The notice does not specify how Zest will settle positions left open on Oct. 23 or how borrowers’ collateral will be treated.
Across all assets, V1 still had about $2.74 million in total value locked and $176,158 in active loans on Oct. 13, according to DefiLlama. Those figures cover the whole V1 market, not just aeUSDC.
Moving From aeUSDC to USDCx
The change replaces one form of $USDC on Stacks with another. aeUSDC is $USDC bridged through Allbridge, while USDCx is backed one-to-one by $USDC through Circle’s xReserve infrastructure, according to Stacks documentation. New aeUSDC minting has already been disabled, leaving the Stacks-to-Ethereum route available for exits.
Zest’s instructions are to repay remaining aeUSDC loans and withdraw aeUSDC from V1. Its migration guide then directs holders to swap aeUSDC for USDCx through Bitflow and deposit the resulting USDCx into Stacks Market V2. The app’s market selector lets users switch between V1 and V2.
The guide also lists an alternative: bridge aeUSDC back to $USDC on Ethereum through Allbridge Classic, then use the USDCx Stacks bridge to bring it back as USDCx. Allbridge’s interface lists an estimated 60-minute transfer time for the Stacks-to-Ethereum leg and requires a receive transaction on Ethereum to finish the transfer.
