Legacy STATE
The retired vault share, its pre-harvest conversion snapshot, and its indefinite 2DEEP redemption path.
STATE was the original vault share and governance token. DGP-003 moved active governance to 2DEEP, harvested the vault's redeemable USDG and NVDA, and fixed the conversion rate before that harvest.
Conversion rate
| Property | Value |
|---|---|
| Legacy STATE address | 0xbfb7b3Ff3D498a559b946B836d26F0E168f273D5 |
| Rate | 1 STATE → 3.015535497731148791 2DEEP |
| Rate registration | Immutable pre-harvest snapshot |
| Redemption contract | 2DEEP token |
| Redemption deadline | None |
| Treatment of redeemed STATE | Permanently escrowed in the 2DEEP token contract |
| Endowment on redemption | None |
To redeem, approve the 2DEEP token to spend STATE, then call redeemState(amount, receiver). The transaction moves STATE into the 2DEEP contract and mints the calculated 2DEEP to the receiver.
Redemption is subject to the 2DEEP supply cap. If the requested mint would exceed the cap, the whole transaction reverts and the STATE transfer is rolled back.
Why the rate was registered first
DGP-003 registered the conversion while the STATE vault still held its redeemable assets. It then harvested all redeemable USDG and NVDA atomically. This prevents the later asset removal from changing the amount of 2DEEP owed to each STATE holder.
The harvest used temporary legacy DEEP issuance and STATE minting inside the migration transaction, then burned that temporary supply. The legacy token supplies returned to their pre-execution levels.
Governance status
STATE no longer governs the live protocol. The legacy Governor remains deployed but was hardened to a 30-day voting delay, 30-day voting period, 7-day late-quorum extension, and 100% quorum. Live governance is performed directly with delegated 2DEEP.