Home Coins Golem (GNT) GNT to GLM Migration

GNT to GLM Migration

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Migrate your GNT to the new, ERC-20 GLM token – step by step guide and migration options

Hello! We’re finally ready! This blogpost marks the launch of the GNT to GLM (contract address 0x7DD9c5Cba05E151C895FDe1CF355C9A1D5DA6429) migration. As you might have read in the FAQs before, this migration does not have an end date, so take your time, read everything carefully, and migrate whenever you are ready.

Bear in mind also, that you will need a bit of ETH to migrate to pay for gas (fee for transactions in Ethereum). Gas price fluctuates a lot and quite frequently lately, so make sure to check ETHGasStation so you don’t get your transactions stuck.

Now, to the why: we are migrating towards an ERC20 token, mainly because New Golem’s transaction framework is built on Ethereum’s Layer 2, and this scaling method requires tokens to be ERC-20.

Our former token was launched in 2016, and back then, ERC-20 was not popular, nor did we know how widely adopted it would become. ERC-20 tokens are able to be used freely not only for L2, but across DeFi and DEXes (decentralized exchanges), and can give you access to other benefits within the Ethereum blockchain. The new GLM is the key for us to unlock all of this!

You can migrate through different methods, but if you have little experience with Ethereum, we highly recommend the MetaMask or MyCrypto ones (they are safe, easy, and both support hardware wallets such as Ledger Nano S and Trezor). The other two are for advanced users.

Please also see our Audit Report on the migration contracts.

(for a very very detailed guide – CHECK OUR DOCS. We also have a video walk-through demonstrating the migration steps)

IMPORTANT: If you have your GNT within the Golem app, or have GNTB (batched GNT), please click here, you need to do a few additional steps.

Migration link: migrate.golem.network

Safety First

The first thing you want to do is check the website address and the SECURITY CERTIFICATE (green padlock symbol next to the address). Please check this every time you visit the migration website just to avoid falling into scams such as duplicate sites. The address should say migrate.golem.network, and the certificate (green padlock symbol) should verify this.

MetaMask

You can migrate from the popular MetaMask wallet directly from our WebUI (click here for the migration website). Make sure you check the SSL certificate of the UI, this is important!

If you’re connecting a Ledger or Trezor to MetaMask, please read their guide first.

In case the migration website won’t work – we have an IPFS hosted one.

To use Golem’s migration tool you will be asked to accept its terms and conditions. Without such permission we will not be able to support you in executing token migration.

After agreeing to terms and conditions, you should connect the migration tool with your MetaMask account (2).

The MetaMask window will pop up. Please, make sure you are using the correct network (Ethereum Mainnet (3)) and that you are connecting to the right account (4). Now, confirm the connection between migration tool and MetaMask (5).

This way you got the migration tool connected to your MetaMask account.

The information that will be presented after connection of the migration tool and your MetaMask is your personal address, the amount of GLM (New Golem Network Tokens) already at your disposal (when connecting for the first time the amount will be 0 as you have not proceeded with the migration yet), your balance of old GNT tokens and also ETH balance.

Please bear in mind that as we are using Ethereum, some ETH is needed to pay for transaction fees in the network. A small amount should be absolutely sufficient to execute your migration process. To check current gas prices visit ETHgasstation.

Now that you know what are the balances of your assets are and the migration tool is effectively connected to your MetaMask, you are ready to go through migration itself!

  • First, type in (11) your desired amount of tokens to migrate. If this is your first time performing a migration, we suggest doing the operation with a small amount to test if the migration process works properly without risking losing a large portion of your assets.
  • After typing in the required amount, the tool will present you the amount of the new GLM tokens that you will receive (12) in exchange for the specified amount of old GNT tokens.
  • The exchange rate is 1:1. The tool will also check if you have the required amount of ETH to perform the transaction to the smart contract.
  • If you have the ETH and selected the amount of the old GNT, and are sure that the amount you typed in is correct, then click the Confirm transaction button (14).
  • The MetaMask window will pop up again for you to confirm the transaction. In this step, you can also adjust the transaction fee (15) in order to make your transaction mine quicker or choose a more budget-friendly but slower approach to the execution of your migration process. To do so, just type in the required amount expressed in GWEI in the “gas price” window.
  • After all the adjustments and amounts are correct, please confirm the transaction (16). Default values set by MetaMask are optimal in most cases. However, if you are keen to adjust them manually, please make sure to include reasonable amounts. If you’re not sure what the current gas prices are then we recommend checking ethgasstation.com and input amounts based on the current network state.

Depending on the chosen gas price you might have to wait a while for the transaction to be mined, but as soon as it is completed you will be presented with the modal confirming the successful completion of your transaction(18).

Congratulations! You’ve managed to migrate your old GNT tokens successfully. The updated amount of GLM (19) will be reflected in your account balance.

MyCrypto

You will also have the option to migrate your tokens using Mycrypto – in this way you can connect a Trezor or Ledger hardware wallet to migrate. Head over to the MyCrypto blog and be on the lookout for an announcement on their upcoming Widget. The Widget will be launched today (November 19th, 2020) and you will have to update your MyCrypto version.

If you don’t see anything there then please wait for an announcement from their team. Note that the 19th of November is the start of migration and users can migrate at any point following.

Exchanges support

If you’re storing your  GNT in any of the following exchanges, there is no action required. They have expressed interest in migrating tokens on their user’s behalf. You do not need to migrate the tokens by yourself, we would recommend that you give your exchange time to organize and wait for an announcement. Larger exchanges will likely take longer to organize so please be patient. This list is continuously updated, so we might add more exchanges later:

  • Bitfinex
  • Bithumb
  • Bittrex
  • Coinbase
  • Huobi
  • Okex
  • Poloniex
  • Upbit

If you have any questions or don’t see your exchange on this list, we suggest you contact them directly as they might be better positioned to answer your doubts. You always have the option to migrate tokens yourself.

If you are working at an exchange and want to support migration, please email us at [email protected]

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