MPL Migration
Converting MPLv1 to MPLv2: A Guide for MPL and xMPL Holders
Background:
MIP009 was voted into place by the community on 12th September 2023.
MIP009 approved the issuance of new tokens to the Maple Treasury via a one-time mint and a three-year emission. In order to do so the MPL token needs upgrading to MPLv2. Read More.
Summary:
The date of the technical migration has not been determined yet.
The terms MPLv1 and MPLv2 are used only for purposes of explaining the migration. The name of the token will continue to be MPL.
Maple is coordinating the transition of MPLv1 to MPLv2 in a few ways.
So holders can convert their tokens easily a conversion page will be made available at app.maple.finance/#/mpl. This will be the only destination for conversion.
Maple will automatically convert all MPLv1 held in the xMPL contract to MPLv2.
Maple is making arrangements with major exchanges so that MPLv1 tokens on the exchange will automatically be converted into MPLv2, with no action required from holders. We will share details relevant to each exchange ahead of the migration.
Conversion will be possible for 3 years, but encouraged as soon as possible so holders can access the value and utility of MPL.
How to Guide
In this guide the existing version of MPL (legacy MPL) will be referred to as MPLv1 and the updated version of MPL as MPLv2. xMPL will be referred to as xMPL.
This guide walks through how all MPL and xMPL holders can convert MPLv1 to MPLv2.
Converting MPLv1 to MPLv2
All MPLv1 will need to be converted to MPLv2 within 3 years. This includes all MPL held in wallets decentralized exchanges, smart contracts (except xMPL) or on centralized exchanges not covered in the summary.
Hold MPLv1 in a smart contract, wallet, multisig or with a custodian? Follow these steps to convert
Go to app.maple.finance/#/mpl.
Connect your wallet.
Safe users may use the Maple Application found in the Safe App Store.
Argent and other multi-sig users will need to connect to the Maple Application via Wallet Connect.
Approve your MPLv1 tokens: Once your wallet is connected, you'll need to authorize the use of your MPLv1 tokens for the conversion.
Specify the conversion amount: Enter the amount of MPLv1 tokens you wish to convert. If you'd like to convert all your MPLv1 tokens, simply select the 'max' option.
Wait for the conversion to complete: After confirming the conversion the migration will take place, you can monitor the progress of the transaction on etherscan.
Show MPLv2 in your wallet by adding the token address: 0x1915A8dE08A92b846dF7C845e140E4b0714820bd
Hold xMPL? Follow these steps to convert
Good news, xMPL holders will not need to take any steps to convert their MPLv1 to MPLv2. All MPLv1 in the xMPL contract will be converted to MPLv2 automatically by the 25th of September.
xMPL holders will only need to add the new MPLv2 token to their wallet. To show MPLv2 in a wallet add token address: 0x1915A8dE08A92b846dF7C845e140E4b0714820bd.
Hold MPLv1 on an exchange?
Maple has made arrangements with major exchanges so that MPLv1 tokens on the exchange will automatically be converted into MPLv2. We will share details relevant to each exchange ahead of the 25th September.
FAQs
Why should I migrate my MPL tokens?
Within 3 years all MPLv1 will be converted to MPLv2. To take part in Maple governance and all future utility holders must upgrade to MPLv2. MPLv1 will be delisted on exchanges and replaced with MPLv2 trading pairs.
Is it safe to convert MPLv1 to MPLv2?
Maple has taken every step to ensure that it is safe to convert MPLv1 to MPLv2 at a smart contract level. Firstly, the MPLv2 contract has been audited by Spearbit via Cantina and 3Sigma. The auditors assessed the MPLv2 smart contracts and the migration process. Secondly, the new token contract has undergone formal verification, the highest standard in smart contract security, which determines that the logic and desired behavior of the smart contract is satisfactory. The audit reports are available for review here: https://github.com/maple-labs/mplv2/tree/main/audits.
What if my MPLv1 is on an exchange?
Maple is in liaison with centralized exchanges to ensure smooth transition to MPLv2 and will advise on the specific processes for different venues closer to the time. The aim is that MPLv1 tokens on exchanges will automatically be converted into MPLv2 requiring no action from holders.
What if I hold MPL in a Sablier stream?
MPLv1 that is streamed via Sablier will not be migrated automatically to MPLv2. The holder will have to follow the steps outlined in the 'How to Guide'.
What if I hold MPL and xMPL?
xMPL will be migrated over automatically, no action is required there. For MPL, follow the steps outlined in the 'How to guide'.
How do I add MPLv2 to my wallet?
Show MPLv2 in your wallet by adding the token address: 0x1915A8dE08A92b846dF7C845e140E4b0714820bd
How do I vote with MPLv2 after?
The same voting process applies for MPLv2 as for MPLv1.
Where will MPLv1 go?
All MPLv1 tokens will be burned and replaced by the new MPLv2 tokens.
How long will I have to migrate from v1 to v2?
Holders will have 3 years to complete the conversion from MPLv1 to MPLv2. Holders are encouraged to complete the conversion as soon as possible to access the value and utility of MPL. MPLv1 will have no value once this process has commenced.
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