Transition Guide for Legacy Stakers

[davidnunez]

This is a step-by-step guide for legacy NU & KEEP stakers that want to continue to participate in Threshold as stakers. For context, a recent DAO proposal was approved and dropped support for legacy stakers:

TIP-063: Drop support for legacy staking

As part of the merge process between NU and KEEP networks that originated Threshold, legacy stakers were facilitated their integration into the new network by ad-hoc staking connectors. The goal was to provide an almost seamless experience that didn’t require unstaking from the legacy networks. After successfully supporting legacy staking for almost 2 years, it’s increasingly clear that keeping support for these legacy connections is becoming a liability, not only in terms of development comple…

Part of this proposal was to ensure that if legacy stakers re-stake using T they won’t see any impact on the rewards amount they will receive. Note that this process works differently depending if you come from KEEP or NU.

It’s very important to note too that in order to opt-in to this rewards transition process, you need to do it within the time periods defined in the section “Deadlines” below. Additionally, it is still required that nodes meet the same operational requirements (i.e., uptime, running version, etc) as if they were not affected by the legacy transition.

Transition Process

Overall, the transition process has 3 stages:

• Stage 1 - Withdrawing your NU/KEEP tokens from the legacy NU/KEEP staking contracts
• Stage 2 - Upgrading your NU/KEEP tokens to T
• Stage 3 - Stake your T in Threshold and authorize apps

Stage 1 - Withdrawing your NU/KEEP tokens

This stage will be different depending if you were staking with KEEP or NU, so please use the relevant section according to your case. At the end of this stage, you’ll have your NU/KEEP tokens in your wallet, which you’ll be able to stake later to continue participating in Threshold

Withdrawing NU tokens

1. First, we’ll calculate the amount of NU that’s available. Go to https://etherscan.io/address/0xbbD3C0C794F40c4f993B03F65343aCC6fcfCb2e2#readProxyContract#F10. Make sure this is the Etherscan page for NuCypher Staking Escrow (0xbbD3C0C794F40c4f993B03F65343aCC6fcfCb2e2).
   In the “Contract” > “Read as Proxy” section, look for function 10 “stakerInfo”. Input your staker address in the text field, click on “Query”, and copy the resulting “value”:

2. Connect your wallet to Etherscan. In the “Write as Proxy” section, look for function 10, “withdraw”. Input the value amount from last step into the text field, click on “Write” and you’ll be able to confirm the TX on your wallet. Make sure the TX is interacting with 0xbbD3C0C794F40c4f993B03F65343aCC6fcfCb2e2. Send the TX, and once it’s confirmed, you’ll get your NU tokens in your staker account.
   

Withdrawing KEEP tokens

1. Go to the legacy Keep Dashboard: https://dashboard.keep.network

2. Connect your wallet:

3. Go to the Threshold subpage:

   

4. Initiate undelegation of your KEEP tokens using the “Undelegate” button and sign the proposed transaction using the connected wallet:

Once 60 days of the undelegation period elapse, go back to the Keep Dashboard’s Threshold subpage and claim your undelegated KEEP tokens using the “Claim Tokens” button. Sign the proposed transaction using the connected wallet:

Note: There seems to be a bug for users of Taho wallet in this dashboard. Please use another available wallet.

In case your KEEP tokens were staked from a grant, you may not be able to use the “Claim tokens” button on the “Threshold” subpage. In that case, please go to the “Token Grants” subpage and withdraw your KEEP tokens from there.

Stage 2 - Upgrade your NU/KEEP tokens to T

Go to https://dashboard.threshold.network/upgrade/, choose “NU to T” or “KEEP to T” depending on your case, connect your wallet, and follow the interface to upgrade your tokens to T tokens. The resulting T amount can be used to top up your Threshold stake.

For reference, see: https://docs.threshold.network/threshold-dashboard/upgrade-nu-and-keep-to-t

Note: There seems to be a bug for users of Taho wallet in this dashboard. Please use another available wallet.

Stage 3: Top up your Threshold stake and authorize applications

Finally, you just need to stake back on Threshold. For reference:

• https://docs.threshold.network/staking-and-running-a-node/migrating-legacy-stakes#stake-liquid-t
• https://dashboard.threshold.network/staking/how-it-works/overview

We’re describing here how to top-up your stake. Go to the Staking section of https://dashboard.threshold.network/staking, and look for the top-up button at the bottom:

A pop-up will appear where you can top up your stake with T. Ignore if there’s a warning about this stake being legacy, since you need to top up with liquid T.

Note: There seems to be a bug for users of Taho wallet in this dashboard. Please use another available wallet.

The final step is to authorize Threshold applications. In the staking dashboard, look for each application and increase your existing authorizations. For reference, see https://dashboard.threshold.network/staking/how-it-works/applications

Deadlines

The goal of this process is to ensure that stakers that want to continue to participate in Threshold don’t see disruptions on their rewards, but this also implies there must be a time limit to opt in. Given the difference between NU and KEEP legacy contracts, this time limit will also be different. For NU stakers, you have until December 7th, 2023 to complete the process, since there’s no delay for unstaking NU from the legacy NU staking contract. KEEP stakers will have more time, since they have a 60-day delay for unstaking from the legacy KEEP staking contract; in this case the deadline is February 23rd, 2024.