Parcl Updates
5 min read

Parcl Protocol v1 is transitioning to v2, here’s what Parcl Protocol users need to do.

Published on
September 30, 2022
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As Parcl outlined in the v1 v2 transition announcement, Parcl will soon be transitioning to a v2 protocol. While v1 is being phased out, the future of Parcl is incredibly bright.

This article will outline everything you need to know about the changes and how it will impact current v1 Parcl Protocol traders, LPs, and eligible referral program members, as well as provide additional context around Parcl Protocol v2.

There’s also a frequently asked questions (FAQ) section at the bottom for easy reference.

Parcl Protocol v1 is transitioning to v2. What does that mean for you?

Parcl would not be where it is today without the incredible support of the Parcl community over the last year. Parcl has come a long way, and v2 is the natural next step for Parcl to move towards its mission of delivering real estate to everyone.

So what does this mean?

Part of transitioning v1 to v2 means the Parcl website – which supports the v1 Protocol – will begin a phased deprecation through the end of 2022. In the first phase, Investors and Liquidity Providers (LPs) will no longer have the ability to mint or open vaults, beginning September 30th.

However, Parcl users and LPs will be able to burn tokens, close vaults, and transact on the AMM while the dApp supporting v1 is being fully deprecated.

Here’s what currently active traders and eligible referral program members need to know. It’s very important you follow these steps as soon as possible.

If you are an active Parcl Protocol trader

In parallel to transitioning from Parcl v1,  v2 is slated to launch in Q4 2022 – Parcl Protocol users are highly encouraged to close all trading and vault positions BEFORE the launch of Parcl v2 (Parcl will continue to communicate key information on  Discord and  Twitter)

This includes:

  • Closing out any borrowed positions you may have.
  • Closing out any LP positions you you may have.
  • Exchange any Parcls in your portfolio for USDC.

If you need a step-by-step tutorial on how to close out your current positions, be sure to reference the respective guides shared below.

Users with Unclaimed Site Credits

Eligible referral rewards token holders with unclaimed site credits should promptly claim their rewards and begin closing their positions.

If you are an eligible referral rewards token holder, follow the steps below to claim your site credit rewards.

Upon claiming referral rewards, eligible users should:

  • Close out any borrowed positions they may have.
  • Close out any LP positions they may have.
  • Exchange any Parcls in their portfolio for USDC.

Be sure to join the Parcl Discord and follow Parcl on Twitter if you have any questions or concerns.

Parcl Protocol v1 and v2 FAQ

When is the Parcl Protocol v1 transitioning happening?

Part of transitioning from v1 to v2, means the Parcl website – supporting the v1 Protocol – will slowly be deprecated in a series of phases through the end of 2022. Investors and Liquidity Providers (LPs) will no longer have the ability to mint or open vaults beginning September 30th.

However, investors and LPs will be able to burn tokens and close vaults until the dApp supporting v1 is fully deprecated at the end of 2022.

Can I still claim my referral rewards?

Yes! Eligible HOA NFT holders can still claim their referral rewards. These two guides cover everything you need to know regarding referral rewards.

Why is the Parcl Protocol transitioning to v2?

v2 is the next natural step for Parcl to deliver real estate for everyone. Read why v1 is ending and v2 is launching here.

Shared content and posted charts are intended to be used for informational and educational purposes only. Parcl does not offer, and this information shall not be understood or construed as, financial advice or investment recommendations. The information provided is not a substitute for advice from an investment professional. Parcl does not accept liability for any financial loss or damages. For more information please see the terms of use.

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