CeDeFi V2 Migration: Key Dates and Changes for Users

CeDeFi V2 is launching soon. Learn about the migration timeline, changes, and how it affects current users with open positions on the platform.

CeDeFi users with existing positions on the platform are set to experience significant changes with the upcoming launch of CeDeFi V2, according to an announcement from BounceBit. As the migration nears, users are advised to familiarize themselves with the new timeline and operational shifts.

Crucial Pre-Migration Steps

Ahead of November 4, users are encouraged to complete any pending stake or unstake operations in V1. Following this date, staking and unstaking in V1 will be disabled, though the token claiming functionality will remain accessible for previously unstaked positions. By November 11, all user positions will be automatically migrated to V2, where new features and conditions will be 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 no longer be able to stake or unstake funds, but the claim function will remain active for any unredeemed tokens. The Ethena collaboration will continue within the V1 contract, and BB rewards will transition into V2.

V2 Launch Details

The official launch of CeDeFi V2 is set for November 11, 2024, which will include 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 will not be affected during this transition. Additionally, BBTC delegated to validators on the BounceBit Network and BBTC and BBUSD held in wallets will also not be impacted by the migration.

Recommended Actions for Users

BounceBit advises users to review their current positions and plan any necessary actions before the V1 closure. Familiarization with the new V2 features and conditions is also recommended 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.