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Deprecation of Chains in the Overnight Ecosystem
What Does "Deprecated" Mean?
When a chain is marked as "Deprecated," it signifies that the Overnight ecosystem is in the process of discontinuing support for that particular chain. The reasons for deprecating a chain can vary and may include factors such as changes in technology, network performance, security concerns, or strategic decisions to focus on more promising chains.
Current and Upcoming Deprecations
The Overnight ecosystem has already deprecated the Polygon chain. These changes ensure that the ecosystem remains agile, secure, and aligned with the evolving DeFi landscape.
To display deprecated chains, toggle the chain switcher located in the menu. When you enable this switch, information regarding all chains, including deprecated ones, will become accessible across all pages of the website.
What to Expect with Deprecated Chains?
Once a chain is deprecated, several significant changes follow:
- 1.Support Discontinuation: The Overnight ecosystem will cease to actively support or maintain operations on the deprecated chain. This includes discontinuing balance adjustments, liquidity provisioning, and other platform activities related to that chain.
- 2.No Rebase and Payouts: There will be no further balancing activities on the deprecated chain. Consequently, payouts of our rebase tokens, rewards, and other token-related distributions will not occur on this chain.
- 3.Retention of token ownership: Users holding Overnight tokens on the deprecated chain will still retain ownership of these tokens. However, to access them, users will need to take action.
User Actions on Deprecated Chains
For users who possess Overnight tokens on a deprecated chain, the following steps are recommended:
- 1.Redeem: Users can opt for the Redeem function to convert their tokens from a deprecated chain to stablecoins or other assets supported by the ecosystem.
- 2.Bridge: Alternatively, users can bridge their tokens by redeeming USD+ on the deprecated chain and then utilizing the conventional routes to bridge their tokens back to USD+ on a supported and active chain. This bridging process involves minting the tokens on the target chain. However, we are diligently working on developing a native bridge functionality to enhance this process in the near future.
Monitoring and Communication
The Overnight team is committed to transparently communicating the deprecation process to users. Whenever a chain is marked as deprecated or is undergoing deprecation, users will be notified through official channels. It's essential for users to stay informed about such changes to make informed decisions about their token holdings.
Remember, your assets are yours, and the Overnight ecosystem is here to assist you in navigating these transitions with clarity and ease.