[ad_1]
Subsequent week, the DATA token can be upgraded to permit for an elevated token provide. Because the improve is accomplished, each previous and new tokens will coexist for some time. The upgraded token will take up the image DATA, whereas the previous token will now be renamed XDATA. Right here’s how ZebPay will help the migration of the DATA contract.
We’ll migrate the legacy tokens to new DATA tokens on behalf of our customers. All deposits and withdrawals can be suspended beginning Monday, eleventh Oct 2021 at 15:00 IST. Please be sure you enable ample time to your DATA deposits to be absolutely processed earlier than this time. If tokens are deposited after this time they won’t be credited.
As soon as the migration is full, we’ll ship out an announcement to inform you. After this, it is possible for you to to freely withdraw and deposit new DATA tokens on ZebPay. Buying and selling is not going to be affected by the migration in any respect.
Please relaxation assured that your DATA stability will stay unchanged. Just a few factors to bear in mind:
The migrated DATA token can be accessible underneath the identical ticker image (DATA). If you don’t want to migrate the tokens, please withdraw your DATA tokens outdoors of your ZebPay pockets earlier than the suspension time. It is a one-time migration. After the migration is full, ZebPay is not going to help deposits or migration for previous DATA tokens (XDATA).You’ll want to test along with your sending & receiving trade concerning the help for the brand new migrated DATA token earlier than sending it to and from ZebPay.No new tokens can be generated as part of a migration.
Why is DATA being upgraded?
Up to now yr or so, many Ethereum tasks have gone via a token migration. Whereas these migrations could be time-consuming, it offers the challenge a chance to replace its working requirements.
The first purpose for the improve is to double the utmost attainable provide to 2 billion tokens. This can enable higher participation within the Streamr neighborhood, as there are extra tokens accessible to be earned. A managed inflationary provide permits for higher incentives for use as rewards. There are many examples within the DeFi house to think about, resembling UNI or CRV, the place minted tokens have been used to incentivise progress and energise the neighborhood.
Token holders may also defend in opposition to inflation by collaborating within the associated applications — participation being precisely the purpose of the incentives.
There may be additionally a technical change that may enable good contracts to be notified through a callback perform every time tokens are transferred to them, referred to as ERC-677. ERC-677 is totally backwards appropriate, and utilized by numerous different well-known tasks, resembling Chainlink.
You’ll be able to monitor the progress of the token migration by clicking right here.
[ad_2]