PLA to PDA Token Migration — Tutorial and FAQ (Notice update: 2024–03–11 9:45 AM, UTC+0)
(Notice update: 2024–03–11 9:45 AM, UTC+0)
Introduction
Because of a smart contract hack resulting in the issuance of 1.79 billion invalidly minted PLA tokens, PlayDapp has taken immediate and comprehensive actions to safeguard your assets:
- Firstly, we have initiated the mandatory transfer of all PlayDapp-held PLA to a new, secure wallet, encompassing both locked and unlocked holdings.
- Secondly, prompt communication with some coordinated centralized exchanges (CEXes) enabled swift suspension of deposits and withdrawals, effectively minimizing potential losses.
- Thirdly, the PLA smart contract has been temporarily paused, and a migration based on a snapshot will be conducted.
- Lastly, PlayDapp has reported the incident to investigative authorities and is actively collaborating with web3 forensic investigation firms to track invalidly minted PLA tokens.
Our dedicated team is focused on protecting PLA holder assets and diligently working to minimize any associated damage. We are proceeding with the migration to a new PDA token to prioritize asset protection and ensure stability due to the loss of ownership over the token smart contract.
We are unwavering in our commitment to transparent communication and will provide continuous updates on our progress. We will guide and support the migration process, offering comprehensive instructions to ensure a seamless transition for token holders. We urge all PLA holders to stay informed through PlayDapp’s official announcements for precise information regarding the migration timeline, steps to engage in the swap, and any necessary actions.
About PLA to PDA Migration
1. The snapshot will be taken on February 26th at 08:00 AM (UTC+0).
We strongly advise against transferring PLA tokens to/from your wallet or any exchange until the migration process is complete. This is to ensure swift migration progress and effective tracking of invalidly minted tokens.
2. PlayDapp will collaborate with some coordinated CEXes with the migration from PLA to PDA reimbursing PDA to PLA-holding users.
- They will use the current user balance holdings as per the snapshot timing to reimburse affected users.
- They will receive the full amount of token holdings as per the snapshot timing at a 1:1 ratio.
- Users who have PLA tokens on those coordinated CEXes will not need to take any action.
3. For PLA holders whose wallets are not on those coordinated CEXes:
- PlayDapp has prepared a Migration Portal for PLA holders.
- To start your migration, please visit our Migration Portal page (https://migration.playdapp.com/).
- PlayDapp will ensure holders undergo Know Your Customer(KYC) for Anti-Money Laundering(AML) compliance.
- The claim period will be one year through the Migration Portal, with an additional year of customer support, totaling 2 years.
4. PLA on both Ethereum and Polygon chains can be migrated to PDA on Ethereum.
5. PDA Smart Contract Address (ERC20): 0x0D3CbED3f69EE050668ADF3D9Ea57241cBa33A2B
6. PDA Smart Contract Audit Report: https://skynet.certik.com/projects/playdapp
PDA Token Migration Tutorial for PLA holders whose wallets are not on those coordinated CEXes
※ The screenshots below are from the unreleased migration site. There may be some changes, including additional steps related to the migration process. We will update the guide once the Migration Portal is live.
1. Go to the Migration Portal
Please visit the Migration Portal (https://migration.playdapp.com/) to start the migration process. Please be advised that there are numerous scammers attempting to create fraudulent migration sites. It is important that the URL matches and is from PlayDapp’s Official channels.
2. Connect your wallet and confirm the PLA quantity.
Connect your wallet on the Migration Portal using any of your preferred wallet providers that hold your PLA tokens. After connecting your wallet, you can confirm which blockchain you are connected to.
The PLA quantity held in the connected wallets and the migration-eligible quantity will be displayed.
If the migration-eligible quantity in the connected wallet is not available or differs from the current holdings, then migration through the Migration Portal is not possible.
In this case, please use the provided customer service link below and submit a ticket. Our customer service team will perform a manual check on your wallet to see if there are any problems, including any association with hacker wallets. Once the quantity is confirmed to be free of issues, separate migration can proceed.
Customer Service Link: https://playdapp.atlassian.net/servicedesk/customer/portals
PLA on both Ethereum and Polygon chains can be migrated to PDA on Ethereum.
3. Checking current PLA balance holdings as per the snapshot timing.
After connecting your wallet, the Migration Portal will detect the amount of PLA you are currently holding.
Once you have verified that the confirmed PLA quantity matches the amount in your wallet, click the “Confirm” button.
※Note 1: In case the confirmed PLA quantity according to the snapshot differs from the PLA quantity in your wallet is different, please note that the process will not proceed. Click the “Cancel” button and use the provided customer service link below to submit a ticket.
