Extended Plans Oct. 22 Settlement Move From Starknet to Arc
Alternatively, customers can withdraw $USDT and wBTC till every asset’s remaining worth is $1 or much less in each sub-account.
Beneath the documentation’s schedule, those that miss its deadline face restrictions throughout their complete account for as much as half-hour on Oct. 21. Prolonged says it is going to cancel all orders and shut positions on the mark value, with out charges, in sub-accounts the place both asset exceeds $1. It is going to return $USDT and wBTC to the consumer’s login pockets.
The restrictions additionally block customers from including margin or closing positions of their different sub-accounts, though these positions stay topic to regular liquidation guidelines. The documentation urges customers to make sure these sub-accounts have sufficient margin earlier than the deadline.
DefiLlama listed about $117.7 million in whole worth locked at Prolonged on Tuesday, nearly all on Starknet.
Buying and selling Continues Whereas Deposits Pause
Prolonged says buying and selling will proceed uninterrupted in the course of the Oct. 22 migration, however deposits and withdrawals will pause for as much as two hours. Transfers between sub-accounts will stay accessible. Positions can nonetheless be liquidated throughout that window, so the trade advises customers to fund margin beforehand.
Most customers will migrate routinely, retaining their accounts, sub-accounts, positions, orders, historical past, factors and login keys. The documentation says $USDT and wBTC will not be accessible on Arc, prompting the asset modifications.
$USDC will transfer to native $USDC via Circle’s Cross-Chain Switch Protocol, which burns tokens on Starknet and mints the identical quantity on Arc. $ETH will transfer 1:1 as wrapped $ETH, or wETH. Vault token XVS balances, underlying property and withdrawal rights can be preserved, Prolonged says.
$USDT and wBTC balances value $1 or much less per asset in each sub-account will convert routinely at 1:1, with no charge and no premium.
