Hello everyone! Thank you for all your questions and messages regarding our imminent and exciting migration towards an ERC20 token.
This blogpost compiles all your questions and answers them - we will be adding more of these as we progress.
If you haven’t already, please make sure to read through our blog post on migration. The migration start date and time is the 19th of November, 4pm CET.
What are the benefits of migrating GNT to be ERC20?
Mainly we will be able to leverage Layer 2 on the settlement layer of New Golem. We need Layer 2 payments as the network operates with microtransactions and Ethereum gets often congested.
Moreover, through ERC20 users will be able to leverage DEXes and DeFi with the new token.
Is the current GNT token not an ERC20 token, why?
Currently GNT is not an ERC20 token. When the token needed to be created it was yet to be clear whether or not the ERC20 token standard was ready for adoption (yes, GNT is that old!) so the decision was at the time made to create and audit our own token type, still on Ethereum although just not technically ERC20. With the rise of decentralized exchanges and layer 2 solutions usually being built for ERC20 tokens it became clear that the token needed to be migrated. Our future-seeing developers at the time of GNTs creation included a migrate function in the GNT smart contracts so thankfully token holders can migrate in a decentralized and trustless manner.
Why are you not mentioning the ticker name?
To prevent scams. So if you see a new ticker name mentioned anywhere before 19/11 at 4pm, it’s a scam. Please report this to firstname.lastname@example.org
How long do I have to migrate?
The migration process won’t end - smart contracts are unstoppable :)
Will it be a 1:1 swap so the new token will have the same fixed supply?
Yes, it will be 1:1. Migration is gradual and converging towards the same maximum total supply of 1,000,000,000 tokens.
Will the swap be a snapshot?
No. You need to migrate your GNT tokens through the contract which will be most easily and safely done using our audited migration app.
Is migrating irreversible?
Yes. The GNT you migrate will be burned for the new token. Over time, as the GNT token becomes less used due to the platform becoming deprecated, we expect that eventually all GNT will be migrated.
Will the new ERC20 token function with the current Golem app, Clay?
No. Clay is operational right now but for a limited time. When we launch New Golem on the mainnet, in a few months, Clay will be discontinued and GNT will have no utility.
What is GNTb and do I also need to migrate this?
GNTb is used in the legacy Golem app (Clay), these are tokens the app “batches” to avoid high gas costs for in-app microtransactions for transfers. If you have these,you should also migrate them. The Migration UI will provide the functionality needed for this task.
NOTE: if you have only GNT - you don’t need to do anything related to this. This is only for those people that have used the Golem application and have these kind of batched tokens.
Do I get punished by not migrating quickly or is there a rush for me to migrate?
No, you have plenty of time, however, we would recommend migrating sooner rather than later. If you happen to somehow get stuck or are uncertain, please reach out to us in our chat channel.
When will my ERC20 tokens be usable on the Golem Mainnet?
When New Golem is launched on mainnet. However, the token will be active and tradeable since the migration launch.
My GNT are stored in a centralized exchange, what should I do? When will the new token be tradeable on exchanges?
You probably don’t have to do anything! Get in touch with your exchange in a few weeks if you don’t hear from them, and ask them if they’ll migrate.
We are already in touch with the main exchanges to support them on the migration.
If you store your GNT in an exchange they will most likely be migrated by them.
For new listings, we recommend asking your exchange to support the token migration once it’s live!
Will I need to have ETH on the address where my GNT tokens are in order to migrate them to the Mainnet?
Yes! In case you decide to migrate your tokens, as with any smart-contract based operation, you need a small amount of ETH on the same address where your GNT is in order to pay for gas fees on the Ethereum network.
Which are the main risks of the migration from a user perspective?
- You use the wrong website address to access the migration app.
- As with any contract on Ethereum, there isn’t a non-zero risk value. If you have concerns then it’s easy to simple migrate a tiny amount of GNT to the new ERC20 token.
I have been contacted by the “Golem Team”/ received an email and the information doesn’t match what you say. What should I do?
You should report this. This is a scam and you should not answer anyone saying differently than official communications.
If you have any concerns then feel free to reach out to us in our chat.
If you would like to contact us directly, or work at an exchange or aggregator, email us at email@example.com.