LP migration guide

Alchemix Finance
3 min readMay 11, 2023

Are you LPing in the Sushi pool?

As a precursor to the deployment of veALCX, the DAO is transitioning its liquidity from the current Sushi 50/50 ALCX/ETH pool to the new Balancer 80/20 ALCX/ETH Pool. This will mark the first step on the path towards boosted yield for veALCX holders. Much like how the Curve ecosystem emits CRV, Balancer emits BAL to liquidity providers of its pools. The amounts of the emissions are determined by gauge votes using locked BAL (veBAL), or locked Aura. (vlAURA).

Following AIP-82-A passing, our ALCX emissions to the Sushi pool will be stopping on 12th of May. If you still have liquidity in the Sushi pool, now is the time to migrate it to Balancer.

How do I migrate my liquidity?

You can choose to complete this process manually (9 transactions) if you feel comfortable, or you can use our new migration tool (3 transactions) to automate the process.

Because the Sushi pool is 50/50 ETH/ALCX and the target Balancer pool is 80/20 ALCX/ETH, the migration tool will perform the following actions:

  1. Unwind your Sushi LP
  2. Sell some ETH for ALCX to hit the new 80/20 ratio
  3. Deposit the resultant ETH and ALCX into the Balancer Pool and receive Balancer Pool Tokens (BPTs) representing your LP deposit.
  4. Stake your BPTs in Balancer to earn BAL rewards or Aura Finance to earn Aura and BAL rewards

How do I use the migrator tool?

1. Head to alchemix.fi/farms and press the + button next to the ALCX/ETH v2 farm.

ALCX/ETH v2 position

2. In the ‘Withdraw’ section, click ‘Max’, then click the ‘Withdraw button and follow the prompts in your wallet. You have now un-staked your Sushi LP (SLP) token.

3. Head to alchemix.fi/farms and find the ‘Liquidity Migration’ dialogue

Liquidity Migration dialogue

4. Choose your destination. You can stake directly in Balancer, or alternatively you can stake in Aura for BAL and AURA rewards.

5. Click the ‘Migrate Liquidity’ button and follow the 3 prompts in your wallet, granting approvals where necessary (Unstake LP from Sushi, approve Sushi LP tokens to the contract, and migrate)

You can now navigate to https://balancer.fi/ or https://aura.finance/, depending on where you chose to send your LP, to manage your staked ALCX/ETH liquidity.