Jun 27, 2024
Jun 27, 2024
Jun 27, 2024
Important Update: aBTC Token Migration and Its Impact on Velar Liquidity Providers
Important Update: aBTC Token Migration and Its Impact on Velar Liquidity Providers
Important Update: aBTC Token Migration and Its Impact on Velar Liquidity Providers



Dear Velar Community,
We want to bring your attention to a critical development concerning the aBTC token, which is a key component of our STX-aBTC & aBTC-aeUSDC liquidity pools. XLink Bridge, the issuer of aBTC, has announced a mandatory token migration as part of a significant protocol security upgrade.
Understanding the aBTC Migration:
XLink Bridge is implementing a token swap to enhance the security and reliability of their protocol. This process involves replacing all existing aBTC tokens with new, upgraded versions. Here are the key points:

Migration Ratio: Each old aBTC token will be exchanged for a new token at a 1:1 ratio, ensuring no loss of value for holders.
Cost: The migration itself is free of charge. However, users will need to pay standard network fees for the blockchain transactions involved.
Timeline: The public migration period is currently active and will run through June 30, 2024.
Process: Users can complete the migration by logging into the XLink platform, where they will encounter a migration pop-up with instructions.
Impact on Velar Liquidity Providers:
This migration directly affects users who have provided liquidity to our STX-aBTC and aBTC-aeUSDC pools. To ensure a smooth transition and protect your assets, we strongly advise the following actions:
Withdraw Liquidity: It is crucial to remove your liquidity from the STX-aBTC and aBTC-aeUSDC pools on Velar as soon as possible. This step is necessary because the old aBTC tokens in the pool will not be automatically migrated.
Migrate Tokens: After withdrawing your liquidity, proceed to migrate your aBTC tokens through the XLink Bridge platform. This ensures that your tokens remain valid and retain their value post-migration.
New Liquidity Pool Coming Soon:
A new STX-aBTC & aBTC-aeUSDC liquidity pools featuring the upgraded aBTC tokens will be launched on Velar DEX shortly after the migration period. This new pool will allow you to provide liquidity with your migrated aBTC tokens, ensuring continuity in our DeFi offerings.
Why This Matters:
The security upgrade underlying this migration is a positive development for the aBTC ecosystem. It aims to provide enhanced protection against potential vulnerabilities and improve the overall stability of the protocol. By participating in this migration, you're not only securing your assets but also contributing to a more robust DeFi environment.
Post-Migration Period:
If, for any reason, you are unable to complete the migration by June 30, 2024, don't panic. XLink Bridge has stated that their community managers will be available to assist with late migrations. However, we strongly recommend completing the process within the specified timeframe to avoid any potential complications or delays.
Next Steps:
Check your liquidity position in the STX-aBTC & aBTC-aeUSDC pools on Velar webapp.
Plan your liquidity withdrawal and token migration.
Follow the migration instructions on the XLink Bridge platform.
Stay informed about any additional updates from Velar DEX or XLink Bridge.
We understand that this process may cause temporary inconvenience, but it is a necessary step to ensure the long-term security and viability of the aBTC token and, by extension, our STX-aBTC & aBTC-aeUSDC liquidity pools.
Our support team is standing by to assist you with any questions or concerns you may have during this transition. We appreciate your cooperation and thank you for your continued trust in Velar.
We will keep you updated on any further developments related to this migration and its impact on our platform. Thank you for your attention to this important matter.
Dear Velar Community,
We want to bring your attention to a critical development concerning the aBTC token, which is a key component of our STX-aBTC & aBTC-aeUSDC liquidity pools. XLink Bridge, the issuer of aBTC, has announced a mandatory token migration as part of a significant protocol security upgrade.
Understanding the aBTC Migration:
XLink Bridge is implementing a token swap to enhance the security and reliability of their protocol. This process involves replacing all existing aBTC tokens with new, upgraded versions. Here are the key points:

