Welcome to Extreme Investor Network! Stay Ahead with the Latest Crypto News and Updates
By: Caroline Bishop
Nov 01, 2024 14:24
Get ready for the launch of CeDeFi V2! Learn about the migration timeline, changes, and how it impacts current users with open positions on the platform.
CeDeFi V2 is on the horizon, bringing exciting changes for users with existing positions on the platform. As the migration date approaches, it’s crucial for users to grasp the new timeline and operational adjustments.
Key Pre-Migration Steps
Before November 4, all users should finalize any pending stake or unstake operations in V1. After this date, staking and unstaking in V1 will be disabled, while token claiming remains accessible for previously unstaked positions. By November 11, all user positions will automatically migrate to V2, with new features and conditions applied to transactions.
V1 Closure Timeline
On November 4, 2024, at 7 AM UTC, both the V1 contract and front-end interface will cease operations. Users will no longer be able to stake or unstake funds, but the claim function will continue for unredeemed tokens. The Ethena collaboration will persist within the V1 contract, with BB rewards transitioning into V2.
Details of V2 Launch
CeDeFi V2 is officially launching on November 11, 2024. This launch will involve a batch migration of existing user principal positions and the introduction of a new early redemption policy. Users should take 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
The transition will not affect deposits and withdrawals of BBTC and BBUSD. BBTC delegated to validators on the BounceBit Network and BBTC and BBUSD held in wallets will also remain unaffected by the migration.
Recommended Steps for Users
BounceBit advises users to assess their current positions and plan any necessary actions before the V1 closure. It is essential to familiarize oneself with the new V2 features and conditions to ensure a seamless transition. Users are urged to stay tuned to official channels for updates or adjustments to the timeline.
For more detailed insights, check out the original announcement on BounceBit.
Image source: Shutterstock