Radiant Capital to soon transition from V1 to V2
Radiant Capital has announced that it is soon transitioning from V1 to V2, enabling the venture to onboard the next hundred million users to the DeFi market. Decentralized Finance is eyeing to make a name for itself under the umbrella of sustainability. Having a larger number of users is sure to help. However, the tentative launch date for Radiant V2 is yet to be shared.
Radiant v2 is going live soon, unlocking the full potential of DeFi's first omnichain money market.
To prepare, the DAO advises all users read through the Migration Day FAQ here: https://t.co/gTYKNwCywd https://t.co/PGZsSWYkb0
— Radiant Capital (@RDNTCapital) March 12, 2023
Per the announcement, transitioning to V2 will also enable Radiant to make the DeFi sphere an omnichain money market. The development comes in response to the votes received in the governance proposals:
- REP-3
- REP-4
- REP-5
- REP-6
- REP-7
- REP-8
The migration process has been moving forward for a few months now to make sure that there is no issue on the final day. Radiant is yet to share the exact date and time, but it has assured us that the process will be seamless. Transition to V2 will take $RDNT to LayerZero Labs. This will serve the following benefits to the ecosystem of Radiant:
- Liquidity fragmentation will be reduced
- Lower finality risk
- Reduction in the stacked smart contract exposure
On the day of migration, emissions for V1 will be disabled instantly while simultaneously enabling emissions for V2. Users will then be required to make the deposits to V2 contracts.
Assistance will be provided by the Migration Wizard, an easy-to-use mechanism that will guide users throughout the migration process. This includes helping them claim rewards, moving deposits to the V2 lending pool, unwinding liquidity for RDNT/ETH, and migrating $RDNT to OFT in the ratio 1:1.
Safety has been audited by Zokyo and PeckShield Inc. Third-party audit is being done by BlockSec, and it is nearing the stage of completion. The 24/7 security system of Radiant V2 will be monitored by OpenZepplin Defender, where a team will immediately respond to an attempted potential attack. The Defender is backed by automated actions and circuit breakers, having the capability to get triggered in seconds to avoid any loss.
Going ahead with the roadmap, Radiant looks to expand to the BNB Chain and also share more information about the V1 – V2 migration process. Migration Wizard will assist based on where $RDNT tokens are being held by the users.
Holding the token in the wallet will have the basic instructions. For centralized exchange, the announcement mentions that all the centralized exchanges have been informed about the migration. Radiant has equipped them with tools to swap directly through the Migration Portal.
Decentralized Exchanges will remove the liquidity for the token and deploy it on RDNT V2. Migration Wizard, in this case, will help users to unwind their Sushi LP positions. Anyone who could lock RDNT in recent days was because that has been disabled already. RDNT accrued as a part of someone’s protocol will be eligible for claiming Platform Fees with a single click.
