Migration FAQ
Baseline is upgrading to its newest protocol upgrade (Mercury) on April 20, 2026. BLT, FLAPPY, AI, BSR, YES, and ONYX will migrate.
Frequently asked questions about the Baseline Mercury migration (April 20, 2026).
What is Baseline and what is $B?
The Baseline protocol is pioneering the concept of Token-Owned Liquidity where tokens automatically manage their liquidity to grow value over time. Baseline tokens come with their own AMM and bonding curve that gives every token a floor price and features such as staking to earn trading fees, borrowing with no expiration, and leveraging without liquidation.
$B will be the ecosystem token that accrues value from the Baseline protocol.
What is Mercury and why is there a migration?
Mercury is the new Baseline protocol upgrade. It upgrades the AMM curve and pool architecture while keeping the same core mechanics: token-owned liquidity, BLV floor, and DeFi utilities (stake, borrow, multiply). All supported tokens migrate from the legacy deployment into Mercury on April 20.
How are $YES and $B related?
$YES is being migrated from Base L2 to Ethereum Mainnet L1 and rebranded as $B token. All balances will transfer 1:1. Borrowed positions and looped positions will be combined into a single Credit position (collateral balances summed, debt summed).
NO ACTION REQUIRED. Just check your wallets when the migration is finished.
When is the migration starting?
Migration will start at ~06:00 UTC on April 20, 2026
What does the migration process look like?
The migration process will follow the following steps:
- Pause the legacy pool for each token.
- Snapshot the token balances, including spot, collateral and debt positions across borrows and loops.
- Migrate the balances to Mercury.
- Deploy and unlock the pool for each token.
- Tokens are tradable.
During migration, tokens will be paused and not be tradable. We will also sunset https://legacy.baseline.markets in preparation for the new Baseline Terminal.
How long will the migration take?
We will start at ~06:00 UTC on April 20, 2026 and aim to finish within a few hours. Please check Discord for updates: https://discord.com/invite/baseline
What tokens are migrating and in what order?
A: We will migrate tokens in the following order on April 20th: BLT, FLAPPY, AI, BSR,$YES. ONYX will be migrated on April 22nd.
Do I need to claim anything after migration?
No. All spot balances, credit positions, and loop positions are migrated automatically. Just check your wallet at app.baseline.markets/portfolio once migration is complete.
When will trading start?
Once the tokens are migrated and deployed, we will do quick verification checks & unlock. Tokens will become instantly tradable.
I hold BLT, FLAPPY, AI, BSR, YES or ONYX. What happens to my positions?
All supported tokens are migrating. Spot balances transfer 1:1. Credit and loop positions carry over with the same economics. No action required before migration. After migration, check app.baseline.markets/portfolio for your updated positions.
NO ACTION REQUIRED. Just check your wallets when the migration is finished.
Will the floor price (BLV) change?
No. The pool reserves that back the floor are migrated to Mercury as part of the same process. Your floor price carries over at its current level. The BLV on Mercury will reflect the same reserve-to-supply ratio as the legacy pool at the time of migration.
Will the token contract address change?
Yes. Mercury uses new contract deployments, so all token and pool addresses will change. We will publish a single source-of-truth post with all new addresses once migration is complete. Update any watchlists, bots, or dashboards using old addresses.
Where can I check my positions?
All information for your wallets will be available at app.baseline.markets/portfolio after migration.
Can I get liquidated if I borrow or use leverage on the new Mercury upgrade?
No. Baseline Mercury has no liquidations. Borrow and leverage positions do not expire and accrue no interest. Opening a credit position (by borrowing or leveraging) costs a one-time 1% origination fee. Repaying debt and unlooping have no fee.
I borrowed and also looped on the old protocol. What does it mean that loops and borrowed balances are combined into a single Credit balance?
On legacy YES, borrowing and looping were tracked in two different modules (Credit facility and Loop facility). Migration does not change the economics: your collateral and debt are carried over 1:1. On Mercury, that exposure is shown as one Credit position: a single collateral figure and a single debt figure instead of separate Credit vs Loop lines. Your net position is preserved. If you used both, you will see the totals combined in app.baseline.markets/portfolio after migration.
How can I launch a Baseline token?
Chat with us in Discord: https://discord.com/invite/baseline