With vETH 3.0 now operating stably, a portion of vETH 1.0 assets remain unmigrated within the protocol, resulting in persistent excess ETH reserves.
Given that the vETH 1.0 to vETH 2.0 migration path has been available for several years, the remaining unupgraded assets are likely associated with long inactive on-chain addresses.
Continuously maintaining full on-chain manual upgrade access for legacy versions causes multiple contract versions to operate in parallel, increasing system maintenance complexity and potential security exposure.
To better serve active users and enhance overall protocol value, we propose optimizing the allocation of these excess reserves for ecosystem development and yield enhancement.
From now until January 31, 2026, all services will continue operating normally. Users may manually complete the vETH 1.0 → 2.0 → 3.0 migration through the following steps:
Step 1: Converting vETH 1.0 to vETH 2.0
approve method to authorize the vETH 1.0 amount you wish to convert to the management contract: 0x74bAA141B18D5D1eeF1591abf37167FbeCE23B72renew method, entering the specified amount to complete the conversionStep 2: Converting vETH 2.0 to vETH 3.0
To optimize resource allocation, beginning February 1, 2026, the vETH 1.0 self-service migration function will transition to a manual processing model:
Important Note: This adjustment does not affect user rights. All vETH 1.0 holders may still request migration to the latest version at any time.
Following the above adjustments, we will recalculate the excess reserve amount and allocate these assets to different scenarios through on-chain governance to enhance overall protocol efficiency and user yields.
Initial Allocation Plan:
Note: Actual allocation ratios will be dynamically adjusted based on community feedback, market conditions, and protocol development needs.
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