Your Monolith Account is due for an upgrade
We are thrilled to announce that our Monolith contract wallet migration is now taking place, with our first users being migrated as of this morning.
With more of our users due to go through this process, we’d like to briefly touch on this migration:
Why is this necessary?
By our very nature, Monolith is non-custodial and has no access to or control of your tokens — However, this also means we are unable to update your wallet to allow for some of our new features (such as swaps). Put simply, any form of migration will require input and authorisation to come entirely from you.
To that end, we have created a simple and straightforward process that migrates the users themselves to a new wallet.
This process is short and seamless, meaning you can accomplish it in the time it takes you to read this article.
What will happen?
This process is accomplished through three steps:
- A new contract wallet is deployed with the security settings of your previous wallet (send limit & whitelist) and attributed to your owner address.
- The new wallet address is added to the whitelist of your previous wallet to avoid hitting your spend limit in step 3.
- Your funds are migrated to the new address & your previous security parameters (send limit & whitelist) are re-imported as they were.
Steps 2 & 3 will require you as to authenticate, however, the gas cost for these migration transactions will be covered entirely by Monolith.
The upgrade is only made available at times where gas costs are reasonable — so don't expect it right away especially if gas prices are spiking.
When this process is complete you will have a brand new contract wallet on the Ethereum blockchain with all your funds in it. Your new contract wallet will have a different address than your previous wallet, but if funds are accidentally sent to your old address you will be able to manually transfer them to your new wallet. You will retain control over your previous wallet indefinitely.
Which version of the wallet is which?
V1 — Is the initial release of our Contract Wallet
V2 — Add support for swaps & non-compliant ERC20 tokens
V3 — (latest = 3.2.0) Supports meta transactions, paving the path for the removal of the gas tank.
In Future:
V4 — Will bring give users more options to recover their wallet if they lose their private key
When Will I be Migrated?
Our migration process has been tested internally on several versions of the contract wallet, and will be rolled out to users in phases.
In the first phase, we will migrate all v1 users to v3 so that all users will be able to take advantage of swaps and we can start to support non-compliant ERC-20 tokens in our app. We will then migrate users as required to allow them to take advantage of new features that are added to the app, so that all users will always be able to use the latest features.
At the moment there is no benefit for v2 users to be migrated to v3 as the features this unlocks (removal of the gas tank) are not ready yet.
🌌 Happy Migration!
So, to those of you who have been enjoying the Monolith Wallet since the early days, thanks for reading. We are excited to finally make swaps available to you and to ensure you’ll be able to enjoy future releases with no delays in future.
If you’d like to learn more about the Monolith wallet security model, here are some links you’ll find useful:
- Monolith Account — Contract Wallet Code
- Monolith Account — Contract Wallet Audits
- Monolith Account — Contract Wallet — Bug Bounty Program
We would also note that we will share some more detailed insight around this migration on Discord and Telegram, so if you have any specific questions please join us there and ask away!
