Happy ERC20 Golem Monday everyone! As you might know, our GNT -> GLM migration launched on Thursday. We are thankful and happy for the response so far (in spite of the quite high gas price!).
We would like to give a short update on the progress so far. Remember the migration has no end, so we’re just getting started. If you don’t see the DEX pair you want or support by the wallet or exchange of your preference, just be a little patient — we’ll be informing you about this every step of the way.
To follow the progress and news in real-time — check our Migration tracker website and follow us on Twitter.
Uniswap Pairs & Liquidity
This is something we’re especially excited about. Old GNT could not be traded on DEX (Decentralized exchanges) unless you added a wrapper to it, but GLM can be listed, you can set up your own pairs and markets, everything out of the ERC-20 box.
So far, the following pairs have been set up in Uniswap:
All pairs combined are currently totalling almost half a million USD in GLM in liquidity. We are quite thrilled about this as the liquidity has been community-sourced (Golem only set up the GLM / ETH pair with a small seed amount).
If you are curious about setting up DEX pairs and what benefits for the users does this have, we encourage you to read this guide.
Most importantly, Uniswap is the leading DEX in Ethereum, but there are many more such as Kyber, Balancer, Bancor, and many more. DeFi (Decentralized Finance) is formed by many DEXes and protocols and the communities decide about the listings, grow the liquidity and more. If you haven’t heard about DeFi, start learning here, DeFiDad is one cool and fun learning resource!
DEXes give users the opportunity to swap and acquire tokens without KYC or onboarding, they are non-custodial (meaning you keep your funds in your wallet and are responsible for your own safety). They have gained an astronomical adoption in the past couple of months and we’re stoked to be able to give GLM token holders the chance to unlock the benefits of DEXes.
So far, Bitfinex and Upbit have migrated their full stashes.
The Bitfinex Pair GLM / USD is pending rename right now, and Upbit has completed all steps for the pairs GLM / KRW, GLM / BTC and Upbit Indonesia GLM / BTC. To have pairs with fiat currencies (Bitfinex’s USD and Upbit’s KRW) is super important as they allow more people to access GLM directly with their National currencies.
Huobi has confirmed that they are scheduled to start the process on November 25th, at 10:00 UTC+8 when they will close deposits and withdrawals, followed by spot trading. The operations will be open again on November 30, 2020.
HitBTC, Bittrex, Coinbase will commence also quite soon, and at least five more exchanges that have acknowledged the migration, and probably the one of your preference is one of them, so just sit back a couple of days and we will update you.
We are super thankful for the support of all of them, they do incredibly important work in onboarding new people to cryptocurrencies!
We want the GNT -> GLM migration to be easy for everyone. If you choose to store your GNT in a wallet, we have prepared documentation to walk you through the migration process.
The GNT -> GLM official migration app supports Metamask and subsequently Ledger and Trezor. Use this resource to add the token to the wallet alongside the icon.
Our friends at MyCrypto shipped a widget to migrate as well, which seems like an extremely efficient way to execute this token swap — especially as their hardware wallet support is top-notch and optimized for gas prices (which are a mess right now).
MyEtherWallet is set to launch its own widget this week as well! So stay tuned for their announcement.
Finally, Ledger has confirmed they will include GLM in their December update.
Thank you to all wallet teams!
Special thanks to
Big thanks to the top-notch support at Etherscan that updated their settings to reflect the migration, CoinMarketCap for recognizing the migration, and Messari for keeping their users informed!
IMPORTANT — read this to prevent scams:
Only trust official links and official Github (.golem.network and https://github.com/golemfactory)
Golem representatives will not contact users on private message form, nor request actions directly. Do not trust personal/direct messages.
We are happy to answer all questions — reach out to us in the official channels or to email@example.com
Originally published at https://blog.golemproject.net on November 24, 2020.