Community excitement reached euphoric levels following this week’s big announcement of our Mainnet launch on January 25th. The launch, which will transition us from the Ethereum network to our native Cudos network blockchain, has important implications for stakers and holders of CUDOS ERC-20 tokens. We previously discussed token migration for stakers. In today’s piece, we will attempt a broader overview of the migration process and clarify some of the questions you have raised within the community.
The Cudos network is a multi-layered chain that resolves fundamental problems in compute, off-chain data acquisition, and cloud services. CUDOS is essential for effectively running this ecosystem as it secures the network via Proof of Stake consensus and enables users to exercise control by voting on governance proposals. While the tokens hold economic utility off-chain, they play a more critical role on-chain by safeguarding the network, and they carry additional benefits for users through staking.
How do I migrate?
Depending on whether you are a staker or non-staker, holders of CUDOS ERC-20 tokens can migrate via three unique mediums outlined below:
The Mapping tool will enable staking users to migrate staked tokens to our network straightforwardly and cost-effectively. Taking this option means that your staked Cudos ERC-20 tokens will be automatically converted to CUDOS native coins once our Mainnet goes live on January 25th, 2022. You can read our tutorial on using the tool here. The Mapping tool remains available until January 15th, after which it will no longer be accessible for use. Although we previously said otherwise, unclaimed rewards will have to go through the Gravity Bridge because of the difficulty in calculations needed to allow them to go through the auto-migration process. A good option here will be to claim the rewards and add them to the stake close to the stopping of the Staking contract to migrate automatically. Further details on this will be outlined in subsequent posts.
Reclaiming smart contract
The Reclaiming smart contract feature is a second migration option for staking users who miss the Address Mapping tool window. This, however, is a costlier alternative to the Mapping tool as it will require higher GAS fees in ETH because you will need to use the Gravity Bridge to migrate after reclaiming. Utilising this feature also means that your tokens will be unstaked to use the Gravity Bridge.
Non-staking holders of the CUDOS ERC-20 tokens can migrate to our network using the Gravity Bridge. We will deploy this functionality on January 6th with the next Testnet hard fork. The bridge will be utilised only for non-staked tokens, and further details on its use will be outlined in subsequent posts.
Important points to note
- Following the Mainnet launch, staking will pause temporarily. This means users will be unable to stake or unstake, and staking rewards will stop. However, users will still be able to withdraw their pending rewards that have accumulated up to that point; and withdraw any tokens they have unstaked before the pause.
- Only staked tokens will be auto-migrated in this process. Rewards and pending withdrawals will not be auto-migrated. These can be withdrawn and manually migrated via the Gravity Bridge after the Mainnet launch.
- To auto-migrate your staking rewards to our network, you will need to withdraw, re-stake the rewards, and utilise the Address Mapping tool.
Countdown to Mainnet launch
January 25th’s Mainnet launch continues to dominate community discussions. We are just as excited, and you can join the build-up to Mainnet on our social media pages. You can also view our live countdown in anticipation of the big day.
Project Artemis Phase 4
Our incentivised testnet (Project Artemis) will be rounding up with Phase 4, which commences on January 10th. With plenty of incentives still on offer, we encourage you to dive in, complete tasks and earn fantastic rewards. This may be your last chance to support decentralisation by becoming a validator on our network, as it will be the final phase of the Testnet.
How to join our incentivised testnet and get rewards
You can get involved right away by following the links below:
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.