HomeCoinsMettalex (MTLX)Staking Migration and Network Upgrade — Rescheduled | by Fetch.ai | Fetch.ai...

Staking Migration and Network Upgrade — Rescheduled | by Fetch.ai | Fetch.ai | Jul, 2021

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Fetch.ai
Staking Migration and Network Upgrade — Rescheduled | by Fetch.ai | Fetch.ai | Jul, 2021

Hello Fetch.ai community!

In light of the ATOMIX program extension and to reassure the community your assets are safe during this planned migration, we are delaying the planned migration as well as the upgrade to Stargate Network.

Over the past few days, we have received a lot of messages from our community expressing concern surrounding the planned migration and in order to ensure transparency and trust, we are delaying this to involve you and to show how you can be in control of your assets. Our primary concern is our community.

Here are the key dates for the community

  • Tuesday 31st August — Atomix program Ends
  • Monday 13th September — Old staking contract tombstone
  • Wednesday 15th September — New date for migration

The key objective of Andromeda testnet we announced a couple of weeks ago was to perform a simulated migration of the staked FET from Ethereum to Mainnet using TESTFET tokens. We are quite happy to share with our community that the testnet trials were successful. This was a milestone to achieving the auto-migration.

We are aware that this is a big change for the community and so the actual work begins now. We will focus on releasing documentation on how users can a) access their TESTFET tokens (you will receive the amount you’re staking currently on the ETH Network) and b) verify that the migration was successful for their individual accounts.

What purpose does this solve?

We have tested the migration once with our network validators and it was successful. Testing it a second time means the process works as expected. The more we test, the more the trust.

If users find that the process was not successful or they are running into issues then they can use the existing token bridge to migrate their accounts manually. This means you must unstake your tokens, unlock period is 7 days and once unlocked, you can stake on Mainnet using the guides we have published.

Another concern from the community was the overlap between the Atomix program and the migration. Now that we have delayed the migration, there is a clear separation. So users can claim all the Atomix rewards and still have plenty of time to do a manual migration if they want to.

Here are a couple of questions we have received over the past few weeks and we hope this will help you decide how you want to actively play a part in this migration.

Frequently asked questions

1. Do I need to do anything?
A: Not immediately but be ready for our guide (coming out next week) to test your migration.

2. If I am not keen to be a part of the test-migration, what can I do?
A: We recommend that you migrate your tokens manually across our token bridge using our existing guidelines.

3. I trust the team but I still do not want to participate in this test-migration and would rather the team migrates it on my behalf automatically
A: We highly encourage users to be a part of the process. We appreciate the trust but these are your assets and we would rather you are in control. Rest assured throughout this process, no one will lose any tokens as part of the process.

4. How long will Andromeda be running for me to participate in these trials?
A: We intend to keep it running for the duration of this process and will only shut it down when the migration process is completed which is Sep 15, 2021.

5. I want to do a manual migration but I also want to claim all my ATOMIX rewards.
A: Yes, there is plenty of time between the Aug 31, 2021 and September 15, 2021 for you to claim your tokens and do the manual migration.

6. Will I be able to use any other Hardware Wallet besides Ledger Nano to participate in this testnet migration for the community?
A: No. In the cosmos ecosystem, the current Hardware Wallet supported is Ledger Nano. We are hoping support for further wallets will come soon.

If you have any further questions, join us on our Telegram channel — https://t.me/fetch_ai



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