I hope it will be quicker than that.
The WaveLab 11 licence migration has gone live this morning - you can see how it works in Greg Ondo’s YouTube video explaining the process. Though he doesn’t say so explicitly, the eLicenser step is mandatory when updating or migrating an eLicenser licence to Steinberg Licensing. You do not get a perpetual validity Steinberg Licensing licence until the system knows you have marked your eLicenser licence as non-upgradeable.
Unfortunately, my migration will not work. I was entitled to buy an educational version of WaveLab 10 Pro and did so. I subsequently paid to update to WaveLab 11 Pro. A paid version update removes the educational restriction. Steinberg issued me a WaveLab 11.1 Pro Educational voucher, so I have had to open a support case.
Clearly, there is a bug in Steinberg’s voucher system - it needs to recognise that version updated educational licences have become unrestricted retail licences. This is the sort of issue that will be shaken out by the WaveLab migration process.