BTRFLY v2 Migration FAQ

The BTRFLY v2 Migration started in Q3 2022. If you have already migrated, you can skip this section.

What is BTRFLY v2?

BTRFLY v2 represents a new era for the Redacted ecosystem. It is a transition away from the bond-centric, dilutive token model to a model focused on producing real yield for rlBTRFLY holders. The governance proposal for BTRFLY v2 can be found here.

What's happening to xBTRFLY and wxBTRFLY?

xBTRFLY and wxBTRFLY no longer exist in Redacted v2. If users hold either of these tokens, they can be migrated directly to BTRFLY v2 tokens.

Do I have to migrate to BTRFLY v2?

In order to access liquidity, participate in governance, and earn participation rewards through rlBTRFLY users must migrate to BTRFLY v2. Not doing so will subject users to scams and other risks.

How long do I have to migrate to BTRFLY v2?

For now, we plan to leave the BTRFLY v2 migration portal open indefinitely. However, to avoid any confusion down the line, it is recommended that users migrate to BTRFLY v2 as soon as possible.

How do I migrate to BTRFLY v2?

Please go to https://app.redacted.finance?migrate and complete the migration process.

How many BTRFLY v2 tokens will I receive?

The amount of BTRFLY v2 tokens users will received is calculated using the following formulas:

For example: If a user holds 100 BTRFLY v1 tokens and the index is 7.6973, the user will receive 100 / 7.6973 = 12.9915 BTRFLY v2 tokens.

Does BTRFLY v2 have a new supply cap?

Yes, BTRFLY has moved from infinite supply, to a limited supply. The new supply was calculated at migration using BTRFLY v2 Total Supply = (BTRFLY v1 Total Supply / 22.5%) / BTRFLY v1 Index, rounded up to the next 50k.

BTRFLY's new supply under v2 tokenomics is 650,000.

What can I do with my BTRFLY v2 tokens?

Users can lock BTRFLY v2 tokens for rlBTRFLY to earn participation rewards and inflationary BTRFLY “pulse” emissions. More on that here. After locking BTRFLY for rlBTRFLY, rlBTRFLY holders can participate in governance.