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vETH Upgrade Statement. Some clarifications for the concerns raised, because of the timing during FTX drama.

Bifrost
Bifrost
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25 Nov 2022, 11:18
📢 vETH Upgrade Statement 📢 Some clarifications for the concerns raised, because of the timing during FTX drama. With the time being that Ethereum merged and the Beacon-chain is approaching to activate the staked ETH 2.0 redemption (there is no certain time yet), which is the good time spot to start vETH contract upgrading by following Bifrost Roadmap, vETH will be transformed to the same revenue architecture as other vTokens in Bifrost Staking Liquidity Protocol module. ❔Here are some main FAQs to explain vETH upgrade: Why vETH upgrade? For DefI utilization, liquid staked derivatives with price appriciated model is much more compatible with different use cases. It can be easily used in liquidity providing, farming, lending and borrowing without missing staking interests. vETH will contain the same revenue model as other vTokens, which will be performed in a new contract for new functions implemented. What will happen to my existing vETH and unclaimed vETH income? The existing vETH has no changes during the upgrading, holders can still transfer or use it in DEXs. Once the contract is upgraded, the existing vETH can be converted to new vETH. In this new Contract, the staking reward will be captured by appreciated price model. The unclaimed vETH income will be available to single-directional 1:1 exchange to new vETH in the new contract, which means all previous unclaimed vETH can be claimed in the new contract, and all staking rewards generated during the upgrading period will be appreciated in the price of new vETH. What will happen to all underlying staked ETH in validators? NOTHING will change. All underlying staked ETH are staking in Beacon-chain as it was, once the redemption activated in future, new vETH can be used to withdraw underlying ETH. The new contract will still keep the same 3/5 multisig parties, you can easily follow up every single multisig transaction. 📅 When vETH 2.0 ? vETH 2.0 contracts should land in February 2023.