Legacy market migration: WBTC

It’s a good question actually. You see, there is an actual value in an immutable contract. And it’s that the rules are set and can not be changed for whatever good or bad governance thinks. Frankly, for small user its pretty much always a better deal to have immutable code, rather than upgradeble.

Remember story of personal income tax in US? It wasn’t there at beginning. Then it was pitched as temporary measure, and that pretty much nobody would pay it except super rich. And it was small like 1%. As soon as it was introduced it was quickly adjusted in following years, and now pretty much everybody pays it except super rich, who usually don’t really have that much personal income to be taxed :slight_smile: What that story teaches us?

That it’s much better to have rules set in stone, than in the hands of governance, which you really couldn’t control :slight_smile:

So yea, thre might be some cherry on top which upgradebility allows, but i’m not sure it’s worth giving away control. But thing is, you don’t really have a choice. You can advocate different vision in forum, or can try to pitch your ideas, but in the end, i really doubt you can stop the transition to upgradeble cTokens. :slight_smile:

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Totally agreed. If it is unstoppable, a migrator is needed ASAP.

Thank you for the reply, what are you suggesting? That I unstake and restake to new contract? or wait for a smoother transition?

It depends how you are using the WBTC market. If you borrow WBTC for shorting btc and collecting COMP from it, than it makes sense to switch faster, as there is no COMP distribution on legacy market anymore.

If you, however supply WBTC and using it as collateral, than there’s no rush for you really. Both markets will exist for some time, and both will go the job. Eventually governance will start pushing people out of legacy one by slowly decreasing collateral factor. It would take a time however (not days, weeks), and you will know it’s happening if you check governance from time to time for new proposals. If you using WBTC as collateral and your position is small enough for gas fees to matter, i’d wait for migrator solution. Or optimism supposed to land on ethereum somewhere next month, which should decrease gas prices too, as some projects will start to move to L2, which also helps.

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Hi there, any update on a migrator solution?

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Quoting from a Discord discussion:

there is a community member built migrator that can do this

read it carefully
and validate by yourself that its legit if you can

It looks like one user has tried it out so far based on a review of the contract transaction history on etherscan.

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