The PoolTogether protocols is decentralized and non-custodial. This means when you deposit, no one person or company has the ability to influence or access your funds.
Because of this, when new versions of the protocol are released its impossible for anyone to upgrade for you. Upgrading is 100% optional, because the contracts are non-custodial they cannot be changed but if you do want to upgrade, here is how:
You can redeposit on Ethereum but because of transaction fees on Ethereum it's recommended to use a bridge like: https://app.hop.exchange/#/ to bridge to Polygon or Avalanche
Once bridged, you can can redeposit into the new protocol!
The V4 version of PoolTogether enables several key advantages:
Better chances to win by having thousands of prizes each week
Larger prizes by combining prizes across blockchains
Lower transaction fees by enabling you to deposit into the same prize pool on different chains
Whale proof preventing large depositors from receiving all the prizes
If you are familiar with V3, there are some important changes to be aware in V4:
In V4 you need to 1) check to see if you've won and 2) claim any prizes you've won. If you do not claim within 60 days of the prize being awarded. You will lose that prize and it will go back to the protocol.
V4 makes it possible to delegate your chance to win without transferring your deposit. When you deposit into PoolTogether your chance to win is automatically delegated to you. However, if you swap for deposit tokens on an exchange like Uniswap or if you transfer tokens between wallets you will need to take the extra step of delegating the chance to yourself.