Cardinal Labs, a prominent player in the Solana ecosystem, has announced a comprehensive plan for the safe return of all assets to their rightful owners. In a tweet thread, the company outlined the process and timeline for asset withdrawal and the eventual shutdown of their systems.
Details of the Withdrawal Period
The two-month “notice period” will begin on June 28, 2023, and extend until August 26, 2023. Cardinal Labs strongly recommends that all depositors manually withdraw their assets from the system during this time. Notably, all website product user interfaces will remain operational throughout the notice period, ensuring a seamless withdrawal process for users.
For most users, the asset withdrawal process will involve unstaking any tokens previously staked using Cardinal Staking or delisting any rentals currently listed on the Cardinal Labs rental marketplace. The protocols will continue functioning as usual for the next few weeks, with new deposit instructions disabled starting July 19, 2023. From that point forward, the only operation allowed will be the withdrawal of assets.
Specific operations disabled on July 19 include staking, stake pool creation, token manager creation, new NFT rentals and rental extensions, and namespaces name linking. The goal is to facilitate a smooth transition for all users during the notice period.
After the two-month notice period, Cardinal Labs will forcibly withdraw any remaining deposits and return them to the respective depositor addresses. This includes tokens that are still staked, unallocated stake pool rewards, and NFTs wrapped with token managers. The company emphasizes that all users will have their assets returned by the end of this process.
After withdrawing assets, Cardinal Labs will take down their user interfaces and remove their smart contract deployments from the Solana blockchain. During this process, the SOL-denominated rent stored in all accounts will be returned to the initial fee/rent payer associated with each account. For example, rent collected from deleting stake pool accounts will be returned to the address that created the stake pool initially.
Cardinal Labs emphasized that their code is open source, allowing anyone to redeploy a new version for their own use at no cost. The open-source repository of Cardinal Labs will remain available on GitHub.
As Cardinal Labs enters a new phase and observes the industry’s evolution from a different perspective, they express their excitement and acknowledge the ongoing support from the Solana ecosystem in shaping the industry’s future.
With this announcement, Cardinal Labs aims to ensure a smooth and secure process for the return of assets to their rightful owners while maintaining transparency and support for the Solana community.