GMultipli Gang!
Your xTokens are getting an upgrade. On July 8, 2026, Multipli is migrating from v1 to v2. This will enable you to:
Withdraw your xTokens: hold them in your own wallet, your strategy.
Sell xTokens partially: buy or sell xTokens exactly as much as you want.
Accrue yield on your xTokens: no more claiming yield.
Multipli’s overall user experience is also going to be more simplified, smoother, and faster.
Note: This migration is for retail users with an account balance under $1M. KYB users and accounts over $1M are not affected.
Wondering how it all works under the hood? Read on.
Index:
Who is this migration for?
How do v1 xTokens generate yield?
What is ERC-4626?
What is Multipli v2?
What are the benefits of v2?
Comparison between v1 and v2
Migration breakdown: What will happen?
FAQs
Conclusion
Who is this migration for?
This migration is for retail users whose account balance is less than $1M.
KYB registered users will also not be affected by this migration and will be contacted via email with further instructions.
How do v1 xTokens generate yield?
Tokens can generate yield in many ways, through lending, staking, liquidity provision, etc. Multipli’s xTokens generate yield through Spot-Perpetual Arbitrage and Contango Arbitrage. When you buy and hold xTokens, they generate yield for you.
Yield in v1 = Increase in amount of xTokens based on the time you hold it and the APY.
However, ERC-4626 redefined how tokens interacted with blockchains and generated yield.
What is ERC-4626?
Each protocol and blockchain creates unique tokens, no two tokens are the same as they are built on different platforms, with different use-cases, yield mechanisms, etc. This meant that protocols had to study each token they wanted to onboard individually, and write specific code to accommodate them into the platform. It could take anywhere from a few weeks to months for each token, and this made it difficult for tokens to be widely adopted.
ERC-4626 changed this. Also known as the Tokenised Vault Standard, it introduced a unified framework for yield-bearing tokens; a standardised way for tokens to generate yield, and a simple API to onboard these tokens onto platforms. This greatly reduces the time and effort required to onboard tokens. Adopting this standard drove the creation of Multipli v2.
What is Multipli v2?
Multipli v2 introduces a more liquid, composable, and compatible version of xTokens.
In v1, the amount of xTokens you held increases over time based on the APY, but in v2, the value per xToken increases over time based on the APY.
Yield = Increase in value per xToken based on the time you hold it and the APY.
This might look simple on paper, but it drastically changes your experience with xTokens.
What are the benefits of v2 xTokens?
You don’t need to ‘claim yield’ anymore. Your yield is simply accrued in your xToken. Just sell or buy them as required, without hassle.
xTokens are withdrawable, you can either hold them on Multipli, or in your wallet. It will accrue yield all the same.
Sell xTokens partially. This makes your portfolio more flexible and xTokens more accessible.
Comparison between v1 and v2
Feature | V1 xTokens | V2 xTokens |
|---|---|---|
How yield appears | Your number of xTokens increases over time | Your number of xTokens stays the same, but each xToken becomes more valuable over time |
Yield mechanism | Balance growth | Price/value growth |
Standard used | Custom implementation | ERC-4626 (Tokenized Vault Standard) |
Composability | Mostly usable within Multipli | Can be used outside of Multipli |
Liquidity | More limited | More liquid and interoperable |
Token onboarding | Required custom integrations | Standardized through ERC-4626 |
Migration breakdown: What will happen?
The event can be broken down to two parts, pre-migration and migration day.
Pre-Migration:
The v1→v2 is set to take place on July 08, 2026. You will see a migration banner/modal pop-up on Multipli’s homepage. It will:
Provide details about the migration.
Prompt you to choose your preferred network. You can choose which network you want to migrate your funds to in v2.
Sign the migration acknowledgement to permit the migration.
Migration Day
On July 08, 2026, all v1 operations will be temporarily disabled to facilitate the migration. After completion, v2 will become the primary version of Multipli, and the migration details can be viewed in the transaction history tab.
What will happen if you don’t provide consent for migration?
In the case that you haven’t provided consent for migration, we will measure your activity across v1, pick the network with the most activity, and migrate your funds to the same network on v2.
Activity = (Number of buys + Number of sells) in a network
If there is similar activity across more than one network, your funds will be transferred to the Ethereum network.
Frequently Asked Questions
Is there any fee required for the migration?
No. You will not be charged for the migration. Any and all fees will be handled by us.
Which website will be the default platform once migration is completed?
Currently Multipli v1 operates in app.multipli.fi and v2 is hosted in v2.multipli.fi. Post migration, app.multipli.fi will become the default website.
Can I withdraw my assets after providing consent to the migration?
Yes, you can withdraw the assets anytime before July 08, 2026, if you decide against the migration.
What will happen to my Crystals?
Your Crystals will be reflected on your v2 account within migration day. If not, it will be visible within a couple of days after migration.
Conclusion
Multipli v2 is a big step, for the protocol and for you. We thank you for your support and cooperation during the process. More capable xTokens, a smoother experience, and a wider DeFi footprint are on the way.
Got questions? Reach us on Discord or at support@multipli.fi.
See you on the other side.
