CeDeFi V2 Migration: Key Dates and Changes for Users

3 weeks ago 30671

ARTICLE AD BOX

CeDeFi V2 is set to launch, bringing significant changes for users with existing positions on the platform, according to BounceBit. As the migration nears, users are advised to understand the new timeline and operational changes.

Important Pre-Migration Steps

Before November 4, users should complete any pending stake or unstake operations in V1. After this date, staking and unstaking in V1 will be disabled, although token claiming will remain available for previously unstaked positions. By November 11, all user positions will automatically migrate to V2, with new features and conditions applied to all transactions.

V1 Closure Timeline

On November 4, 2024, at 7 AM UTC, both the V1 contract and front-end interface will close. Users will lose the ability to stake or unstake funds, but the claim function will stay available for unredeemed tokens. The Ethena collaboration will persist within the V1 contract, with BB rewards transitioning into V2.

V2 Launch Details

The official launch of CeDeFi V2 is scheduled for November 11, 2024. This will involve a batch migration of existing user principal positions and the implementation of a new early redemption policy. Users should note that early redemption, defined as any withdrawal within the first 28 days after staking and post-migration, will not include any Profit and Loss (PnL) and will incur a 1% fee on the principal amount.

Impact on BBTC and BBUSD

Deposits and withdrawals of BBTC and BBUSD remain unaffected throughout this transition. BBTC delegated to validators on the BounceBit Network and BBTC and BBUSD held in wallets are also not impacted by the migration.

Recommended Actions for Users

BounceBit recommends that users review their current positions and plan any necessary actions before the V1 closure. Familiarization with the new V2 features and conditions is also advised to ensure a smooth transition. Users are encouraged to monitor official channels for any updates or adjustments to the timeline.

For more detailed information, you can visit the original announcement on BounceBit.

Image source: Shutterstock

Read Entire Article