Alisa Davidson
Revealed: November 01, 2024 at 8:24 am Up to date: November 01, 2024 at 8:24 am
Edited and fact-checked:
November 01, 2024 at 8:24 am
In Temporary
BounceBit introduced particulars of its migration to CeDeFi V2, with V1 scheduled to shut on November 4 and V2 launching on November 11.
Bitcoin restaking platform, BounceBit launched detailed data on its upcoming migration to CeDeFi V2.
In keeping with the announcement, the V1 contract and front-end interface will likely be deactivated at 7 AM UTC on November 4th. After this time, customers will not be capable to stake or unstake funds, though the declare operate will stay obtainable for any unredeemed tokens following unstaking. BounceBit’s collaboration with Ethena will proceed throughout the V1 contract, with BB rewards merged into the V2 platform.
The official V2 launch is scheduled for November eleventh, with batch migration of current consumer principal positions and the implementation of a brand new early redemption coverage following quickly after. For migrated V1 positions, V2 redemption circumstances will apply. If customers want to withdraw throughout the new early redemption time-frame, they’re inspired to take action earlier than November 4th.
Below V2, early redemptions—outlined as withdrawals throughout the first 28 days after staking or after migration—is not going to embody any revenue or loss (PnL) and can incur a 1% charge on the principal quantity.
Deposits and withdrawals of BBTC and BBUSD will stay unaffected through the transition. BounceBit advises customers to evaluate their present positions, plan any actions wanted earlier than the V1 closure, and familiarize themselves with V2 options and circumstances.
What Is BounceBit V2?
BounceBit operates as a Layer 1 community with a dual-token system that mixes Bitcoin’s safety attributes with full Ethereum Digital Machine (EVM) compatibility, enabling validators to stake each BTC and BB tokens. By incorporating Bitcoin restaking by way of bridges and oracles, BounceBit goals to enhance operational effectivity and reinforce its safety measures.
BounceBit V2 marks a complete improve for each its CeDeFi platform and BounceClub, designed to offer an enhanced expertise throughout the BounceBit ecosystem. This replace reconfigures the present construction, introducing new instruments and options aimed toward streamlining monetary operations for each particular person customers and establishments. Central to V2 is a deal with usability, operational effectivity, and the mixing of conventional finance (CeFi) with decentralized finance (DeFi) parts, providing a seamless, user-friendly expertise.
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About The Creator
Alisa, a devoted journalist on the MPost, makes a speciality of cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a eager eye for rising tendencies and applied sciences, she delivers complete protection to tell and interact readers within the ever-evolving panorama of digital finance.
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Alisa Davidson
Alisa, a devoted journalist on the MPost, makes a speciality of cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a eager eye for rising tendencies and applied sciences, she delivers complete protection to tell and interact readers within the ever-evolving panorama of digital finance.
Extra articles
