Overview of CeDeFi V2 Launch and Migration 🛠️
The upcoming launch of CeDeFi V2 is set to introduce key changes for users currently engaged with the platform. As the migration date approaches, it’s crucial for users to grasp the timeline and modifications that will affect their ongoing positions. Familiarizing yourself with these developments can facilitate a smoother transition as you get ready for the shift to V2.
Essential Pre-Migration Tasks ⚙️
To ensure a seamless transition, complete any outstanding staking or unstaking functions in Version 1 by November 4. Post this date, the option to stake or unstake in Version 1 will be deactivated; however, users can still claim tokens from previously unstaked positions. Importantly, by November 11, your existing positions will automatically transfer to Version 2, incorporating new features and transaction conditions.
Closure Schedule for Version 1 ⏰
On November 4, 2024, at 7 AM UTC, the V1 contract and user interface will cease operations. This means you will no longer be able to stake or unstake your funds; nonetheless, the option to claim unredeemed tokens will remain. Furthermore, the collaboration with Ethena will continue within the V1 framework, but rewards in BB token form will transition to Version 2.
Launch Information for V2 🚀
The official rollout for CeDeFi V2 is slated for November 11, 2024. This launch includes a bulk migration of principal user positions along with a new early redemption policy. It’s important to be aware that if you choose to withdraw within the first 28 days after staking your assets and following the migration, your withdrawal will not reflect any Profit and Loss (PnL) and will incur a 1% fee on the principal amount.
Effects on BBTC and BBUSD 💵
The process of depositing and withdrawing BBTC and BBUSD will remain uninterrupted during this migration phase. Any BBTC delegated to validators on the BounceBit Network, as well as BBTC and BBUSD stored in wallets, will be unaffected by the shift to Version 2.
Advice for Users 📋
It is advisable for users to assess their current standings and plan necessary actions ahead of the V1 closure. Taking the time to understand the new features and terms of Version 2 is essential for a successful transition. Keep an eye on official communication channels to stay updated on any modifications to the schedule.
Hot Take 🔥
The migration to CeDeFi V2 represents a significant evolution for the platform and its users. As the cutoff for Version 1 approaches, putting in the necessary preparation now can help safeguard your investments and optimize your experience moving forward. Understanding the changes and actively planning your next steps will empower you in navigating this transition smoothly.
For additional detailed insights, you may explore the original announcement on BounceBit.
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