Caroline Bishop
Nov 01, 2024 14:24
CeDeFi V2 is launching quickly. Be taught concerning the migration timeline, modifications, and the way it impacts present customers with open positions on the platform.
CeDeFi V2 is ready to launch, bringing important modifications for customers with present positions on the platform, in accordance with BounceBit. Because the migration nears, customers are suggested to grasp the brand new timeline and operational modifications.
Necessary Pre-Migration Steps
Earlier than November 4, customers ought to full any pending stake or unstake operations in V1. After this date, staking and unstaking in V1 will probably be disabled, though token claiming will stay accessible for beforehand unstaked positions. By November 11, all person positions will mechanically migrate to V2, with new options and situations utilized to all transactions.
V1 Closure Timeline
On November 4, 2024, at 7 AM UTC, each the V1 contract and front-end interface will shut. Customers will lose the flexibility to stake or unstake funds, however the declare operate will keep accessible for unredeemed tokens. The Ethena collaboration will persist inside the V1 contract, with BB rewards transitioning into V2.
V2 Launch Particulars
The official launch of CeDeFi V2 is scheduled for November 11, 2024. This can contain a batch migration of present person principal positions and the implementation of a brand new early redemption coverage. Customers ought to word that early redemption, outlined as any withdrawal inside the first 28 days after staking and post-migration, won’t embrace any Revenue and Loss (PnL) and can incur a 1% payment on the principal quantity.
Affect on BBTC and BBUSD
Deposits and withdrawals of BBTC and BBUSD stay unaffected all through this transition. BBTC delegated to validators on the BounceBit Community and BBTC and BBUSD held in wallets are additionally not impacted by the migration.
Beneficial Actions for Customers
BounceBit recommends that customers evaluation their present positions and plan any essential actions earlier than the V1 closure. Familiarization with the brand new V2 options and situations can also be suggested to make sure a easy transition. Customers are inspired to watch official channels for any updates or changes to the timeline.
For extra detailed data, you may go to the unique announcement on BounceBit.
Picture supply: Shutterstock
