Extended moved settlement from Starknet to Arc on October 22. DefiLlama’s daily data shows the value locked in Starknet DeFi falling by about 74% between October 21 and 25.
The value of assets held in Starknet’s decentralised finance applications fell by about 74% after Extended moved settlement to Circle’s Arc network. DefiLlama’s daily series recorded $157,998,334 at 00:00 UTC on October 21 and $41,264,365 at the same time on October 25, a decline of about $116.73 million.
In its October 22 completion announcement, Extended, a platform for derivatives contracts without an expiry date, reported migrating $120 million in TVL while carrying open positions and orders across. It said trading had continued and deposits and withdrawals had reopened. The $120 million is Extended’s reported transfer amount. The $116.73 million decline is calculated from DefiLlama’s separate chain-wide measurements.
The largest daily decline came between October 22 and 23
Total value locked (TVL) tracks the dollar value of assets in DeFi applications. When an application moves to another network, the transferred assets may be removed from the old chain’s TVL calculation. Token prices and deposits or withdrawals elsewhere also affect the total. The $116.73 million decline measures a change in assets counted on Starknet, rather than users’ losses.
| Date | Total value locked |
|---|---|
| October 21 | 157,998,334 |
| October 22 | 157,848,175 |
| October 23 | 42,128,739 |
| October 24 | 41,254,416 |
| October 25 | 41,264,365 |
The largest daily change falls between October 22, when the migration took place, and the following observation. DefiLlama’s Starknet dashboard showed about $41.26 million in TVL and, separately, $36.78 million in stablecoin market capitalisation early on October 25. Stablecoins aim to track a reference price, such as the US dollar. Their market capitalisation and the value held in applications are separate measures; adding them can count the same assets again. The roughly $2.31 million shown in Extended’s row covered only its assets on Starknet, not its total across all networks.
Accounts moved across, with cirBTC as Bitcoin collateral
In its migration document published on October 8, Extended said it would make the main transfer on October 22 at 13:00 UTC. Arc is a layer-1 blockchain developed by Circle for financial markets. Accounts, sub-accounts, balances, open positions, orders, trading history and points would move to Arc. Users would continue to log in with the same wallets and keys. Referral status and fee tiers were also to remain unchanged. USDT and wBTC were subject to separate conversion or withdrawal requirements.
Extended planned to use Circle’s Cross-Chain Transfer Protocol (CCTP) for the cross-chain transfer of USDC. CCTP burns USDC on Starknet and mints the same amount natively on Arc, keeping the amount and account unchanged. ETH was to be held as wETH, a wrapped representation of ETH, at a one-for-one ratio. The XVS vault, its underlying assets and users’ withdrawal rights were also to remain intact. In its completion announcement, Extended said Circle’s Bitcoin-backed cirBTC was now its BTC collateral asset.
Extended says Arc’s sub-second finality makes deposits and withdrawals faster. Finality is the point at which the network treats a transaction as final. The announcement did not provide comparative timing measurements for user transactions, and no independent speed test was carried out for this report.
“Trading continued throughout the process.”
Extended’s October 22 migration completion announcement
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Circle’s Arc 101 video published on September 8, 2026 is an earlier, roughly five-and-a-half-minute explanation of native USDC transfers and CCTP’s burn-and-mint method. The video does not show Extended’s October migration.
USDT and wBTC balances had separate requirements
Extended had announced that deposits of USDT and wBTC would stop on all chains from October 8 because the assets would not be available on Arc. Users holding more than $1 of either USDT or wBTC in any sub-account were asked to authorise conversion in the app or withdraw the assets. For those who authorised, the plan specified USDT-to-USDC and wBTC-to-cirBTC conversions at one-to-one with no swap fees, plus a 0.50% premium credited within eight hours after migration. A single authorisation covered both assets across all sub-accounts and could not be revoked. Users could still withdraw until the main migration time; only the balances left then would be converted. Users could not authorise conversion through the API, the interface used by software to communicate with the platform.
The deadline to authorise conversion or withdraw differs between official sources: the current document gives October 21 at 13:00 UTC, while the official October 20 X post gives October 21 at 12:00 UTC. The reason for the one-hour discrepancy was not explained. Both deadlines have passed; the completion announcement says deposits and withdrawals reopened. Extended said it would also convert balances one-to-one without fees where each asset was worth $1 or less in every sub-account. Those small balances would receive no 0.50% premium.
Accounts without authorisation that still held more than $1 of either asset in any sub-account were to be restricted for up to 30 minutes after the deadline. Trading, placing or cancelling orders, deposits, withdrawals and transfers between sub-accounts would be unavailable across the whole account. Extended would cancel all orders and close positions at mark price without fees only in sub-accounts where USDT or wBTC exceeded $1. Cancellations included stop-loss, take-profit and API orders. Orders and positions in other sub-accounts were excluded from that closure step, while open positions remained subject to normal liquidation rules.
USDT and wBTC were to be returned to the wallet used to log in. Wallets compatible with the Ethereum Virtual Machine (EVM) would receive assets on Ethereum, while Starknet wallets would receive them on Starknet, with Extended covering withdrawal fees. EVM addresses would also receive $5 worth of ETH for network costs; Starknet addresses would not receive that extra payment. Assets that could not be sent because of legal or compliance restrictions, a blocked address or technical failure would stay associated with the user’s account and accessible through recovery. Position closures and token conversions may have tax consequences depending on the user’s jurisdiction.
Extended says it updated its terms for the migration and that continued use constitutes acceptance. Eligibility and jurisdictional restrictions still apply, and the company warns that trading can result in a total loss.
Migration did not suspend collateral requirements. Extended planned to pause deposits and withdrawals for up to two hours during the main migration, while trading and transfers between sub-accounts remained available. Margin requirements and ordinary liquidation rules continued to apply. During the separate USDT/wBTC account restriction, users could not add collateral or close positions.
Starknet voters backed research into an independent L1
The separate Starknet research poll opened on October 15 and ended on October 22. According to the Starknet Foundation’s result announcement, 93.52% of participating voting power supported researching an independent layer-1 network. The percentage measures voting power, not people. The nonbinding poll did not approve Starknet leaving Ethereum.
StarkWare and the Starknet Foundation will form a joint working group to examine technical requirements, trade-offs and the effects on users and developers, then share their findings publicly. If that research leads to a proposed network transition, detailed designs and further community votes will be needed.