Customer Service Link: https://playdapp.atlassian.net/servicedesk/customer/portals
※Note 2: If the confirmed PLA quantity according to the snapshot differs from the PLA quantity within your wallet, please check whether you are on the correct blockchain.
4. Apply for Migration
Once you have completed the previous steps, click the “Apply” button to submit your migration request.
※KYC certification will be allowed on multiple wallets per individual for migration.
5. KYC Certification
If you have completed the previous steps, click “Verify” to start your KYC Certification process.
Upon successful KYC Certification, the authentication process will be complete.
※ KYC certification will be allowed on multiple wallets per individual for migration.
※This process typically takes a few minutes unless there are any problems with the KYC/AML.
6. PDA Payment
Once KYC verification is completed, PDA tokens will enter a pending status for distribution. After an internal review, PDA distribution will proceed to the designated wallet.
Upon completion of the distribution, you can confirm the on-chain distribution by clicking on the “Transaction” button.
※ The requested PDA tokens will be delivered to the Ethereum wallet address that matches the one used to initiate the migration request.
※ We will notify the community regularly about the distribution on our official channels.
※ PlayDapp is paying for all migration gas fees; therefore, no gas fee is required for users to receive PDA tokens.
Frequently Asked Questions(FAQs)
1. Do I need to migrate my PLA?
PLA holders whose wallets are not on those coordinated CEXes will need to use our Migration Portal to migrate their holdings.
2. Who are those coordinated CEXes?
We will announce the coordinated CEXes once they are confirmed.
3. When and where can I start the migration process?
You can start your migration on March 13th, 00:00 (UTC+0) on the Migration Portal site (https://migration.playdapp.com/).
4. When is the snapshot?
The snapshot will be taken on February 26th at 08:00 AM (UTC+0).
5. What is the value of PDA compared to PLA?
The conversion rate is 1:1. This means that for every PLA token converted, 1 PDA token will be provided.
6. My PLA holdings do not match the expected PDA quantity to be received. Why is that?
PLA tokens that cannot be migrated to PDA include:
- Tokens that were invalidly minted
- Tokens transferred after the snapshot
- Tokens for which migration has already been applied and completed
7. What is the duration of the migration period?
The migration period will last for 24 months from the start date. However, migration through the Migration Portal will be available for 12 months. After this period, holders will receive an additional 12 months of customer service for any issues or problems they may have.
8. What happens to PLA tokens that are not migrated within the specified period?
PDA tokens will undergo an upgrade and name & ticker change from PLA tokens to PDA. The new PDA token will have all the utilities that PLA tokens currently possess. From the point of migration, PLA tokens will lose their utilities other than conversion to PDA tokens, and upon the conclusion of migration, they will remain as tokens without any utilities.
9. What is a PDA token?
The PDA token is an upgraded version of the PLA Token. It introduces multi-signature implementation, snapshot, pause, and burn authority separation for management while removing minting authority for stability. Additionally, a DAO voting system will be added to enhance user communication and transparency (A detailed DAO voting system will be announced later).
10. Can I attempt the KYC verification again?
During the migration process, KYC verification is conducted for user verification. If the verification fails, a retry is possible, but if the verification is rejected for the 2nd time, a retry is not possible. If you are rejected the first time, a retry is unavailable.
11. What happens if PLA remains in my wallet after applying for and progressing with migration?
PLA in Ethereum user wallets will remain intact even after applying for and progressing with migration. However, PLA will be valueless after the already completed migration to PDA.
12. Will there be a decrease in token value or supply inflation due to the issuance of PDA?
PDA tokens are supplied only through migration at a 1:1 value with PLA. Both the total supply of the hard cap (700 million) and circulating supply will remain the same as pre-hack.
13. Do I need to pay the gas fee?
There is no gas fee in the migration process.
DISCLAIMER: Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. Before choosing to interact with the PLA/PDA migration, please carefully review the disclaimers and disclosures included here. Use the technology only at your own risk. You assume all responsibility relating to migrating your PLA tokens.
To stay up to date with our journey, follow PlayDapp on these channels:
Twitter: https://twitter.com/playdapp_io
Medium: https://playdapp.medium.com/
BinanceSquare: https://www.binance.com/en/feed/profile/PlayDapp_io
CoinMarketCap: https://coinmarketcap.com/community/profile/PlayDapp_IO/
Discord: https://discord.gg/playdapp-537515978561683466
Facebook: https://www.facebook.com/playdapp.io
Customer Service Portal: https://playdapp.atlassian.net/servicedesk/customer/portals
