Golem initiated a token migration from GNT to GLM to become an ERC-20 token. We’re glad to announce that CEX.IO will support this migration. The process will be automatic and our customers do not need to take any action.
To handle the migration, we will suspend GNT deposits and withdrawals and close GNT/USD, GNT/USDT trading on December 11, 2020. In a few days, we’ll transfer GNT to GLM at a 1:1 ratio and launch GLM trading.
So, if you have GNT tokens on your CEX.IO account, you’ll get the same amount of new GLM tokens instead. In fact, it will be the same cryptocurrency with just another name and certain characteristics.
Why does Golem migrate?
Golem is migrating to an ERC-20 compliant standard. This is necessary for the functioning of the New Golem platform, which transaction framework is built on Ethereum’s Layer 2.
The current Golem token was launched at a time when ERC-20 was not so widely adopted. Nowadays, support of the ERC-20 standard allows the token to be used across a range of DeFi platforms and access other benefits within the Ethereum blockchain.
New ERC-20 tokens will be active and tradeable since the migration launch. However, users will be able to use them on the Golem Mainnet only after the New Golem platform is launched.
How CEX.IO will handle the migration
CEX.IO customers who hold GNT do not need to take any action to receive the new GLM tokens. We will handle all technical aspects of the migration for you, just keep this information in mind:
- Starting December 11, 2020, CEX.IO will suspend GNT deposits, withdrawals, and GNT/USD, GNT/USDT trading while we prepare to perform the migration.
- All active GNT orders will be canceled on December 15, 2020
- We’ll take a snapshot of all GNT balances on CEX.IO to credit the respective amount of GLM tokens.
- Once the migration is done, we’ll enable GLM deposits and withdrawals, and launch GLM/USD and GLM/USD trading.
Your GNT holdings will be swapped automatically to GLM at a 1:1 ratio once the migration is completed. That means if you had 100 GNT on your CEX.IO account, they will turn into 100 GLM.
We recommend canceling your GNT orders before December 11, 2020. After we close GNT trading, all pending orders will be canceled automatically. Also, make sure to update your automated trading tools, robots, and apps if you use any
Stay on the lookout!
Please, note that this migration doesn’t mean a split event or airdrop program for Golem (GNT) holders. Stay away from anyone who promises you to double your Golem holdings with additional GLM tokens or any way else — those are scammers.
After the migration, there will be only one token on the market representing the same Golem project with the same circulation supply and market price.
If you have GNT on your external wallet and want to migrate them, you can deposit these funds to your CEX.IO account. We’ll perform the migration for you. Never send funds to the wallet that you don’t have access to.
Stay alert and happy trading!
The post CEX.IO will support Golem token migration: GNT to GLM appeared first on Bitcoin & Crypto Trading Blog – CEX.IO.