CADC on Polygon migrating to a Native stablecoin on the Polygon Network
Summary
Starting October 14th, 2022, CADC on Polygon will be migrating from a bridged token to a native token on the Polygon network.
What is CADC?
CADC is Canada’s premier stablecoin and issued by Paytrie, a FINTRAC regulated Money Services Business. All minted CADC is backed by fully reserved assets, and redeemable on a 1:1 basis for Canadian dollars.
What is a Bridged Token vs. a Native Token?
A Bridged Token is an asset that is bridged/brought over from another network. For example, CADC on Polygon was originally minted on the Ethereum network and bridged over to the Polygon network as a Bridged Token. In order to mint or redeem a Bridged Token, it will need to be bridged back to the original network.
A Native Token is an asset that can be minted and redeemed on the chain in which it is native. Previously, CADC was only available as a Native Token on the Ethereum network. Starting October 14th, 2022, CADC will also be available as a Native Token on the Polygon network.
What does this mean for current CADC holders?
For holders of CADC on the Ethereum network, your CADC will remain on the same contract and this change will not affect you.
For holders of CADC on Polygon, you will need to migrate your Bridged CADC token for the Native CADC token.
CADC on Polygon holders can send their Bridged CADC to PayTrie’s dedicated migration wallet. Once the CADC is received, PayTrie will send the same amount of Native CADC back to the originating wallet within 24 hours of receiving the funds. Instructions are provided down below to migrate your Bridged CADC for Native CADC.
What will happen to Bridged CADC on Polygon?
Purchasing of Bridged CADC will be halted and moving forward on PayTrie, all CADC on Polygon will be minted as Native CADC.
PayTrie will continue to support redemption of Bridged CADC on Polygon until December 31st, 2022. At which time, any Bridged CADC on Polygon holders would have to bridge their CADC from Polygon back to the Ethereum network in order to redeem their tokens 1:1 for CAD.
Important Next Steps
CADC on Polygon holders
- Send your existing (Bridged) CADC to PayTrie’s dedicated migration wallet address: 0xB0C60A23CdE419B040Ad45f0dA2F3d6A94b74b24
- PayTrie will send you the same amount of Native CADC back to the originating wallet within 24 hours
Resources
PayTrie’s Dedicated CADC Migration Wallet Address: https://polygonscan.com/address/0xB0C60A23CdE419B040Ad45f0dA2F3d6A94b74b24
Existing (Bridged) CADC contract: https://polygonscan.com/token/0x5d146d8b1dacb1ebba5cb005ae1059da8a1fbf57
New (Native) CADC contract: https://polygonscan.com/token/0x9de41aFF9f55219D5bf4359F167d1D0c772A396D
