We are excited to share the news that CVI has officially launched on zkSync! This achievement is a testament to the hard work and dedication of our team. Our collaboration with the zkSync team has been fruitful and rewarding, spanning over a year of productive partnership. Their support and expertise have been invaluable in driving CVI forward.
By leading the way in layer-2 advancements, we’ve bolstered CVI’s foundation for the future. The integration with zkSync boosts efficiency, speed, and security, ensuring a smooth user experience. This milestone marks an exciting chapter, unlocking new possibilities and fueling future growth.
With CVI on zkSync, we are poised to deliver exceptional value and shape the future of DeFi. We look forward to the opportunities that lie ahead and are excited about what the future holds for CVI and our community.
What to expect
Our primary focus on zkSync is to seamlessly integrate GOVI staking with our new escrowed GOVI (esGOVI) tokenomics. This integration will make it easy for users to stake their GOVI tokens and take advantage of the rewarding esGOVI ecosystem. At a later stage, we plan to open Theta Vault deposits and enable minting, burning, and swapping of $CVI. This will give our devs the opportunity to rigorously test the platform to ensure a safe and smooth user experience while GOVI holders can already get accustomed to zkSync’s ecosystem.
What Is escrowed GOVI
esGOVI is a next generation incentive mechanism designed to reward committed, long-term holders, and is of equal use to GOVI. Holders of esGOVI have two options available to them: compounding with already staked GOVI or vesting gradually over the course of 365 days, which allows for conversion into GOVI.
This unique design eliminates any selling pressure from short-term, mercenary capital, as there are zero unlocked GOVI emissions. By incentivizing long-term holding with esGOVI, we aim to promote diamond-handed holders and reinforce the core value of GOVI.
How To Earn esGOVI
Staking GOVI: The first way to earn esGOVI is by staking GOVI. This is similar to the current system, there’s no lock up so you can stake/unstake your GOVI at any time. The amount of esGOVI you earn depends on the size of your stake relative to the size of the staking pool.
Staking Theta Vault LP tokens: Staking LP tokens also works in the same way. There’s no lock up, you can stake/unstake at any time. The amount of esGOVI you earn also depends on the size of your stake relative to the size of the staking pool.
Traders: Users who mint, burn and swap CVI will earn esGOVI proportional to the volume of their trades. To vest the esGOVI granted to traders, they are not required to stake and reserve GOVI. (Important: esGOVI for traders will launch at a later stage)
How To Use esGOVI?
So you earned a nice stack of esGOVI, now you have 2 options: You can either compound the tokens to earn additional staking rewards or you can claim your esGOVI.
Compounding: This adds your esGOVI to the staking pool where they will earn additional staking rewards exactly the same as staking your GOVI. You can choose to unstake esGOVI at any time to make the tokens available for vesting.
Claiming: When you claim your esGOVI, the tokens become available for vesting. This will allow you to convert esGOVI into GOVI over the period of 1 year. The following paragraph will dive deeper into the vesting mechanics.
- Keep in mind that esGOVI is not a tradable asset. You can only use it for staking or vesting.
How To Vest esGOVI
Once you have decided to vest your esGOVI, you need to reserve the average amount of GOVI or Theta Vault LP tokens used to earn esGOVI. This means if 1000 GOVI were staked to earn 100 esGOVI, you need to keep 1000 GOVI reserved to vest the 100 esGOVI tokens. (This is just an example, the actual ratio may vary)
esGOVI that has been deposited for vesting will not earn any additional rewards, but the staked tokens reserved for vesting will continue to earn rewards.
During the vesting process, esGOVI tokens will be gradually converted to GOVI with every block until fully vested over 365 days. The resulting GOVI tokens are immediately claimable.
If a user sells GOVI or Theta Vault LP tokens and wishes to vest their esGOVI rewards at a later stage, they will need to reacquire the tokens. It is possible to deposit tokens for vesting while an existing vesting process is ongoing. Tokens reserved for vesting cannot be unstaked or sold, but the “Withdraw” button on the “Vest’’ page can be used to unreserve them. Note that withdrawing will unreserve all tokens and pause vesting, partial withdrawals are not supported. Any esGOVI tokens that have already been converted to GOVI will remain as GOVI tokens.
Bridging To zkSync
You have several options to transfer your tokens to zkSync, we will highlight the two most relevant methods for your consideration. It is also essential to bridge ETH to zkSync to ensure you have sufficient funds to cover transaction fees on the network.
The Official Bridge
zkSync’s official bridge supports transfers solely between Ethereum and zkSync. If you have assets on other chains and wish to use this bridge, you will first need to bridge those assets to Ethereum. Once your assets are on Ethereum, you can follow the provided steps to bridge them to zkSync smoothly.
- Go to https://bridge.zksync.io/
- Connect your Metamask wallet.
- Choose the asset you want to bridge and fill in the amount.
- Click the “Deposit” button and confirm the transaction in your wallet. The transfer should arrive in your zkSync wallet in 5–10 minutes.
For fast and cost-efficient bridging of assets between zkSync and numerous other chains, we recommend utilizing Celer’s Cbridge.
- Go to https://cbridge.celer.network/
- Connect your wallet.
- Select the correct ‘From’ chain and zkSync as ‘To’ chain.
- Choose the asset you want to bridge and fill in the amount.
- Click the “Transfer” button and confirm the transaction in your wallet. The transfer should arrive in your zkSync wallet in 5–10 minutes.
As part of our ongoing commitment to delivering an exceptional user experience for CVI participants, we have made the decision to conclude our operations on the Polygon network. Our primary objective has consistently been to provide our users with the most optimal environment for interacting with CVI. In light of this objective, we have decided to transition our operations to zkSync. By doing so, we can ensure a more robust and efficient ecosystem for CVI participants.
Going forward, Polygon will only be accessible for withdrawals. There will be no further support for minting and burning CVI tokens, and no more GOVI emissions. This strategic move enables us to focus our resources and efforts on zkSync, where we can provide enhanced functionalities and a superior user experience for our valued community members.
We believe that this transition aligns with our mission of continuously improving the CVI ecosystem and empowering our users with the best possible platform. We appreciate your understanding and ongoing support as we forge ahead with this strategic shift to zkSync.
We have made every effort to expedite our launch on zkSync while prioritizing both security and a smooth user experience. Our aim is to provide a seamless and safe environment for everyone to engage with CVI.
- Keep in mind, by joining us on zkSync, you can unlock the opportunity to participate in the expected zkSync airdrop.
Don’t miss out on this incredible opportunity to engage with CVI and maximize your potential gains. Take the leap and start bridging your assets to zkSync, mint, burn, and trade CVI tokens, and stake GOVI today. Join us on this exciting journey towards a thriving CVI community!