We are pleased to announce the successful deployment of our Address Mapping Tool for the auto-migration of staked tokens on our network. This development occurs within the broader context of the token migration plan from the Ethereum network to our native Cudos Network blockchain. In addition, the Mapping tool will enable CUDOS holders to migrate their staked tokens to our network cost-effectively and straightforwardly.
Validators and delegators on our platform can use the tool to map their ERC-20 wallet address with their new Cudos Network native wallet address. As we’re using a smart contract for maximum transparency, an ETH gas fee will be associated with the mapping process. However, the migration will be completely free of charge. Thanks to the Mapping tool, Cudos ERC-20 tokens will be automatically converted to CUDOS native coins when our Mainnet launches in Q1 2022.
Go ahead and read our tutorial on using the tool!
- Our native token migration will happen alongside the Mainnet release in January. Anyone currently staking tokens and looking for a quick and low-cost solution to migrate them should use the Mapping tool.
- As a CUDOS holder, it is up to you to decide whether to remain on Ethereum (in which case you will forfeit any further staking rewards) or migrate to our native network and continue staking and earning a share of block rewards and token distribution.
- It is a secure process as a third party – Extropy has audited the smart contract for potential exploits.
- It will cost a fractional transaction fee on Ethereum to link your address. It should be approximately £50 more or less, depending on network congestion at the moment of transaction. As with any Ethereum transaction, particularly one that is not time-sensitive, we recommend performing it during low congestion on the network. This amount is considerably less than the entire cost of manually transferring your tokens to the new Cudos Network, which would require multiple Ethereum transactions.
- Address Mapping will be available until mid-January, after which the opportunity for automatic migration will close.
What happens if I miss the Address Mapping Tool utilisation window?
Stakeholders who miss the deadline for utilising the Mapping tool before the Mainnet launch can still migrate to our native chain using our “Reclaiming smart contract” feature that we’ll deploy soon as well. Token holders will have Gravity Bridge at their disposal for the migration of non-staked tokens.
The reclaiming smart contract feature is part of an alternative means of migrating CUDOS ERC20 tokens to our native chain for validators and delegators. And by the way, this may be your last chance to support decentralisation by becoming a validator on our network. This, however, is a costlier alternative to the Address Mapping tool as it will require higher gas fees in ETH because you will still need to use Gravity Bridge to migrate after reclaiming.
The Gravity Bridge, accessible to all CUDOS token holders (stakeholders and non-stakeholders alike) after the Mainnet launch, will offer a medium for the migration of non-staked tokens. In subsequent posts, more information on the “reclaiming smart contract” feature and the Gravity Bridge will be outlined.
How to join our incentivised testnet and get rewards
You can get involved right away by following the links below:
- Join Cudos’ Discord server
- Join Cudos’ Telegram community
- Buy CUDOS
- Become a Cudos’ ambassador
Additionally, you will earn prizes for completing tasks as part of the Testnet. After each phase, whitelisted validators will receive their incentives, while developers and non-whitelisted validators will receive native CUDOS tokens transferred to their wallets once we launch our Mainnet.
Lastly, If you’ve already bought your CUDOS tokens, you can make the most of them by staking them on our platform to secure the Network and, in return, receive rewards.
The Cudos Network is a layer one blockchain and layer two computation and oracle network designed to ensure decentralised, permissionless access to high-performance computing at scale and enable scaling of computing resources to 100,000’s of nodes. Once bridged onto Ethereum, Algorand, Polkadot, and Cosmos, Cudos will enable scalable compute and Layer 2 Oracles on all of the bridged blockchains.
Learn more: Website, Twitter, Telegram, YouTube, Discord, Medium, Podcast