquidity we have now and try to build it again once the new bridge is live.
any one of those dates work for me. I have a block out from 11AM to 3PM Central Standard Time on Jan 22 where I cannot access a computer. All other times are good with me.
I think we should confirm whether the new bridge will support the BSC wZNN contract, and whether we’ll be able to bridge back to native ZNN using it. I wasn’t aware of such capabilities until now.
yeah, we need to confirm with sumamu.
but this was sigli’s response : Discord
Yes some clarity would be nice from @sumamu
Coordinating and bridging from BNB Chain to Zenon Network seems like the smart thing to do. I would vouch for that sensible approach and applaud aliens coordinating that effort. Advising bridge operators of the increase influx of transactions that day is also in order.
Disclaimer: I exited my LP position like a month or so ago, in a dump. Mostly to increase ZNN exposure and to avoid the (hopefully) impermanent loss on the way up. But I provided liquidity non-stop since day one, hack and all.
There is a risk of confidence loss if ZenonOrg removes its 31% share position.
If it doesn’t weight the risk of keeping the liquidity in BSC wZNN, it may have its position stuck there if no BSC wZNN to ETH wZNN bridge is made available. From what I understand, there is no guarantee when or if it’ll happen.
It would also make sense for LPs to wait for hummingbot to arrive on Stex or a new wZNN ETH pool to come around – but if the legacy bridge is deprecated before the new bridge comes around, then the LP risks being stuck with potentially illiquid BSC wZNN.
I’m going to ask this question in Twitter. Sumamu is responsive there.
Response. I don’t think we should NOT plan on the current bridge contract being transffered.
Can you rephrase that haha though I get it, recommendation is to wait it out
Sorry. I’m all over the place. Closing a loan right now.
I do NOT think we should assume Kaine will transfer the existing BSC contract.
With that assumption, BSC wZNN would not be bridgeable to ETH wZNN using @sumamu’s new bridge, right?
Correct. Here is my logic.
Kaine told us to remove all wZNN from the BSC contract. I can only assume that means it will be archived and taken down all together.
Then, the new bridge will launch a new BSC contract all together and the old BSC contract will not be usable. This is entirely an assumption on my part reading between the lines.
But keep in mind, as Sumamu said: “I think there’s still time and it’s probably best to just wait for more info.” He thinks we should wait and see.