Guide and the benefits for the Crowny Family.
Since our token launch on ERC20, we have been working on several elements of our platform. Especially the past few weeks have been very exciting for us going to Breakpoint Lisbon, working together with multiple brands from the Solana Ecosystem, launching our own Loyalty Program and finally, announcing our migration from Ethereum to Solana. So far, everything has been progressing smoothly and the feedback received from our community regarding the migration has been positive. We are sure that our ‘meme’ #wenmigration will continue to exist for years to come! With the 8th of December set in stone, it is time to shed some light on how this migration will happen and what our current $CRWNY holders will have to do to migrate their tokens to the Solana network.
What is going to happen?
Our migration from the Ethereum blockchain to Solana means that, eventually, our token will not be represented anymore by the ERC20 smart contract on Ethereum. Instead, it will be an SPL program running on the Solana blockchain. As mentioned before, the main benefit of $CRWNY being a Solana-based token is that the low-cost and high-speed transactions enable us to reward our app users with $CRWNY, next to the Brand Loyalty Points they are already able to receive right now. The whole migration process will last 2 months, starting from the 8th of December. During this period, our users are able to convert their ERC20 $CRWNY to SPL $CRWNY. After 2 months, all transfer functions on our Ethereum smart contract will be paused, which means that ERC20 $CRWNY holders will not be able to move their tokens anymore.
Converting tokens from the ERC20 variant to the SPL variant is done through locking/burning the tokens on Ethereum, and minting them on Solana. The thing our current holders have to do depends on where they have stored their tokens. This can either be on AscendEX or on an on-chain wallet like the one Metamask offers. In the next section, we will walk you through the steps for both types of holders.
What do you have to do as a token holder?
For the on-chain addresses, we will provide a token bridge that the holders can use to convert their ERC20 $CRWNY to SPL $CRWNY. To be able to use the token bridge you need to have both ERC20 $CRWNY and a Solana address to receive the SPL variant. If you meet these requirements then go to https://tokenbridge.crowny.io and follow the steps below. The token bridge ONLY works from the moment we have successfully migrated to Solana from December 8th.
Approve token bridge
Enter an amount to swap
Enter receiving Solana address
Press ‘Swap to SPL CRWNY’ button
When the transaction has been completed, this means that the smart contract has now locked your tokens. The token bridge will continue to process your request and you will receive your SPL $CRWNY shortly. If, for any reason, you have not received your $CRWNY after 1 hour, please contact us at [email protected] with your ETH address and the corresponding TxID. We will respond within 24 hours to help you with your problem.
For AscendEX holders, the process is not that difficult. AscendEX will perform the migration themselves. This usually means that both the withdrawal and deposit functionality become temporarily disabled. During this period, you can still trade $CRWNY but are unable to move them to or from the exchange. When AscendEX is done, you will find that you can now withdraw and deposit tokens to the Solana network.
What to do on Solana?
The moment you finish migrating your tokens, you will find a whole new ecosystem to explore. The most important thing to mention is, of course, Raydium, the new decentralized exchange we will be listed on! On Raydium, you will be able to buy and sell $CRWNY and provide liquidity for the corresponding trading pairs. In one of our previous publications, titled ‘Why Raydium’, we provided a more thorough explanation of what Raydium does and why we think it is the best choice for us. In the near future, we will add more details about Raydium and publish a guide on how to buy and sell SPL $CRWNY to help out the community members who are new to dApps on Solana.
The Solana ecosystem, of which Crowny is part, is continuously growing with new, innovative and exciting projects and technologies. Below, we will give a small overview of some useful projects or apps you can find on Solana.
Once the Migration has started you can find the correct SPL Address on our website.
Useful and noteworthy applications/projects
Note: soon Crowny will be having his own wallet as well!
Stay tuned for more updates and follow our social media, as you definitely don't want to miss what's coming next. Check our socials in the footer.