Today, Dock is delighted to announce that we are launching our token migration process, enabling current ERC20 tokens to be swapped to new tokens native to Dock’s own network. The new tokens will keep the same ticker symbol DOCK and will serve as the payment for network operations, rewards for validators, and voting mechanism in the network’s decentralized governance.
The migration process opened on December 8, 2020 at 7pm GMT and all DOCK token holders must migrate their ERC20 tokens to Dock’s native tokens before midnight March 31st, 2021.
**Stay safe - be very careful when migrating your tokens to follow directions and check all addresses and website URLs to ensure you are migrating correctly. Unfortunately, migration events are targets for scammers and hackers, and we will not be able to return tokens that are not migrated correctly.**
Incentives for Token Holders
To encourage the ERC20 token holders to migrate early, Dock is offering two types of incentives for holders who migrate by midnight GMT on January 11th, 2021:
- Swap Bonus: The holders who migrate within the first four weeks after December 8 (by midnight GMT January 11th 2021) will be rewarded with a bonus for migrating early.
- Vesting Bonus: The holders can choose to lock up 50% of their tokens and receive them back over the course of six months (33% of the locked tokens will be released every two months) will be rewarded with an additional bonus.
Dock has set aside 20 million tokens for the swap bonus, and 30 million tokens for the vesting bonus, to be shared among the eligible holders.
Ways to Migrate
DOCK holders can swap their tokens directly on Dock’s migration portal, or through exchanges. Exchanges are responsible for ensuring their token holders receive the vesting incentives. The participating exchanges are:
- Big One
We anticipate other changes will confirm their support over the coming weeks.
The new Dock tokens will be supported by several wallets that are listed below. Please note that the new tokens are not compatible with ERC20 wallets.
- Dock Polkadot-JS app - a customized fork of the well-used polkadot wallet that can be used in any browser. Less technical users may find this provides the best and most convenient user experience.
- Parity Signer - an app that can be used on iOS and Android devices to hold the private keys and sign transactions. For maximum security, use this app on a device that is kept offline.
- Polkadot Browser Extension - an extension available for Chrome and Firefox browsers and works alongside polkadot extensions, similar to Metamask for Ethereum
- Ledger Nano S Hardware Wallet (coming soon) - hardware wallet that provides maximum security by storing keys offline.
While we have designed our process to be as secure and user-friendly as possible, there will undoubtedly be times that holders require additional support. Dock will provide this via:
- Telegram: https://t.me/dockio
- Riot (Element): https://riot.im/app/#/room/#!KpPIERdKQjLTTwsOkn:matrix.org
- Email: email@example.com
Videos and step-by-step guides are also available with our documentation.
Wishing you all a safe and enjoyable migration experience!!