[Kyber Netwok] Important Community Update about KyberSwap Elastic Farms

KyberSwap Farms Issue Update

On the 17 Aug at 11.29PM SGT, we started receiving KyberSwap user feedback regarding our Elastic Farms.

We have since identified an issue with our ElasticLM contract that prevents some users from harvesting their rewards.

You are an affected user if you find that you cannot un-stake your liquidity NFT.

Unstake button on KyberSwap Elastic

If you are not an unaffected user, no actions are required. The farms are running and liquidity mining rewards are being distributed as normal.

If you are an affected user, please find the issue analysis, impact analysis, compensation plan and user plan detailed below.

Issue Analysis

The issue lies in the reward calculation function of the smart contract of the farms. While the good news is that all user funds are safe, the liquidity mining rewards of some affected users cannot be harvested and claimed the normal way.

To fix this, we are fixing the smart contract; after which affected users can migrate their liquidity positions (NFTs) from existing farms to new farms. This fix is expected to be rolled out by xxxxx. [What is the ETA for this fix?]

In the meantime, as affected users’ NFTs cannot be withdrawn the normal way, we are providing a Forced Withdraw function on KyberSwap. Through this, affected users will be able to withdraw their liquidity positions. To ensure that affected users’ receive the farming rewards they are due, we will manually transfer the rewards directly to their wallets.

Impact Analysis

  1. Impact on Capital
    There is no fund loss for liquidity providers. Your funds are SAFU.
  2. Liquidity Pool Fees
    LPs will continue earning fees from their liquidity positions in the pools as normal.
  3. Farming Rewards
    Affected NFTs will be entitled to their farming rewards, which we will transfer directly to the owners’ wallets after the farms end.
  4. Number of Positions Affected
    There are a total of 220 NFTs on Polygon and 58 on Avalanche. Currently, there are only 5 positions that are affected.
  5. User experience
    Not all users are affected. If you can withdraw your NFTs from the farming contract, you are not affected.
    You will know if you’re affected if you see an announcement when you visit the Farms.
Only affected users will see this announcement

Withdrawing Distributing Due Rewards Plan

For all users — you will receive all rewards that you are eligible for based on your farming activity. The process of receiving your rewards is outlined in the User Plan below. If you don’t see the notifications, there will also be a process for you to get support in the User Plan below.

User Plan

Here is a timeline of the technical product fixes being done.

  1. A Elastic Farm Support Discord channel (#elastic-farm-support on the Kyber Network Official Discord Server) has been created, and all user issues should be raised directly there: Live
  2. Force Withdraw functionality for affected users will be available by 10pm SGT, 18 August 2022
  3. Complete fix for Elastic LM — will announce at a later date.
  4. Reimbursement of all affected users’ rewards: starting from 12nn, SGT, 22 August 2022

What are my Options now?

Option 1
a. You can ‘Force Withdraw’ your funds anytime from now.
b. We will transfer your farming rewards directly to your wallet after the farms end. You can get in touch with us via Discord.
c. You can re-stake your liquidity positions in the new farms once they are live to continue earning rewards.

Option 2
a. Continue to participate in the farm till it expires and continue to earn rewards.
b. You will have to ‘Force Withdraw’ your funds once the farm expires.
c. Then we will transfer your farming rewards directly to your wallet after the farms end. You can get in touch with us via Discord.

*If you believe your liquidity positions have been affected but you don’t see a warning on KyberSwap, you can get in touch with us via Discord

FAQs:

  1. Are my funds safe?
    Yes.
  2. How do I know if I am affected?
    You will know if you are an affected user if you see a warning “Important Announcement” on the Farms page.
    If you think you have been affected but you can’t see the warning “Important Announcement” on the Farms page, join our “Elastic-farm-support” channel so we provide you the support you need.
  3. Will I get my farming rewards?
    Affected users: Yes, we will transfer your farming rewards directly to your wallet after the farms end. You can get in touch with us via Discord.
    Non-Affected users: Yes, LPs are earning fees on their liquidity positions as normal.
  4. How many positions are affected?
    We have taken a snapshot, and so far only a NFT with an initial value as negative will be affected, we have 220 NFTs on Polygon and 58 on avalanche. Currently, only 5 positions have been affected
  5. What do I need to do now?
    Please follow the User Plan above if you are an affected user.
  6. If I don’t withdraw, are my rewards affected after the issue fixed?
    If you do not withdraw, your position will be automatically unstaked at the end of the farm. Proceed to join our Discord channel to get the rewards manually distributed to your wallet after.
  7. Where can I get help?
    If you have questions, please join and message admins in the Discord group to get help.


Important Community Update about KyberSwap Elastic Farms was originally published in Kyber Network on Medium, where people are continuing the conversation by highlighting and responding to this story.

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