Definition ∞ V2 migration refers to the process of transitioning users, assets, or functionalities from an older version (V1) of a blockchain protocol or decentralized application to a newer, upgraded version (V2). This typically involves the deployment of new smart contracts and the transfer of user holdings or positions to the updated system. It represents a significant upgrade cycle. This move aims to introduce enhancements or address limitations.
Context ∞ V2 migrations are a common occurrence in the rapidly evolving decentralized finance space, driven by the need to introduce new features, improve capital efficiency, or address security concerns discovered in earlier iterations. These migrations often present considerable technical challenges and require careful planning to ensure user safety and continuity of service, frequently reported in crypto news. Successful migrations are vital for protocol longevity.
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