Kin Migration Details for Token Holders
The Kin Migration is scheduled for December 8.
The migration process from the Kin Blockchain to the Solana Blockchain will be relatively seamless. There will be a snapshot of all accounts and their corresponding balances on the Kin blockchain taken and those accounts will then be replicated on the Solana Blockchain.
For exchanges and wallets to be able to generate transactions they will need to update to support Kin on Solana. Our team has been working with each of the exchanges and wallets that currently support Kin to participate in the migration. A list of the exchanges and wallets that have committed to support the migration on December 8 can be found below.
If you hold Kin in a wallet or on an exchange not listed below you may want to move your Kin to one that has confirmed support. If you don’t do that by the time of the migration your funds will not be lost but will be frozen until that exchange or wallet updates to support the Kin Blockchain. We would recommend reaching out to the support channels for these wallets or exchanges in that case.
Wallets and Exchanges Supporting the Migration
- Bithumb Global
- Gate.io
- Cointiger
- Mercatox
- HitBTC
- Ledger
- MyKinWallet.org
- Math Wallet
- Coin98 Wallet
- Solong Wallet
- Bonfida Wallet
- Tor.us Wallet
- *Note: we continue to work with those not listed above to support the migration. This list will be updated as more wallets and exchanges confirm support.
ERC20 Kin to Solana Based Kin
For those who hold their Kin on Ethereum and want to swap to Solana they will be able to do so through a Solana / Ethereum “Wormhole”.
The wormhole from Ethereum to Solana is a decentralized cross-chain bridge. A set of oracles, called “Guardians”, that facilitate a burn/mint process between Ethereum and Solana. This service holds tokens on Solana equivalent to the balances of all remaining ERC20 accounts. To migrate to Solana, a holder of ERC20 Kin sends their Kin on Ethereum to the Wormhole which then burns that Kin and transfers that amount of Kin to the user’s new account on Solana.
Details of the wormhole including timing and details of the smart contract will be published closer to the migration date.
Token Accounts
Solana introduces a new concept called a token account. On Solana, a token account is an account that holds token balances. A given wallet can own multiple token accounts, which each may have a different address from the wallet/owner. Kin, being a token on Solana, is held and transacted using token accounts.
On the Stellar based Kin Blockchain a transaction would use a wallet’s address as the source of the payment and require a signature from the wallet’s private key. However, on Solana a wallet requires that one of its token accounts holding Kin to be the source of a transfer. A signature is still required from the owner/wallet’s private key.
This is an important note for anyone storing their Kin in a cold storage wallet (Ledger, paper wallet). Any token holder using a wallet or an app supported by the Kin SDK will not need to go through this process themselves.
The Solana Explorer can be used to view a wallet (by searching for its address) and its token accounts.
Example
Here is an example of a token account on the Solana Explorer, where the token’s address, mint (i.e. the Kin token) and the owner of the token account are all displayed.
Your existing public address from the Stellar based Kin Blockchain can be used to lookup your migrated token account. From the above example, 3uBh2auJAcKrySqW9cLzHQHiiw4u2eMkqkpEvGhZXowS is the base58 encoding of your existing public key. See where the token accounts are in the Solana Explorer below.
Rent Subsidization
- Solana introduces the concept of “rent” which requires a minimum balance for new token accounts.
- Solana based Kin wallets require a minimum balance of SOL to be “rent exempt”, meaning they will never be deleted (“garbage collected”) or have rent collected.
Existing Kin Accounts Live Before the Migration
- All accounts that are migrated from the Kin Blockchain to Solana will have this rent subsidized and will therefore be rent exempt.
New Kin Accounts Created After the Migration
- Any new wallets created after the migration that use the Agora service will have rent subsidized.
- For any wallets not plugged into the Agora service (i.e. third party wallets) you will want to check on their rent subsidization program. Though, many wallets do have a subsidization plan.
If you have any questions about the details above, please leave comments on this post so that we can address those questions in public.
