Notional, a fixed-rate lending protocol, has entered the last phase of discontinuing its V2 version, with a complete transition to V3 expected by the end of July. The scheduled timeline outlines specific steps for borrowers, liquidity providers, and fixed-rate lenders to ensure a smooth migration.

Borrowers with outstanding loan positions on V2 have two weeks to repay their debts and remove collateral. Failure to do so by July 1 will result in their loan positions being switched to V3. Liquidity providers can withdraw normally through the V2 UI until July 8, after which they will be transitioned to V3. Fixed-rate lenders with mature loan positions will be switched to V3, converting their positions to variable-rate loans accessible via the same address used on V2.

Users holding unmatured fixed-rate loan positions must hold them until maturity to withdraw. Upon maturity, they will have a two-week window to withdraw from V2 before being automatically switched to V3. This marks the final step in phasing out Notional V2, making way for the adoption of V3.

The transition from V2 to V3 aims to enhance the lending protocol's functionality and user experience. Notional's decision to discontinue V2 reflects its commitment to innovation and improvement. As the migration progresses, users can expect a seamless transition, enabling them to continue leveraging the protocol's features without interruption.

The completion of this final phase marks a significant milestone for Notional, solidifying its position as a leading fixed-rate lending protocol. With the transition to V3, users can anticipate improved performance, security, and functionality, further enhancing the overall lending experience.