Haven Protocol v3.2 – Hard Fork Successful

On August 29th 2023, Haven Protocol successfully completed a hard fork to v3.2.1. This fork initiated a rebase to Monero v0.18.1.2 and updated tokenomics to VBS and unlock times.

Change Summary

To summarise, the changes to Haven 3.2 are:

• Rebase to Monero v0.18.1.2.
• Fees for all conversions (offshore | onshore | xusd_to_xasset | xasset_to_xusd) TXs will be paid to miners and the treasury in XHV (through auto-conversion to XHV at the point of TX creation).
• Collateral lock time reduced from 21 days to 14 days.
• Onshore/Offshore converted amount lock time reduced from 21 days to 24 hours.
• Reduced collateral requirements for offshore & onshore transactions. See details below.
• All conversion fees will remain at 1.5%.

VBS changes

VBS (collateral) requirements have been reduced significantly in order to get the protocol moving again and to help xUSD regain its peg.

The VBS formulas have been updated and simplified as follows:

Offshore VBS (XHV -> xUSD)

Onshore VBS (xUSD -> XHV)

The table below shows the new values for the Onshore & Offshore VBS across a range of market cap ratios. The original VBS values from Haven 3.0 have also been included for comparison.

Please note – the Min/Max values for the VBS are:
Minimum VBS = 1
Maximum VBS = 10

What else do I need to know?

Coins

Your coins (XHV and xAssets) are not affected by this hard fork and they will be available to use after you have updated your Web/Desktop/CLI and have resynced your vault, or restored from seed.

Vaults

Earlier versions of the Web/Desktop/CLI apps will no longer work, which means you need to update them and resync your vaults.
As the vault structure has changed, a forced resync will be triggered when you open an existing vault on a version prior to 3.2.

Web Vault

The web vault has been updated automatically and all you need to do is to clear the browser’s cache before you start to sync your vault. You can check that you are running the latest version by clicking on the 3 dots in the top right-hand corner.
Next to Network, it will say “Mainnet v3.2.1”.

Desktop and CLI

Desktop and CLI vaults will need to be updated to the most recent versions, v3.2.1.
They can be downloaded from here.

Passwords and Keys

In all instances, you can use your existing vault keys file and password to reopen the vault.

Conversions

To read details about the new conversions and how they work, click here.

This is your protocol.

We will continue to make improvements as we navigate the volatility of crypto, but what is even clearer now than ever before is that Haven is instrumental for the future of financial privacy.

We’d be happy to answer any questions or discuss the changes in more detail in Discord. We’re looking forward to feedback from the Haven Protocol community as we all work to ensure the long-term growth and success of this innovative privacy project.

Keep sharing the Haven message!