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Migrating from V1 to V2

Both Mars v1 and Mars v2 co-exist on-chain. If you previously held Farm Vault positions on Mars v1, they’ve been automatically upgraded to Mars v2 credit accounts. However, if you borrowed or loaned assets within the Red Bank, you’ll need to manually migrate your Red Bank positions to Mars v2.

Repaying Debt​

Step 1: Visit the Mars v1 dApp Website: https://v1.marsprotocol.io/redbank​

Select a borrowed asset to repay. For example, ATOM.

Step 2: Select an Asset to Repay​

Once you've selected an asset, select "Repay" to advance. Note that "Repay" will only become an option after borrowing the asset.

Step 3: Select the Amount to Repay​

You can either type the exact amount to repay or use the percentage bar to determine the amount.

You can review a simulation of the transaction before confirming as well. Since we are repaying our debt, our total borrow amount should decrease and our borrowing capacity should increase.

Select "Repay" to advance.

Step 4: Sign & Broadcast Transaction​

You will be prompted to sign and broadcast your transaction using a compatible wallet.

Step 5: Congrats! You've repayed your debt to the Red Bank.​

Now that you have repayed your debt, you can borrow additional assets or withdraw your collateral assets.

Withdrawing Assets​

Step 1: Visit the Mars v1 dApp Website: https://v1.marsprotocol.io/redbank​

Select a deposited asset to withdraw. For example, OSMO.

Step 2: Withdraw Assets​

Select "Withdraw" to advance. Note that "Withdraw" will only become an option after depositing the selected asset.

Step 3: Select Amount to Withdraw​

You can either type the exact amount to withdraw or use the percentage bar to determine the amount.

You can review a simulation of the transaction before confirming as well. Since we are withdrawing assets, our total deposit amount and borrowing capacity should decrease.

Select "Withdraw" to advance.

Step 4: Sign & Broadcast Transaction​

You will be prompted to sign and broadcast your transaction using a compatible wallet.

Step 5: Congrats! You've withdrawn assets from the Red Bank.​

In this example, we withdrew all of our deposited OSMO. To continue borrowing from the Red Bank, we would need to deposit assets again.

Migrating to v2​

Continue on with the following tutorials on Credit Accounts, Lending, Borrowing, Farming, and Trading to open up new positions on Mars v2.