Vether Upgrade Deployed!
7–2–2020 UPDATE — V4 is up. You may resume burning ETH for VETH. Only use this contract address going forward:
0x4ba6ddd7b89ed838fed25d208d4f644106e34279
http://uniswap.exchange/swap/0x4ba6ddd7b89ed838fed25d208d4f644106e34279
Keeping article below for history’s sake, but all upgrade steps are no longer needed.
All Vether V4 has been airdropped based on wallets in the snapshot. Ether has been reimbursed to folks who burned Vether in Day 51, to folks who had pooled their Vether and lost Ether due to the exploit, and even some folks who purchased Vether after the exploit and before the last upgrade to V4.
The Vether Upgrade is Here!
This article on upgrading only applies to folks with Vether from Days 1–49 and not Vether purchased after Vether Day 49. This applies to Vether V1 and Vether V2.
***Please note that the instructions below were for Vether V2 but that similar steps may be taken for upgrading to Vether V3. If you have questions please check out Telegram or Discord (links at bottom) for updates. Vether V3 was an upgrade to ensure folks could upgrade without having someone take their Vether. The upgrade was conducted before anyone could utilize the exploit and was completed as a precaution and went into effect shortly after the end of Vether Day 49.
Anyone burning using the website or buying using the correct Uniswap address should already be getting Vether V3.
**DO NOT BUY VETHER ON UNISWAP USING THE OLD CONTRACT ADDRESS. CORRECT ADDRESS IS LISTED AT END OF THIS ARTICLE.**
For those who don’t know, Vether V1 allowed you to burn ERC-20 tokens for VETH. For any ERC-20 token without a Uniswap price value, the gas used for the transaction would be counted as a burn for VETH. A community member found a way to exploit this and long story short, you could get more VETH than the usual methods.
After attempts to make this fairer, Strictly-Scarce (dev behind Vether) and the Community decided to upgrade Vether V1 to Vether V2 which would remove this method of burning and return Vether to a fairer distribution. For more history and details of the original plans before the gas exploit was further exploited (leading to the current accelerated response based on a snapshot), see my previous article here.
For general info and instructions on how to upgrade your Vether V1, see below.
NOTE: Again, this only applies to you if you own Vether from Vether Day 1 through Day 44. A snapshot was taken following the end of Day 44. All burns were pushed to wallets so you should not have any unclaimed VETH from those days.
Please ensure you have some ETH for the upgrade (for gas payments).
Step 1: Go to https://vetherasset.org/upgrade with either Metamask enabled or via your wallet dapp explorer.
Step 2: Click/Press “UNLOCK” — pay the gas fee
Step 3: After the unlock is complete, you should see an “UPGRADE” option show up. Click/Press it — pay the gas fees (should not be more than $1–2 unless gas fees are extremely high).
Wait a bit and once complete, your Vether V1 should leave your wallet and Vether V2 should be deposited into your wallet!
You should see Vether V2 in your wallet, but if you don’t see it right away you can use an explorer such as https://etherscan.io/ to check your wallet’s ERC-20 tokens.
Vether V4’s address: 0x4ba6ddd7b89ed838fed25d208d4f644106e34279
Uniswap address: http://uniswap.exchange/swap/0x4ba6ddd7b89ed838fed25d208d4f644106e34279
Please ensure you update any Uniswap information to point to the new address and remove the old address if you had added it. The dapp should be updated so you may burn using the usual site.
Please also note, the token upgrade isn’t indexed yet so price and other related information may not show up right away in your wallet. The community is working on getting these updated as soon as possible.
Need help? Join the Telegram channel or Discord if you have trouble getting the upgrade to work.
