HomeCoinsMettalex (MTLX)Staking Migration Update. As part of our efforts to ensure… | by...

Staking Migration Update. As part of our efforts to ensure… | by Fetch.ai | Fetch.ai | Sep, 2021

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Staking Migration Update As part of our efforts to ensure…

As part of our efforts to ensure staking migration from ETH to Mainnet proceeds smoothly, we have released a detailed guide explaining how to participate in the migration. Many of you who are staking on ETH using Metamask have tested the migration successfully using our Fetch.ai browser extension wallet (Kepler fork) — for those members — we will auto-migrate your tokens, saving you from gas fees. *Disclaimer — claim your ATMX and MTLX rewards as they do not get carried over*

When gathering feedback from the community about this process, the previous plan was to auto-delegate users funds to a chosen set of validators, after which users would be able to redelegate funds to a validator of their choice.

The overwhelming response from the community was they wanted extra flexibility as part of this process. Specifically they wanted to be able to not only choose the initial validator that their funds were delegated to but also the ability to send funds to different wallets.

We have therefore updated the migration process based on this feedback. When the network upgrade and migration is completed on September 15, all the auto-migrated FET will show up in your Fetch.ai Browser wallet as liquid assets. From there, users can send these funds to their Mainnet address generated on the Cosmostation app or Ledger device and then delegate their stake from there directly.

For some of you who are concerned about sharing your metamask private key on the Fetch.ai browser extension wallet, we acknowledge your concerns. While we strive to follow all the best practices for software wallets (see about section below) it is true that software wallets are inherently less secure than hardware wallets. We would like to remind the community that if they have concerns, their best option is to follow the manual migration guide, since in this workflow you are in control of all stages of the process. Please check out the Cosmostation guide and the Ledger device guide on how to stake on Mainnet manually.

*About the Fetch.ai Browser wallet

  • The codebase is a fork from the highly trusted Keplr wallet, so we start from a highly trusted bas
  • Our modifications are small and limited to the areas required for the automigration and branding
  • The codebase is open source and can be independently reviewed by the community.

1. I am really confused. Why is this so complicated?

Migrating an entire pool of staked FET from one chain to another is a massive effort. Which is why the Fetch.ai team is requesting support from the community to make this process smoother.

In simple terms, if you are staking on Ethereum using Metamask, please test the migration using this guide and if your test-migration was successful (if you see your staked tokens appear as TestFET on your Fetch.ai browser wallet), we will auto-migrate it for you and you can save gas fees. If you are staking using a hardware wallet, the migration does not apply to you and you must manually unstake and move them to Mainnet.

If at any point, you are skeptical and want control, please unstake your FET on the ETH staking contract and manually stake them on Mainnet.

2. Why are you not using the Keplr wallet directly?

The Keplr wallet does not support the migration and for this purpose we forked it. However, we will aim to continue to keep compatibility with the original Keplr wallet for the future.

3. Will the Fetch.ai wallet get audited and provide more security?

The wallet is on our GitHub repository, and we are following the best practices. No software wallet is intrinsically safe, and the best option is always to rely on hardware wallets.

We have plans to get the wallet audited to establish more credibility and trust for the community.

4. How will this migration work now?

Easy — if you have tested the migration using our Fetch.ai browser wallet, on the day of the migration, your funds will appear there. From there you can send them to your Mainnet address on the Cosmostation mobile app or connect your ledger and then delegate it to validators of your choice.

5. I am not staking and holding my tokens on an exchange, do I need to do anything?

No, you don’t have to do anything.

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