The Upgrade Module introduced by the ParaSwap DAO on IPΔ28 allows sePSP1 stakers to instantly upgrade their sePSP1 stake to sePSP2 without going through the cooldown period.
How does it work?
The Upgrade Module smart contract receives sePSP1 and stakes PSP + the additional ETH the user provides for sePSP2, which is then transferred to the user.
The proposal also requested a 10M PSP buffer allocation per epoch from the DAO to accomplish this. This PSP buffer allows users to upgrade instantly without going through the unlock period. In the meantime, the contract can begin the unstaking + withdrawal process for the received sePSP1.
To upgrade, there has to be enough PSP balance in the buffer wallet address to cover the amount of sePSP1 being upgraded.
How to migrate?
Go to ParaSwap - Earn on the Ethereum network
On the Boosted Pool, select sePSP1 as the deposit 80% asset
Make sure to have the corresponding ETH or WETH 20% additional balance
Unlock tokens if needed and then click the Stake button
Confirm Migration
