BounceBit Gears Up For CeDeFi V2 Launch, Set To Close V1 On November 4
In Brief
BounceBit announced details of its migration to CeDeFi V2, with V1 scheduled to close on November 4 and V2 launching on November 11.
Bitcoin restaking platform, BounceBit released detailed information on its upcoming migration to CeDeFi V2.
According to the announcement, the V1 contract and front-end interface will be deactivated at 7 AM UTC on November 4th. After this time, users will no longer be able to stake or unstake funds, although the claim function will remain available for any unredeemed tokens following unstaking. BounceBit’s collaboration with Ethena will continue within the V1 contract, with BB rewards merged into the V2 platform.
The official V2 launch is scheduled for November 11th, with batch migration of existing user principal positions and the implementation of a new early redemption policy following soon after. For migrated V1 positions, V2 redemption conditions will apply. If users wish to withdraw within the new early redemption time frame, they are encouraged to do so before November 4th.
Under V2, early redemptions—defined as withdrawals within the first 28 days after staking or after migration—will not include any profit or loss (PnL) and will incur a 1% fee on the principal amount.
Deposits and withdrawals of BBTC and BBUSD will remain unaffected during the transition. BounceBit advises users to review their current positions, plan any actions needed before the V1 closure, and familiarize themselves with V2 features and conditions.
What Is BounceBit V2?
BounceBit operates as a Layer 1 network with a dual-token system that combines Bitcoin’s security attributes with full Ethereum Virtual Machine (EVM) compatibility, enabling validators to stake both BTC and BB tokens. By incorporating Bitcoin restaking through bridges and oracles, BounceBit aims to improve operational efficiency and reinforce its security measures.
BounceBit V2 marks a comprehensive upgrade for both its CeDeFi platform and BounceClub, designed to provide an enhanced experience across the BounceBit ecosystem. This update reconfigures the existing structure, introducing new tools and features aimed at streamlining financial operations for both individual users and institutions. Central to V2 is a focus on usability, operational efficiency, and the integration of traditional finance (CeFi) with decentralized finance (DeFi) components, offering a seamless, user-friendly experience.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
