V2 Migration
Why do I need to migrate?
V2 migration introduces new features such as on-chain governance and auto-staking for bonds.
Transitioning from sGVI V1 to gGVI allows for multiple bonds to be taken at one time, as opposed to one bond per vesting period as it was in v1.
Partial liquidity will remain for v1 GVI while the migration is in progress. This provides sufficient liquidity for borrowers to close or move their borrowing position.
You can read more about this on the Tech Holding JSC Medium page.
For this article, we added V1 and V2 after each token name to help you differentiate between the old and new tokens. Partner websites, price aggregators, or your wallet will not display the version information.
What is the TLDR?
- wsGVI V1 (wrapped, staked GVI) will be replaced by gGVI (Governance GVI). They function exactly the same, but gGVI is set up for on-chain governance.
- GVI and sGVI tokens will have their identical V2 counterparts. GVI V1 becomes GVI V2, and sGVI V1 becomes sGVI V2.
- Token tickers will remain the same for V1 tokens. For example, after migration, your wallet will show "GVI" instead of "GVI V1". Make sure to update the token contract in your wallet with the V2 addresses to show your balances.
- When migrating GVI V1 and/or sGVI V1, you will get gGVI in return. Although the token balance will be different (gGVI price is calculated differently, which is based on the Current Index), the dollar amount remains the same.
- After the migration, GVI V1 pools such as GVI-DAI will utilize GVI V2. This applies to new bonds as well. Partners like Abracadabra will only accept new deposits in gGVI. So, you will need to migrate if you want to use these features. Otherwise, you can sit tight and migrate only when you want to.
What if I don't migrate?
You don't get to enjoy the new features introduced by V2. Some partners such as Rari Capital will only accept V2 tokens once they are deployed, so you would need to migrate if you want to spend more tokens (e.g. make new deposits) on these platforms.
You would not miss any rebase rewards if you don't migrate. Even if you chose to migrate at a later time, you will receive the same amount of gGVI that you would have received had you migrated immediately.
Gas fees are high now, will I lose my rebase rewards if I delay the migration?
No, you can migrate at your leisure once it goes live. The smart contract will keep track of your entitled rebase rewards so you wouldn't miss any of them.
What is the migration process?
When the migration is live, the Tech Holding JSC front-end will be updated to allow the migration of all your V1 tokens (i.e. GVI, sGVI, and wsGVI) to gGVI.
The migration process requires two steps: one to approve the contract for each of your V1 tokens, and another that actually migrates all your tokens to gGVI.
Each V1 token type requires its own approval step. For example, if you have GVI V1 and sGVI V1 in your wallet, you need to perform two token approvals, but only one migration operation (three transactions in total).
Can I migrate a specific type of V1 token and leave out the others?
No. You can either migrate all your V1 tokens (i.e. GVI, sGVI, and wsGVI) or none at all.
Can I switch back to V1 tokens after migrating them to gGVI?
No, you can't switch back from gGVI to V1 tokens through our migration tool.
How much gGVI can I expect from the migration?
The Index at the time of migration was 46.721314322 and will be used for the migration.
- For GVI v1 and sGVI v1 the amount of gGVI you will receive is
(amount of [s]GVI v1) / 46.721314322.\ So if you have 10 GVI or sGVI you will receive10 / 46.721314322→0.214035074678779gGVI.\ That gGVI will be worth much more (s)GVI v2 than you had (s)GVI v1 because it accounts for missing rewards. - For wsGVI you will receive exactly the same amount in gGVI.\ So if you have 0.5 wsGVI you will receive 0.5 gGVI.
As a reminder, if you're migrating from a non-index-based token (GVI, sGVI) to an index-based token (gGVI), you won't receive the same amount of tokens after the migration, but they still worth the same in dollar term.
Will my gGVI still earn rebase rewards?
Yes. Although gGVI does not change in quantity upon rebase like sGVI does, it still earns you rebase rewards. This is because the price of gGVI is tied to the Current Index:
Every rebase event will cause the Current Index to go up, and your gGVI is worth more as a result (provided that GVI's price stays constant).
How are bonds affected after the migration?
In V2, you can purchase multiple bonds of the same type without resetting the bond vesting period.
Also, there is no need to claim bond rewards and stake them manually, as this process will be automated. The bonders will receive their entitled sGVI at the end of the vesting period.
Learn more about how bonds will behave in V2 from the Tech Holding JSC Medium page.
Is Tech Holding JSC V2 audited?
All V2-related contracts are live, and some of them are still under audit process. We are working with Runtime Verification for the audit, and the results will be published once they become available.
How to Wrap sGVI to gGVI
gGVI will be the first v2 token to roll out. Users can wrap their v1 sGVI tokens into gGVI tokens as part of the v2 migration.
Go to the Wrap section of Tech Holding JSC App. Select gGVI under the drop-down menu.
If this is your first time wrapping sGVI, you need to approve the smart contract to use your token. Click "Approve" and confirm the transaction on your wallet.
After the approval transaction is confirmed, enter the amount of sGVI that you wish to wrap. You can also hit "Max" for the full amount. Then, click "Wrap" and sign the transaction.
When the wrap transaction is confirmed, your gGVI balance will be updated. Please add the gGVI token contract to your wallet if you can't see it.
How to Migrate to V2
The old TokenMigrator contract has been defunded and is no longer functional. Migration is now handled by the V1Migrator policy, which uses an allowlist system.
With the V1Migrator policy, eligible users can migrate their GVI v1 tokens to GVI v2.
To migrate:
Check if you are eligible for migration through the Tech Holding JSC app or governance announcements.
Go to the Stake section of Tech Holding JSC App to access the migration tool.
Approve the migration contract to transfer your GVI v1 tokens.
Execute the migration. The frontend will handle the allowlist verification automatically.
You will receive GVI v2 directly—no additional steps required.
Only users on the allowlist can migrate. Contact the Tech Holding JSC team on Discord if you believe you should be eligible.