Caroline Bishop
1 November 2024 14:24
CeDeFi V2 is coming soon. Learn about the migration timeline, changes, and how they impact current users with vacant positions on the platform.
According to BounceBit, CeDeFi V2 is coming and will bring significant changes to users with existing positions on the platform. As migration approaches, users are encouraged to understand the new timeline and operational changes.
Important pre-migration steps
Before November 4th, users must complete any pending stake or unstake operations in V1. After this date, staking and unstaking of V1 will be disabled, but token claims will still be available for previously unstaked positions. By November 11th, all user locations will be automatically migrated to V2, where new features and terms will apply to all transactions.
V1 termination schedule
Both the V1 contract and frontend interface will terminate on November 4, 2024 at 7:00 AM (UTC). Users will no longer be able to stake or unstake funds, but will still have the ability to claim unredeemed tokens. Ethena collaborations will remain within the V1 contract and BB rewards will be converted to V2.
V2 release details
The official launch of CeDeFi V2 is scheduled for November 11, 2024. This includes mass migration of existing user key locations and implementation of a new early repayment policy. Users should note that early repayments, defined as withdrawals within the first 28 days after staking and migration, do not include Profit and Loss (PnL) and are subject to a 1% fee on the principal amount.
Impact on BBTC and BBUSD
Deposits and withdrawals of BBTC and BBUSD will not be affected during this transition period. BBTC delegated to validators on the BounceBit network and BBTC and BBUSD held in wallets are also unaffected by the migration.
Recommended Actions for Users
BounceBit encourages users to review their current position and plan any necessary actions prior to the end of V1. To ensure a smooth transition, we recommend that you familiarize yourself with the new V2 features and terms. Users are encouraged to monitor official channels for timeline updates or adjustments.
Please refer to BounceBit’s original announcement for more details.
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