Fee-less Transfers

Today we are excited to announce a new feature: fee-less transfers between Ribbon vaults of the same asset. This makes it easy to switch between Ribbon strategies without paying the vault Exit Fee each time.

We are first enabling this feature for transfers between the T-USDC-P-ETH vault (USDC ETH Put Selling Vault) → T-YVUSDC-P-ETH (yvUSDC ETH Put Selling Vault). Users in the regular put selling vault can now transfer their assets into the Yearn put selling vault for additional yield without paying the 1% Exit Fee.

To migrate your USDC from the Put Selling vault to the Yearn Put Selling vault, go to our app today: https://app.ribbon.finance/

Raising the Yearn Put Selling Vault Cap

To accommodate room for migrations from the regular put selling vault to the new one, we are also raising the T-YVUSDC-P-ETH vault cap from 20M USDC → 60M USDC. This has been our most popular vault so far and we expect to see lots of interest in this product.

Allowing Seamless Migrations

Since the current vaults have a 10% withdrawal limit, it will be difficult for most of the regular put selling vault to migrate to the Yearn put selling vault. To accommodate this, we will not roll over the funds into new options contracts this week, allowing 100% of the regular put selling vault to migrate if they wanted to. We will continue running the strategy on the following Friday, 27th of August.

If you are trying to migrate your funds over to the new vault but the withdrawal cap has been hit, please wait until Friday, 20th of August, to do the migration.