Lava’s New Release and Vault Upgrade

Shehzan Maredia

Today we officially released the newest version of the Lava app. It’s a complete rebuild of Lava from the ground up, with significant improvements in speed, performance, and usability. You can download it now on iOS and Android.

Our engineering and product teams have been working over the past few months to improve every aspect of the user experience on Lava. With the updated version of the app, we can now offer:

Instant access to your loan capital when you initiate a loan
Much faster BTC buys and sells (with zero fees)
Advanced account access controls and security features
More flexible options for loan repayment and collateral management
The ability to earn yield on your USD deposits

This is in addition to a number of new products and features that will be rolled out over the next few months, including our card product and the first ever bitcoin-backed line of credit (our most flexible borrowing option yet).

The app is now live in the app store, and you can download it or update from the current version.

Upgrade for Existing Users

As part of the upgrade process, you’ll need to create a new account on Lava using an email and password. You can use the same email that’s already tied to your account or a different one— you just need to add a password for an additional layer of protection. You can then use your Lava Smart Key or seed phrase to access your funds through the new account.

Before you do this, make sure that your Lava Smart Key backup is configured, as you’ll need this for the upgrade. Navigate to your profile at the top left of the home screen, then click on Security. There you'll be able to confirm that your settings are up to date. You can also store a copy of your seed phrase by navigating to your profile > Advanced Control > View Seed Phrase. Note that you do not need **to store an external copy of your seed phrase— you can access your funds using your Lava Smart Key backup. If you do copy your seed phrase anywhere, make sure not to expose it or to share it with anyone.

Here’s how to access your funds within the latest version of the app.

Update to the latest version of Lava from the App Store (iOS or Android). When you do this, you’ll be automatically logged out.
Select Create Lava Account and enter an email and password. If you already have an email tied to your Lava account, you can use that same email or a different one. Make sure that your password is protected and kept somewhere safe.
Once logged in, navigate to Settings in the top left corner of the app, then click Upgrade Lava Vaults.
You can migrate your funds using Lava Smart Key (by entering your Lava PIN) or by entering your seed phrase.
Once you complete the upgrade, your funds will be accessible through your new account.

From there, you’ll be able to take advantage of all of new new features of the app, including faster loans, yield on USD deposits, advanced account security, seamless global off-ramps, zero-fee BTC buys, and many more features coming over the next few months.

If you have any questions throughout this process, feel free to reach out to our Client Services team. We’re here 24/7 to help you. Just email us at concierge@lava.xyz or text us at +1.347.588.9745