The upgrade will launch in three phases, pseudonymous founder Myrddin said in Discord. First, on Saturday, Camelot will deploy a beta-stage automated market maker (AMM) based on the codebase of Algebra, a liquidity-focused protocol. The v2 upgrade will introduce “major enhancements” to Camelot’s infrastructure, such as adjusting pool fees and supporting the rebasing tokens like stETH.
The second stage will overhaul user-interface, while the final stage will release farms for concentrated liquidity.
Camelot’s native token, GRAIL, has rallied roughly 3.7% over the past 24 hours but remains down 23.4% from last week, according to CoinGecko data. GRAIL was trading at $2,363.15 at press time.
Camelot is the sixth-largest protocol on Arbitrum, with more than $107.2 million in total value locked, according to crypto stats website DefiLlama. Moreover, the exchange will distribute its non-transferable governance token xGRAIL to participants of the token’s public sale sometime after the v2 upgrade is completed.
“All contributions before Dec 1st 12am UTC will be eligible to receive ~25% bonus in $xGRAIL,” wrote Camelot on Twitter.
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