The Great Migration FAQ. Liquidity providers may respond to… | Find by Orb | balancer protocol

Liquidity providers can find answers to Balancer’s pool migration here

background

Late last year, the ChainSecurity team, via Immunefi, reported a read-only re-entry vulnerability that could render getRate() and related functions vulnerable to manipulation and therefore unsafe in many contexts. Upon further review, the Balancer Labs team determined that there was indeed a potential exploit for the pools themselves, albeit a very obscure and inefficient exploit, and the team took immediate action to reduce the likelihood of an exploit.

The full description of the reentrancy vulnerability can be found here.

Balancer Labs has taken all possible measures to contain and mitigate this vulnerability: and quite successfully. No funds have been lost and the likelihood of an exploit is decreasing every day. At the pool level, we just need to ensure that no state-altering functions of pools can be called externally in the re-entry context of the vault: that is, a public call that updates a log fee or rate cache can be called externally on its own. but cannot be called during a vault operation (swap/join/exit).

Balancer’s announced workaround to the recent issue included the elimination of protocol fees for many liquidity pools. To restore normal operations, new versions of affected pools will be deployed and liquidity providers will be able to migrate their funds. Any incentives will be carried over to the new pools. Balancer aims to make this transition as smooth and painless as possible. Most users can migrate directly from the balancer UI.

Users must take the following actions to migrate funds to the new pools:

• Step one — Retire from gauge on Balancer or Aura, this depends on where you farm.
• step two — Withdraw from the original liquidity pool on Balancer
• step three — Deposit into the newly migrated liquidity pool on Balancer
• step four — Deposit on the new ad on Balancer or Aura

It is important to note that this migration is optional – funds are not at risk in the legacy pools as the issue has been mitigated. We will disable ads for the old pools and focus all incentives on the new pools. Therefore, users looking to earn rewards should read the schedule below carefully to know when to take action.

The Great Migration will come in waves. The first wave will cover the most affected pools on Ethereum, the second wave will mainly include polygon pools and the third wave will introduce new Aave Boosted Pools using Aave V3 in all balancer networks.

• wstETH/sfrxETH/rETH (staked ETH 3pool)
• rETH/RPL
• rETH/DACHS
• wstETH/LDO
• wstETH/ACX
• wstETH/bbaUSD → wstETH/bbeUSD
• TEMPLE/bbaUSD → TEMPLe/bbeUSD
• rETH/bbaUSD → rETH/bbeUSD
• DOLA/bbaUSD → DOLA/bbeUSD

Pools previously paired with bbaUSD (Balancer Aave Boosted USD) will be switched to bbeUSD (Balancer Euler Boosted USD) as we await the upcoming migration of bbaUSD to Aave V3 which is expected in the next few weeks. Emissions in many of these basins begin today, February 16th. The TVL will be low, so it is recommended to only deposit a portion at the beginning. It will take some time for all emissions to transfer from the old pools to the new pools, so don’t worry!

• STG/bbaUSD
• qETH/bb-a-weth
• wstETH/USDC (Arbitrage)
• THX/stMATIC (polygon)
• SD/maticX (polygon)
• bb-am-USD/2BRL (polygon)
• BRZ/jBRL (polygon)
• jEUR/ageEUR (polygon)
• jEUR/PAR (polygon)
• tetuQI/QI (polygon)
• stMATIC/wMATIC
• maticX/wMATIC
• bbaUSD

All of the above pools will be migrated over the next few weeks. Please note that there is no fixed timeline for this migration. However, if you are a liquidity provider, please stay tuned for more information. We will make an announcement when the above pools are ready for migration.

The Balancer Labs team took immediate action to mitigate the risk and prevent another exploit. We would like to thank the projects in the Balancer ecosystem for amplifying the original message and helping to minimize the possibility of further exploitation. We would also like to thank Balancer LPs for their patience and understanding as our team worked out this solution.

We will provide timely updates in the original Balancer forum thread and follow us on Twitter and Discord for updates on new developments.

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