Extended Moves Settlement to Arc, Warns Users of Asset Deadlines

Extended to shift settlement operations to Arc on October 22

Extended is moving its settlement layer from the Starknet network to Arc on October 22. A settlement layer is the underlying system where financial transactions are finalized and recorded.

This transition requires users with specific holdings in their sub-accounts to take action. Those who do not comply with the new requirements face the risk of having their accounts closed by the platform.

Key requirements for account holders

• The move from Starknet to Arc is scheduled for October 22.
• Users holding more than $1 worth of USDT or wBTC must act.
• Affected users are required to either convert these assets or withdraw them from their sub-accounts.
• USDT is a stablecoin, a digital asset designed to maintain a value of one U.S. dollar.
• wBTC, or Wrapped Bitcoin, is a token that allows Bitcoin to be used on other blockchain networks.

Conflicting information on deadlines

While the settlement move is planned for October 22, there is uncertainty regarding the exact deadline for user actions. Official notices from Extended have reportedly provided conflicting dates for when users must finish converting or withdrawing their assets.

Practical impact on users

This move is significant because it changes how transactions are processed for the platform. For users, the primary concern is the potential for forced closures. If the assets are not moved or converted in time, the platform has indicated it will close those accounts to complete the migration to the Arc network.

Sources

• The Defiant

Read also: Starknet Foundation Releases Bramble, a Chrome Wallet With Private Balances