Launching Ribbon V2
Today we are super excited to launch the first 2 Ribbon V2 Vaults — an ETH Covered Call Vault, and WBTC Covered Call Vault. Due to the highly experimental nature of these new vaults, we are starting with a very conservative vault capacity to begin with and expand over time.
ETH Vault Starting Capacity: 300 ETH
WBTC Vault Starting Capacity: 25 WBTC
Migrating to V2
Users who have funds in the V1 vaults will be able to migrate to V2 easily. On the Ribbon App, the vault pages will have a convenient link for users to "migrate" ETH or WBTC to the new V2 vaults. This migration will not incur withdrawal fees.
The first option sales for these vaults will start this Friday, 17th September, and yield will start getting paid out then.
To encourage people to migrate to V2, we will reimburse the gas fees for the first 100 migration transactions. This will be a manual process where the Ribbon team will send ETH to the addresses that contributed to the first 100 migrations.
Although V2 has a range of new benefits, it is also experimental new software. Features like the Algorithmic Strike Selection and Open Auctions are brand new, and will not necessarily drive better performance than Ribbon V1 vaults. The new vaults may also have smart contract risks, and we have gotten two audits so far from OpenZeppelin and ChainSafe.