Pre-deposit vaults: withdrawal timeline and rewards distribution
Following the announcement of Status Network merging into Linea, this post details the practical next steps for pre-deposit vault participants: when each vault opens for withdrawal, how rewards and accrued yield will be distributed, and what depositors need to do (or not do) to receive their funds correctly.
As committed in the merger announcement, all pre-deposit vaults are fully backed. Principal, accrued yield, and liquid rewards (SNT + LINEA) will be made available in full.
The timeline below is indicative only as it depends on the Lido ETH withdrawal queue, audit length and potential unforeseen deployment delays.
- May 11: ETH cleared from Lido withdrawal queue
- May 16: Per-account rewards breakdown and methodology published
- check your rewards and yield here: hub.status.network/checker
- May 20:
- SNT and ETH vaults open for withdrawals
- SNT & LINEA rewards and ETH yield airdropped on Linea Mainnet
- May 26:
- LINEA vault and stablecoins (GUSD) vault open for withdrawals
- GUSD accrued yield airdropped
By mid next week, the SNT and ETH pre-deposit vaults should be open for withdrawals. Depositors will be able to withdraw their pre-deposited assets using the Status Network Hub at https://hub.status.network/pre-deposits
Depositors will be asked to input a withdrawal address on Linea Mainnet. Depositors who used a multisig address on the L1 or a smart account will need to make sure that they do indeed have control over this address on Linea Mainnet.
The LINEA vault requires additional work before withdrawals can open. Funds were deposited on Linea Mainnet but the contract was originally designed to bridge funds to a different L2. Returning them to depositors requires a custom implementation, which will go through audit.
We expect to open the LINEA vault on Tuesday, May 26. The stablecoin (GUSD) vault should open on the same day.
Similar to the claiming process for the SNT and ETH vaults, depositors will be able to withdraw their pre-deposited through the Status Network Hub.
If you deposited from a multisig, you must have a multisig deployed at the same address on Linea Mainnet to receive your rewards and yield correctly. Rewards and yield sent to an address with no deployed multisig on Linea will not be accessible.
If you don't have one yet, follow Safe's official multi-chain deployment guide: https://help.safe.global/articles/9317165368-deploying-a-multi-chain-safe
For any issue, get in touch with the team in the builders Telegram: https://t.me/statusl2
SNT and LINEA liquid rewards will be airdropped directly to depositors' wallets on Linea Mainnet. No actions will be required by depositors to receive such airdrops, unless they deposited through a multisig on the L1 and don’t have a multisig on Linea Mainnet (then see section above).
A detailed breakdown of rewards for each depositor address will be published next week, along with the reward calculation methodology that includes actions on Status Network testnets.
Accrued ETH yield (from Lido staking) will also be airdropped to depositors’ wallets on Linea Mainnet.
Accrued GUSD yield will be airdropped to US stablecoin pre-depositors wallets on the same day that the GSUD vault is open (being ~26 May).
Similarly, no actions will be required by depositors to receive such airdrops of accrued ETH yield or any stablecoin yield as long as they have an EOA or multisig on Linea Mainnet deployed at the same address they deposited to on the L1. Depositors who used a multisig on the L1 but still lack a corresponding multisig on Linea Mainnet should follow the aforementioned guide to deploy one at their earliest convenience.
Accrued yield in ETH and GUSD will be calculated based on weighted time in the vaults only.
