What is the conversion and how does it work?
Taraxa's native token conversion was completed on April 3, 2023.
Prior to the conversion on April 3, 2023, the Taraxa token used to be an ERC-20 contract residing on the Ethereum blockchain. The conversion converts the ERC-20 tokens into the native tokens residing on the Taraxa blockchain.
Technically, the conversion is pretty simple: balances on the ERC-20 will be mirrored over to Taraxa's mainnet.
The process must be done in coordination with the exchanges that the TARA token is currently listed on, since otherwise all deposits and withdrawals will be disabled on these exchanges.
Here's a quick overview of the mechanics of the conversion,
- 1.Coordinate with the exchanges on a specific date & time when the conversion will take place
- 2.Disable the ERC-20 contract on Ethereum
- 3.Record the exact ETH block where the contract has been disabled, this is the cutoff block height
- 4.Mirror the ERC-20 and staking contract balances at the cutoff block height
- 5.All staked tokens will be returned to the stakers' wallets on Mainnet, a re-delegation process must take place after the conversion
- 6.20% of 10bn tokens will be taken from the deployer address into a new Foundation delegation address, which will be delegating to dev-operated nodes on the mainnet - meant to help bootstrap the mainnet (see section 5.2 of the Whitepaper)
- 7.A tiny amount of tokens (10 tokens) will be taken from the deployer address into a new faucet address, which will be used to generate minimal transactions traffic on the mainnet - it's not a technical requirement, but a cosmetic one
- 8.New community site will be deployed
- 9.Place these resulting balances inside the genesis block of the Mainnet
- 10.Reset the Mainnet with the updated genesis block
- 11.Deploy updated network statistics endpoints
- 12.Deploy community site claims contract
- 13.Notify Mainnet validators to reset their nodes to the new version