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edgeX launches V1-to-V2 migration with 50 million USDC incentive program

edgeX launches V1-to-V2 migration with 50 million USDC incentive program

The V2 rollout includes a native USDC yield vault developed with Gauntlet, capped at 50 million USDC, with edgeX citing about 7% annualized rewards while noting yields are variable and risks remain.

USDC

Summary

edgeX said it has begun its V1-to-V2 migration and paired the upgrade with a native USDC yield vault on V2 developed with the USDC ecosystem and on-chain risk manager Gauntlet. The program is capped at 50 million USDC and is intended to encourage users moving to V2 to use native USDC. edgeX said the vault offers about 7% combined annualized returns, including 4% on USDC and 3% in EDGE, while also stating that yields are variable rather than guaranteed and that users remain exposed to risks including smart contract risk and market volatility.

Terms & Concepts
  • native USDC: USDC issued directly on a blockchain rather than through a wrapped representation.
  • yield vault: A DeFi product that deploys deposited assets into strategies to generate returns.
  • V1-to-V2 migration: The process of moving users and activity from an older platform version to a newer one.