On May 23rd, 2023, Genesis Validators successfully launched LUKSO’s Mainnet with an initial supply of 42 million LYX! 🚀
The network launched fully decentralized and has been running smoothly, with 10,336 Genesis Validators well distributed around the globe and an average participation rate of ~98.5%.
Discovery month gave our team the opportunity to test the bridge and tools for the LYXe to LYX token migration process, update the Validator Deposit Launchpad and create a Checkpoint System for future validators to be able to start a node quickly 🏎💨. We also initiated the LYX distribution process for private sale participants and advisors.
Discovery Month
Discovery month officially ended on June 23rd, and we are excited to welcome all builders and validators to explore the possibilities for the New Creative Economies in an open ecosystem with building blocks that will finally bring next-generation blockchain use-cases and experiences mainstream! 🎊🎊🎊
After the successful Mainnet launch, we entered discovery month which allowed the LUKSO team to observe the stability of the network. We are pleased to share that discovery month went smoothly, and many preparations were made for the milestones ahead 🛠.
We improved the consensus and the execution explorers. Genesis Validators started off the network mainly by choosing Geth and Prysm clients. You can now also run a node or validator using Lighthouse and Erigon.
On the deployment side, our Smart Contract Team deployed the SAFE Multisig Infrastructure to help with the treasury management of the foundation.
Private sale participants and advisors were also contacted during discovery month to begin the LYX distribution process. The chart below shows the overall distribution of the initial LYX supply for LUKSO’s Mainnet. Around ~60% of the Seed Sale, Private Sale #1, Private Sale #2 and Advisor tokens were distributed during this month.
We would like to thank all of LUKSO’s early supporters, such as Bruce Pon, Founder of Ocean Protocol; Berndt Hauptkorn, President of Chanel Europe; Dennis “Denyo” Lisk, Founder of District VR; David Fischer, CEO of Highsnobiety; Fractal ID; Animal Ventures Tomorrow Fund; and many more!
The Migration Process
We also prepared for the token migration from LYXe to LYX. This process involved audits for the token bridge, as well as finalizing the frontend and monitoring systems.
We are excited to share that LUKSO’s migration bridge will be available on July 4th! ⛓🤝⛓
The migration website (https://migrate.lukso.network) will allow you to migrate LYXe from Ethereum to LYX on the LUKSO Blockchain. For this process, you will need to hold your LYXe in a browser-based wallet like MetaMask (recommended!) or using a hardware device connected through MetaMask. The minimum amount of LYXe that you can bridge is 1 LYXe.
The LYXe will be migrated from your wallet address on Ethereum to the same address on the LUKSO Blockchain. Therefore, only EOAs (Externally Owned Accounts) will be able to migrate LYXe.
After completing the steps listed in the migration bridge frontend, you will be able to add the LUKSO Mainnet to your wallet and check for an updated balance. Please keep in mind that this process may take up to several hours or days (!), as the migration is built for security not speed.
⚠️ Reminder: Practice a high degree of caution! Beware of scams and VERIFY THE DOMAIN: https://migrate.lukso.network ⚠️
Since LYXe is sitting on Ethereum, you will need ETH to cover the GAS cost of the transaction when using the migration service ⛽️. One transfer will cost around ~200k GAS, corresponding to an amount of around 0.004 ETH, regardless of the amount of LYXe you’re looking to bridge. Remember that these prices can fluctuate if the Ethereum network is at capacity!
Some exchanges will likely migrate LYXe for their users automatically. Please follow their social media profiles for updates.
The migration is currently planned to stay open for up to 4 years, allowing anyone to migrate during this period of time. LYXe will not be migrated automatically, so every LYXe owner needs to use the migration website and/or smart contracts to do so. There is likely an amount of LYXe that will never migrate due to lost funds.
Any LYXe accidentally sent to the LYXe Token Smart Contract address on Ethereum, will be automatically sent as LYX to the sending address on the LUKSO Blockchain. Make sure that you control the private key of the address that sent these LYXe accidentally. Note that this process will likely take a few weeks.
Validating on LUKSO Mainnet
The Deposit Launchpad (https://deposit.mainnet.lukso.network), which has been live for a few weeks, allows users to deposit LYX on LUKSO Mainnet to become a validator. As soon as the migration starts, new validators will be able to deposit their LYX to stake on the LUKSO Blockchain. Get ready Genesis Validators to warmly welcome new nodes joining in! 🥳
Note: Validator rewards will be sent automatically to withdrawal addresses now that the Shapella hard fork has been executed on LUKSO. The consensus layer began processing withdrawals on June 28th at 4:20pm GMT.
This will automatically send gained rewards to the withdrawal credentials they have provided when they deposited their validator keys. From this point on, validators will also be able to withdraw their LYX stake (and exist as a validator) if they wish to do so.
LUKSO CLI Updates
The LUKSO CLI 0.7 will help set up a validator with ease. The command line tool will help with installing, managing and setting up validators with different client combinations. During discovery month, we were able to further improve stability, process management, and integrate the Lighthouse consensus and Erigon execution client. We are actively looking at supporting even more clients. Additionally, we plan to have a modular deployment solution using Docker.
Dappnode support will also be available in the very near future, as well as a LUKSO branded Dappnode 🔮
Through the new Checkpoint System, validators can now significantly speed up the initial synchronisation process of the LUKSO Blockchain. When enabled, your node will begin syncing from a recently finalized checkpoint instead of syncing from genesis. This can make validator migrations, recoveries, and Testnet deployments much faster. To learn more about using the checkpoint sync, read our documentation.
Universal Profiles
The smart contracts behind the Universal Profile architecture have gone through 2 additional independent audits. The LSP Smart Contracts have undergone a total of 7 audits so far.
On June 30th at 20:00 UTC Code4rena will hold a public audit contest with $100,000 in prizes, which will be the last audit before the public Universal Profile release.
Our focus has also been on improving the technical documentation of the smart contracts on docs.lukso.tech. We are currently setting up an automation process, so the contracts technical docs stay up to date and in sync with each future release of the contracts. Our goal is to improve the developer experience, so that developers can get the latest documentation as soon as a new release of the contracts is available without having to wait for the internal team to manually update the docs! 🪄
Let’s Build!
We appreciate all of the kind messages we received during the Mainnet launch process and would like to thank all Genesis Validators and active community members for their successful participation in this historical event and starting LUKSO fully decentralized!
It’s time to level 🆙 the blockchain user experience for everyone!
Read our technical documentation to get started and join our Discord to explore our community and follow regular network updates.
See you at EthCC ✌️⛓
#EmbraceTheChain ⛓
If you have any technical support questions or concerns, please email our tech team at support@lukso.network or use the support channels in our Discord.
