The æcommunity comes through with a great solution 👏
As a decentralized blockchain platform, æternity relies on its community to be proactive and create solutions to problems that inevitably arise during the creation and progress of a blockchain network. æternity is ours, and we’re all in charge of steering and improving it, while it navigates the rough waters of blockchain and crypto adoption.
This time, as always, the æcommunity was ready to create a fix for the solution to the persisting problem – the migration of AE (ERC-20) tokens into native AE coins.
No more migration phases, you can access it 24/7
At the very beginning of æternity, only AE (ERC-20) tokens existed, until the æternity mainnet was launched when most holders migrated their ERC-20 tokens into the native AE coins in several phases. However, some holders missed these opportunities and their AE tokens stayed locked on Ethereum, and could not be used or transferred.
Currently, æternity has a smart contract that makes use of merkle-tree hashes that allows the owners of the private keys (Ethereum) to claim their tokens to a specific address on the æternity blockchain by providing a signed message of the æternity address.
The important part is that this process will be available forever, as long as the owner of the ERC-20 tokens doesn’t lose their private key.
The bounty was completed by one of the well-known community members and an outstanding developer/contributor to the æternity ecosystem known as Jeevanjot.
The bounty application and info can be found here.
How it’s done
For all that have lately been trying to migrate ERC20 tokens to native AE coins, and haven’t done it successfully in the previous migration phases, we are glad to announce that the migration site is up and running!
With a user-friendly interface, and with just 6 steps – https://migrate.aeternity.io enables you to access and start the migration process now.
All you have to do is to connect your AirGap or Ledger Nano S, and follow the steps:
Once the wallet is connected, the next step is to create an æternity account with AirGap (or choose the option “I already have an account”), which will lead you to step 3 where you will need to provide an æternity account. Have in mind that the amount of ERC20 tokens you choose to migrate will be available on this address in the next scheduled hardfork release. The next important step is to copy/paste the exact address, or scan it – and additionally, state it’s the correct address. Please make sure the address you provide is your real æternity address, this cannot be changed afterward! As a 5th step, Please select the wallet where you hold your AE tokens – currently, we only support migrating with MyEtherWallet and MetaMask (or any other web3 wallet). Both ways support Ledger and Trezor hardware wallets. You will need to have enough ETH on the same account to pay for transaction fees. Lastly, make sure all the information provided is correct, and confirm the migration.
Try it yourself here: https://migrate.aeternity.io
Keep in mind that the contract deployed on the æternity mainnet knows the root hash of a merkle-tree containing all addresses that are eligible to migrate their tokens. By providing the correct data and a valid signed message of the recipient’s AE address signed with the private key of the original Ethereum address, the migration can be performed in a very smooth and convenient way. The smart contract verifies the signature and releases the tokens if the provided data is correct.
We would like to encourage all the æcosystem members to give feedback so we can make sure the best experience is provided to anyone wishing to migrate old ERC-20 tokens to AE.
- Please, remember that if someone approaches you to “help” you migrate your tokens, do not provide any data, the likelihood of it being a scam is very high! Please, always use the main, official, and ONLY migration website: https://migrate.aeternity.io
- The previous migration websites – https://migrate.aeternity.com and https://aepp-migrate.aeternity.com ARE NOT operational. Please, be patient – the amount migrated WILL NOT BE IMMEDIATELY available.
- If you have any questions or need assistance, please address the question to community admins on Telegram or the æternity Forum.
The æternity team would like to once more thank Jeevanjot and the rest of the æcommunity for being proactive and for displaying great ability in solving the issues and creating improvements to the æcosystem.