Migration Ratio: Each old aBTC token will be exchanged for a new token at a 1:1 ratio, ensuring no loss of value for holders.
Cost: The migration itself is free of charge. However, users will need to pay standard network fees for the blockchain transactions involved.
Timeline: The public migration period is currently active and will run through June 30, 2024.
Process: Users can complete the migration by logging into the XLink platform, where they will encounter a migration pop-up with instructions.
Impact on Velar Liquidity Providers:
This migration directly affects users who have provided liquidity to our STX-aBTC and aBTC-aeUSDC pools. To ensure a smooth transition and protect your assets, we strongly advise the following actions:
Withdraw Liquidity: It is crucial to remove your liquidity from the STX-aBTC and aBTC-aeUSDC pools on Velar as soon as possible. This step is necessary because the old aBTC tokens in the pool will not be automatically migrated.
Migrate Tokens: After withdrawing your liquidity, proceed to migrate your aBTC tokens through the XLink Bridge platform. This ensures that your tokens remain valid and retain their value post-migration.
New Liquidity Pool Coming Soon:
A new STX-aBTC & aBTC-aeUSDC liquidity pools featuring the upgraded aBTC tokens will be launched on Velar DEX shortly after the migration period. This new pool will allow you to provide liquidity with your migrated aBTC tokens, ensuring continuity in our DeFi offerings.
Why This Matters:
The security upgrade underlying this migration is a positive development for the aBTC ecosystem. It aims to provide enhanced protection against potential vulnerabilities and improve the overall stability of the protocol. By participating in this migration, you're not only securing your assets but also contributing to a more robust DeFi environment.
Post-Migration Period:
If, for any reason, you are unable to complete the migration by June 30, 2024, don't panic. XLink Bridge has stated that their community managers will be available to assist with late migrations. However, we strongly recommend completing the process within the specified timeframe to avoid any potential complications or delays.
Next Steps:
Check your liquidity position in the STX-aBTC & aBTC-aeUSDC pools on Velar webapp.
Plan your liquidity withdrawal and token migration.
Follow the migration instructions on the XLink Bridge platform.
Stay informed about any additional updates from Velar DEX or XLink Bridge.
We understand that this process may cause temporary inconvenience, but it is a necessary step to ensure the long-term security and viability of the aBTC token and, by extension, our STX-aBTC & aBTC-aeUSDC liquidity pools.
Our support team is standing by to assist you with any questions or concerns you may have during this transition. We appreciate your cooperation and thank you for your continued trust in Velar.
We will keep you updated on any further developments related to this migration and its impact on our platform. Thank you for your attention to this important matter.
Dear Velar Community,
We want to bring your attention to a critical development concerning the aBTC token, which is a key component of our STX-aBTC & aBTC-aeUSDC liquidity pools. XLink Bridge, the issuer of aBTC, has announced a mandatory token migration as part of a significant protocol security upgrade.
Understanding the aBTC Migration:
XLink Bridge is implementing a token swap to enhance the security and reliability of their protocol. This process involves replacing all existing aBTC tokens with new, upgraded versions. Here are the key points:

Migration Ratio: Each old aBTC token will be exchanged for a new token at a 1:1 ratio, ensuring no loss of value for holders.
Cost: The migration itself is free of charge. However, users will need to pay standard network fees for the blockchain transactions involved.
Timeline: The public migration period is currently active and will run through June 30, 2024.
Process: Users can complete the migration by logging into the XLink platform, where they will encounter a migration pop-up with instructions.
Impact on Velar Liquidity Providers:
This migration directly affects users who have provided liquidity to our STX-aBTC and aBTC-aeUSDC pools. To ensure a smooth transition and protect your assets, we strongly advise the following actions:
Withdraw Liquidity: It is crucial to remove your liquidity from the STX-aBTC and aBTC-aeUSDC pools on Velar as soon as possible. This step is necessary because the old aBTC tokens in the pool will not be automatically migrated.
Migrate Tokens: After withdrawing your liquidity, proceed to migrate your aBTC tokens through the XLink Bridge platform. This ensures that your tokens remain valid and retain their value post-migration.
New Liquidity Pool Coming Soon:
A new STX-aBTC & aBTC-aeUSDC liquidity pools featuring the upgraded aBTC tokens will be launched on Velar DEX shortly after the migration period. This new pool will allow you to provide liquidity with your migrated aBTC tokens, ensuring continuity in our DeFi offerings.
Why This Matters:
The security upgrade underlying this migration is a positive development for the aBTC ecosystem. It aims to provide enhanced protection against potential vulnerabilities and improve the overall stability of the protocol. By participating in this migration, you're not only securing your assets but also contributing to a more robust DeFi environment.
Post-Migration Period:
If, for any reason, you are unable to complete the migration by June 30, 2024, don't panic. XLink Bridge has stated that their community managers will be available to assist with late migrations. However, we strongly recommend completing the process within the specified timeframe to avoid any potential complications or delays.
Next Steps:
Check your liquidity position in the STX-aBTC & aBTC-aeUSDC pools on Velar webapp.
Plan your liquidity withdrawal and token migration.
Follow the migration instructions on the XLink Bridge platform.
Stay informed about any additional updates from Velar DEX or XLink Bridge.
We understand that this process may cause temporary inconvenience, but it is a necessary step to ensure the long-term security and viability of the aBTC token and, by extension, our STX-aBTC & aBTC-aeUSDC liquidity pools.
Our support team is standing by to assist you with any questions or concerns you may have during this transition. We appreciate your cooperation and thank you for your continued trust in Velar.
We will keep you updated on any further developments related to this migration and its impact on our platform. Thank you for your attention to this important matter.
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Subscribe to our newsletter Bitcoin Bytes for timely insights, razor-sharp analysis, and real alpha about the rapidly evolving Bitcoin ecosystem.
No spam, only alpha!