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MYST token migration guide

By August 31, 2020 September 17th, 2020 No Comments

Migrating a token is simply to upgrade the smart contract of that token. In the case of Mysterium, we are upgrading legacy MYST (pure ERC20) to new MYST (ERC20 with `permit`: 712-signed token approvals).

This is a 1:1 token migration so there will be no new tokens created.

How will MYST token migration work? 

From 31st of August, MYST token holders will be able to start migrating their tokens into the new token standard. This will become the standard MYST token used within Mysterium Network’s payment system. All exchanges are informed and are preparing for the upgrade on their end. If you are holding MYST on HitBTC exchange, the migration will be done automatically and you will not need to do anything. 

If you are storing your MYST tokens outside the exchanges, you will have to conduct the migration yourself. In essence, you will need to initiate a transaction from your wallet address which holds MYST tokens into our current token smart contract address and call an upgrade function upgrade(uint256 value) there.

Note:

  • While there will be no time limit for migrating tokens, please be aware that only the new token standard will be used in the Mysterium Network payment system and actively traded on exchanges. However, you will not lose your original MYST tokens if you do not migrate within a specific deadline. This means you can perform your token migration at a convenient time to you. Your wallets which are supporting ERC20 tokens will work fine with the upgraded MYST token as well. 
  • During the upgrade transaction, legacy MYST tokens will be burned and new MYST will be created and sent to the same address.
  • You can do migration in parts, so no worry if after migration someone sends you legacy MYST tokens. You will be able to migrate them as well.
  • The MYST migration process has no time limit. If anyone in the future sends you legacy MYST, you will be able to migrate them at any point in time.

Do I need to have ETH on the address where my MYST tokens are in order to migrate them successfully?

You need a small amount of ETH on the same address where your MYST tokens are in order to pay for gas fees on the Ethereum network. Due to high transaction fees on Ethereum blockchain, we recommend having at least 5 USD of ETH there. You can check average gas fees before starting the migration here.

Token migration steps

Where should I store my MYST tokens and how do I manually migrate them?

The token migration process includes several options – MetaMask, Etherscan or MyEtherWallet (MEW). Through MyEtherWallet you can use:

  • Ledger (also possible to use with MetaMask and Etherscan)
  • Trezor (also possible to use with MetaMask and Etherscan)
  • Digital Bitbox
  • Secalot
  • Keystore / JSON File
  • Mnemonic phrase / seed
  • Private key

Token Migration using My Ether Wallet (MEW)

If your MYST tokens are stored in one of the above forms, please select MEW when you reach the step where you need to select the wallet that stores your MYST tokens. Once you have synchronised your wallet with MEW, you can start now with the token migration process:

  1. Go to the home page of https://myetherwallet.com
  2. Click on “Send > Send Transaction”
  3. Select ETH as a type of token to send and enter the 0 as amount
  4. Enter the address of the legacy MYST token smart contract:  0xa645264C5603E96c3b0B078cdab68733794B0A71
  5. Enable “Data & Gas Limit” under Advanced options
  6. Add your payload data (use payload generation tool)

  7. Click on “Send Transaction”.
  8. You new tokens will be visible on new MYST smart contract address: 0x4Cf89ca06ad997bC732Dc876ed2A7F26a9E7f361

 

Token Migration using Etherscan

You are also able to migrate your tokens via Etherscan and interact with the contract directly.

  1. Go to the token contract page directly https://etherscan.io/address/0xa645264C5603E96c3b0B078cdab68733794B0A71
  2. Navigate to the “Write Contract” tab on the Contract page.
  3. Connect to a Web3 provider, such as MetaMask, Fortmatic or Portis. You can connect a hardware wallet such as Trezor or Ledger to your MetaMask extension, and thus interact without MYST leaving your hardware wallet.
  4. Find upgrade function in the list and type in the amount of tokens you’d like to migrate. NOTE: legacy MYST token had 8 zeros, so to migrate 123,05 MYST, you should type: 12305000000.
  5. Metamask will show popup, adjust gas fee and make a transaction. After the transaction is mined, your new tokens will be visible on the new MYST smart contract address: 0x4Cf89ca06ad997bC732Dc876ed2A7F26a9E7f361