Introduction: How to Deal with Assets on Bytom 1.0 Blockchain after Bytom 2.0 Released
How to deal with the assets on Bytom 1.0 blockchain and Vapor as Bytom 2.0 mainnet coming soon? Do we need to prepare in advance to support asset migration? Don’t worry, this article help you understand the path of asset migration in all situations!
Start time of migration: August 20, 2021
Time of Bytom 2.0 mainnet release: 8.20
Asset Name of Bytom 2.0: BTM
Change of Bytom 1.0 asset name: BTM ->BTMC
Assets in the exchanges:
The assets in mainstream exchanges are automatically migrated, and users do not need to do any operations; some small exchanges we are temporarily unable to get in touch, users can communicate with customer service of the exchange, or transfer the assets in the exchange to other exchanges or wallets that support the automatic migration.
Futures assets:
In order to guarantee the rights and interests of holdings, if the user borrows BTM on the leveraged and collateral platform, this part of the holdings will not be counted.
Assets in other wallets (support Bytom 1.0):
The user does not need any operation, just waiting for the migration.
Assets in Bycoin:
Non-native Bytom assets: The migration has no impact on them.
Bytom’s native assets: BTM, SUP, MAG
Cross-chain assets: Bytom erc20, mBTM
Specific application scenarios:
1. Mainchian & Sidechain
BTM: BTM on the Mainchian and Sidechain will participate in the migration. After the migration is completed, the user will get BTM and BTMC. The BTM on the sidechain can be transferred to the mainchain first, or after the migration is completed, it can be transferred to 2.0 through the Bytom 2.0-Vapor gateway. Cross-chain consumes a small amount of trading fee.
SUP: SUP on the mainchain is automatically migrated to 2.0; SUP on the side chain can be transferred to the main chain first, waiting for the automatic migration of mainchain; or after the migration is completed, it can be transferred to 2.0 through the 2.0-Vapor gateway, cross-chain will consume a small amount of trading fee.
Bytom erc20, mBTM: Bytom erc20 and mBTM of the mainchain and sidechain can be subsequently converted into BTM (2.0), but cannot participate in the migration of BTMC (1.0). Users who have not exchanged into BTM (1.0) before the start of the migration will not be able to obtain BTMC.
Users who hold Bytom erc20 and mBTM are recommended to convert to BTM to participate in the migration.
MAG: The migration has no impact on it.
2. Node voting
BTM: Assets in node voting will participate in the migration. At present, the node voting rewards has suspended, and users can choose to withdraw their votes and wait for 2.0 release and use BTM (2.0) to vote.
3. SuperTx pool
BTM: BTM stored in the SuperTx pool can normally participate in the migration of BTMC and BTM (2.0).
SUP: SUP stored in SuperTx pool can normally participate in the migration.
mBTM, Bytom erc20: The assets deposited in SuperTx pool can subsequently be converted into BTM (2.0), but cannot participate in the migration of BTMC (1.0). Users who have not exchanged into BTM (1.0) before the start of the migration will not be able to obtain BTMC.
Note: Do not deposit/withdraw assets during the migration, as it may affect the migration of assets.
4. Magnex pending order
BTM: Participate in the migration of BTM (2.0), but it will affect the migration of BTMC, and users will not be able to obtain BTMC.
SUP: Participate in the migration of SUP (2.0), but it will affect the migration of SUP (1.0).
5. JieDai
Deposit: It does not affect the migration of BTM (2.0), but it will affect the migration of BTMC, the deposited assets will not be migrated to BTMC (1.0)
Borrowing: It does not affect the migration of BTM (2.0). But it will affect the migration of BTMC (1.0) of collateralized assets, and the collateralized assets will not be migrated to BTMC (1.0).
6. Assets in lock-up period
BTM: It will participate in the migration of BTM (2.0) and BTMC. At that time, the delayed locked assets will be released, and the new asset will be migrated to the user address.
