Rift Vault Rollover - What You Need To Know

Rift Vault Rollover - What You Need To Know

At Rift we are building the foundations for a self-sovereign society. Supporting innovative teams is essential in this journey, which is why we have worked with over ten leading DAOs like NEAR, Fantom and Injective to support healthy token liquidity for their communities. Today we’ll be discussing the rollover for our latest Ethereum vaults.

Rollover Recap

Rift sources liquidity for DAOs at a fraction of the cost of alternative methods like liquidity mining. It achieves this through pairing governance tokens from DAOs with $ETH from DeFi users. In return, DAOs achieve sustainable liquidity for their community and DeFi users receive double returns and impermanent loss protection. 58 days ago we launched Rift V2 on Ethereum, so in two days (on August 24th) the first vaults will be “rolling over” on the two month mark. This means that current depositors have an opportunity to either withdraw their existing deposits and claim their yield, or leave their deposits active and continue generating interest.

What to do as a current user

Would you like to withdraw?

Withdrawing from Rift is simple, just follow the steps below:

  1. Open the Rift application
  2. Connect your wallet, or else you will just see "Vault Locked" on each opportunity
  3. Select "View My Deposit" on any vault you'd like to withdraw from
  4. At the top select the "Withdraw" tab
  5. Drag the slider to input your desired withdrawal amount
  6. Select "Submit withdrawal request" and approve the transaction in your wallet
  7. Wait for the network to process your transaction, and you're done!

Additionally, here is a video walkthrough of the process in our app:

Want to keep earning yield?

You don’t need to do anything, Rift’s novel smart contracts allow users to continuously earn yield each epoch without requiring additional transactions from users.

Moving forward

We have subsequent announcements on existing vaults and exciting new product rollouts coming soon. The best way to stay up to date with the Rift community is either through following Rift on twitter or joining the community discussion on Discord.

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