v1 — v2 Migrator

Alchemix Finance
3 min readSep 1, 2022


v1 — v2 migrator image

Since we launched Alchemix v2 in March, we have seen a significant amount of TVL move over from v1 to v2, aided by the migration tool we provided for Alchemix users. Despite having this tool and several months to migrate, there are still over 10k ETH and 50m DAI locked in v1. The Alchemix team would like to retire the old v1 contracts, and we have now developed and prepared a method for easily migrating the v1 positions into v2.

The migration tool has passed several rounds of internal audits and the team is very confident in the safety of this operation. However, as always, there are unknown risks involved at the smart contract level.

Lastly, the Alchemix team understands that some users may prefer to perform this process manually. Consequently, we will give the remaining v1 users until 1st October to either manually migrate or close their v1 positions before beginning the automatic migration process.

How does it work?

The process of migrating involves a few steps behind the scenes.

  1. Deposit caps on v2 will be increased to allow for the migrated funds to be migrated.
  2. New v1 vault adapters for both DAI and WETH will be deployed.
  3. When we have initiated these vaults for the migration process, all underlying collateral in v1 will be withdrawn from Yearn and sent to the new vault adapter.

Once this action is taken, your funds will be held idle in this new adapter until you perform the migration for your account. You will need to use the provided UI to initiate this migration.

How will it affect me?

Once your position has been automatically migrated, it will sit idle in the new adapter until you finalize the migration using the provided UI. Your funds will stop earning yield until you perform this final step.

After this process is complete, you will have exactly the same deposit and debt positions in v2 as you previously had in v1.

How do I migrate?

To migrate from v1 to v2, you only need to complete one step for each position. If you have both alUSD and alETH positions, you’ll need to perform this action for each one individually.

  1. Navigate to Alchemix.fi and connect your wallet
  2. Open the Vaults page (alchemix.fi/vaults)
  3. Click the eye on the ‘Legacy Migration’ section.
View migration tool

4. Click the migrate button for the position you want to move.

Migrate dialogue

The migration process will then finalize.

In the rare event your migration fails, we recommend trying again with an increased gas limit.

Please note there may be a slight delay until your migrated positions appear in v2.

Further reading:

Forum discussion: https://forum.alchemix.fi/public/d/348-aip-61-migrate-v1-to-v2-and-sunset-v1

AIP: https://snapshot.org/#/alchemixstakers.eth/proposal/0x400427697f3a0335a5cad821b9f6da29bc30b1b7fffb8dc64e3d202a42df55d5