Notional V2 Deprecation Update

Teddy Woodward -

The Notional V2 deprecation is entering its final stages. By the end of July, we expect Notional V2 to be fully deprecated with all current V2 users swapped over to V3. Here’s what you can expect over the coming weeks:

For borrowers:

There are a few remaining borrowers on Notional V2. If you have a borrow position, you will be able to repay your debt and remove your collateral from Notional V2 for the next two weeks. If you don’t repay your debt by July 1st, your debt position will be swapped over to Notional V3.Here’s what that process will look like:

  1. The Notional Team will deploy a Gnosis safe specifically for you to use on Notional V3. After the debt swap, your account on Notional V3 will be held by this Gnosis safe, not by the address you’re using on Notional V2. Technical limitations force the team to use a Gnosis safe in the swap process for borrowers.
  2. The address of your Notional V2 account will be the sole signer on your new Gnosis safe. To access your Notional V3 position, you will have to go through this Gnosis safe. You will be able to find your Gnosis safe address via the Notional V2 UI.
  3. To execute the debt swap, the Notional Team will remove your collateral from Notional V2 and deposit into Notional V3 at the variable lending rate. The team will then borrow the currency of your debt at a variable rate from Notional V3 and pay off your debt on Notional V2. This will leave you with collateral earning the variable rate + a debt accruing variable rate interest on Notional V3.

For liquidity providers:

LPs will be able to withdraw via the Notional V2 UI normally until July 8th. After July 8th, remaining LPs will be swapped over to Notional V3.

Here’s what that process will look like:

  1. The Notional Team will withdraw your liquidity from Notional V2 and deposit it in Notional V3 as variable rate lending.
  2. You will be able to access and manage your Notional V3 position at the same address as your Notional V2 position. Unlike borrowers (see above) LPs don’t require a Gnosis safe deployment.

For fixed rate lenders:

For users that hold matured fixed rate lending positions, you will be swapped over to V3 along with liquidity providers. This will give you a variable rate lending position on V3 that you can access using the same address that you used on Notional V2.

For users that hold fixed rate lending positions which have not yet matured - you will need to hold your position until maturity before you are able to withdraw. At maturity, you will have two weeks to withdraw from Notional V2 until you are automatically swapped to Notional V3 and Notional V2 is fully deprecated.

Questions:

If you have any questions or are unclear about any part of this process, please join the Notional discord and reach out to a member of the team.

The Notional Team