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WBTC Vault Migration to Earn V2

The WBTC Vault is being upgraded from Earn V1 to Earn V2 as part of Concrete’s continued evolution toward institutional-grade vault infrastructure.

This migration brings the WBTC Vault in line with the standardized Earn V2 architecture, enabling improved automation, enhanced accounting, and long-term scalability.

Only the vault implementation is being upgraded to the Earn V2 framework. Strategy custody arrangements and operational policies remain intact unless otherwise communicated.

Migration Summary​

  • The WBTC vault is migrating from Earn V1 to Earn V2.
  • If you take no action, your underlying WBTC will continue earning yield.
  • After migration, you will not see your Earn V1 shares in the app. Instead, you will see the ability to claim the equivalent amount of Earn V2 shares.
  • You must complete the claim transaction to restore your visible balance in the app.

What Is Changing​

The WBTC deposited in the ctWBTC Earn V1 vault (contract address 0xacce65B9dB4810125adDEa9797BaAaaaD2B73788) is being migrated to a new Earn V2 ctWBTC vault contract (0xF72bD5A56dE97840F1fdd3641B556126c10aA1c4).

What changes is the vault implementation and the share token contract representing your position. Your underlying WBTC assets remain fully accounted for.

Why We Are Migrating​

Earn V2 introduces a more advanced and modular vault framework designed for secure, automated, and scalable operations.

The upgrade enables:

  • Automated accounting and daily NAV synchronization
  • Standardized ERC-4626 share mechanics
  • Improved liquidity management architecture
  • Modular strategy integrations
  • Long-term upgrade flexibility

Migration Method: Pull-Based Share Claim​

New Earn V2 shares will be distributed using a pull-based claim process.

This means:

  • Shares are not automatically pushed to user wallets
  • Users must manually claim their new V2 shares
  • Distribution accuracy is verified before shares are minted

What You Will See in the App​

After deployment of the Earn V2 vault:

When visiting:

and connecting your wallet, you may initially see:

  • No visible balance
  • No share tokens displayed
  • A prompt to Claim New Shares

This is expected, because the vault contract has changed, V1 share tokens will not automatically appear in the V2 interface.

How to Claim Your Earn V2 Shares​

  1. Connect your wallet
  2. Navigate to the WBTC Vault page
  3. Click Claim Shares (claiming requires a standard gas transaction)
  4. Confirm the claim transaction in your wallet.

What to Expect in Your Wallet​

The claim transaction performs a migration of your position (you will see a single transaction that executes this migration process):

  • Your Earn V1 vault shares will be burned.
  • An equivalent amount of Earn V2 vault shares will be issued to your wallet.

Once confirmed:

  • Your Earn V2 vault shares will appear in your wallet.
  • Your portfolio balance will display normally.
  • You may withdraw or manage your position as usual.

Do I Need to Withdraw or Re-Deposit?​

No. Claiming your new Earn V2 shares is sufficient.

You do not need to:

  • Withdraw WBTC
  • Bridge assets
  • Manually re-deposit

Asset Safety & Strategy Continuity​

The migration preserves:

  • Full underlying asset accounting
  • Existing strategy exposure
  • Vault-level accounting logic

Support​

https://docs.concrete.xyz/support/