The Avalanche team has launched the new AB bridge that is cheaper, faster, and more user friendly. Pangolin is excited to help support the transition of the ecosystem to this new bridge.
A migration of legacy AEB bridge tokens to new AB bridge tokens will be required during this transition. This process will start in the coming weeks.
What is the AB Bridge?
The AB bridge is a new bridging architecture that is 5X cheaper and 10X faster than the existing AEB bridge. There are plans to extend this bridge to support other EVM compatible chains and non-EVM chains like Bitcoin. The AEB bridge will be retired in favor of the AB bridge.
Why is a token migration necessary?
Tokens bridged onto Avalanche are unique to each bridge. For example ETH bridged through the AEB bridge will be a different version than ETH bridged through the AB bridge. In order to successfully transition to the new bridge, all AEB tokens will need to be migrated to AB tokens.
When will the migration begin?
The migration starts Saturday August 14, 2021!
What should I do as an LP provider on Pangolin?
As an LP provider, you will need to migrate any AEB Ethereum tokens to new AB tokens. AEB Tokens include: ETH, LINK, WBTC, USDT, SUSHI, DAI, UNI, AAVE, and YFI.
If you are providing liquidity with these tokens or staking them in rewards pools, you will need to migrate your tokens and re-staking liquidity. Pangolin will provide an easy to use migration tool for users to transition easily.
What should I do as a trader on Pangolin?
As a trader on Pangolin, you will be presented with two versions of Ethereum tokens: an AEB version (old) and an AB version (new). Both will be swappable until most of the AEB tokens are successfully migrated.
1-Why do we need to convert tokens and switch to “.e” version?
The new AB Bridge supports new token contracts, the names end with “.e”, example USDT.e and WETH.e. The old tokens from the AEB Bridge will be deprecated.
2-Were all existing USDT tokens brought via AEB bridge?
Yes, all USDT is currently from AEB and needs to be converted to USDT.e
3-What’ll happen when USDT is native on Avalanche? Will it still have “.e” on it or be different?
It will be a different version.
4-As there will be both USDT and USDT.e, will we be able to use USDT?
Apps will slowly stop supporting USDT so its encouraged to convert the tokens to USDT.e
5-What will happen to rewards pools during this migration?
We will turn off PNG rewards for AEB pools and just have rewards for AB pools.
6- Do new “.e” tokens already get rewards?
Yes, PNG rewards for AB token pairs are live already
7- Will users directly see migrate option for all old tokens?
Yes, there will be a migrate button on the PNG page of the Pangolin app
8- Should migration be done for all non-Avalanche native tokens?
Any tokens that came across the AEB bridge will need to be migrated: ETH, LINK, WBTC, USDT, SUSHI, DAI, UNI, AAVE, and YFI
9-Is your migration tool going to be usable before the AvaLabs tool? or is there a coordinated effort?
There is a dependency. the AvaLabs tool will allow you to upgrade your TOKEN to TOKEN.e 1:1 and our tool will leverage this under the hood simplifying multiple steps into one
10-Will we be able to migrate any eth-based asset (e.g. link) to the “.e” using your migration tool?
AvaLabs will have a tool https://bridge.avax.network/convert
Pangolin is excited to see improved bridge technology come to Avalanche, and will work with projects and users to make the transition to the new bridge as easy as possible.
About Pangolin Exchange
Pangolin Exchange is a community-driven decentralized exchange (DEX) with fast-settlement, low fees, and a democratic process. Built on the Avalanche Network. Pangolin brings you the best trading opportunities to find and maximize your yield.