3,2,1,…Close your channels!
Until October 15th, we recommend you to withdraw your tokens to your on-chain accounts or close your Raiden channels completely. Here’s why:
We are close to the finish line with the upcoming Coruscant release for the Python client and the Krittika release for the Light Client.
With these releases, there will also be a deployment of new smart contracts adding new features and improving the performance of the Raiden Network.
After the upgrade of our Python and Light Clients, you will not be able to use any of your currently existing channels. The tokens will remain locked and unusable.
This is why the current users of the Raiden Network are recommended to withdraw the tokens from their Raiden account into their respective on-chain accounts or alternatively to close their Raiden channels. You can reopen the closed channels with the new versions of the clients after their mainnet releases.
The users might also consider withdrawing their tokens from the User Deposit Contract (UDC) as well, although this part can be done at a later point in time.
When does it make sense to close your channels?
The easiest way to transfer your tokens to your own wallet is to make a withdrawal without necessarily closing the channel. This action however, requires both parties to be online at the withdrawal time.
If that is not an option for you, you can still close and settle your channels, which will allow you to withdraw without the second party being online. The only drawback is that it involves more transactions.
Both options require on-chain transactions (tx) involving gas fees. We recommend closing your channels only if the total gas fees required for the closing or withdrawals are lower than the token value inside that channel. Should you want to proceed with either withdrawing or closing your channels, you still have until the 15th of October to do so.
Once the new clients from the Coruscant and Krittika releases are available, we encourage you to update your Raiden client and open new channels.
Before proceeding to a withdrawal/closing, please estimate the costs of the respective on-chain transactions upfront:
There are 3 variables to take into account:
1. The amount of gas needed to perform a given tx
2. The current gas price (gwei)
3. How the gas price translates into dollars/ETH using using the Ethereum gas calculator
In case you want to proceed with either options, please follow the instructions below:
We hope this makes it clearer and easier for you to estimate why and if you should take action before upgrading to our latest versions. Do not hesitate to reach out for any support or remaining questions. We’re happy to help!
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The Raiden project is led by brainbot labs Est.
Disclaimer: Please note, that even though we do our best to ensure the quality and accuracy of the information provided, this publication may contain views and opinions, errors and omissions for which the content creator(s) and any represented organization cannot be held liable. The wording and concepts regarding financial terminology (e.g. “payments”, “checks”, “currency”, “transfer” [of value]) are exclusively used in an exemplary way to describe technological principles and do not necessarily conform to the real world or legal equivalents of these terms and concepts.