The last four months have gone by in a flash and the token migration that began on the 8th of December 2020 is now complete. As can be seen on Etherscan, almost 963 million ERC20 tokens have been sent to the vault address. As per our token release schedule, 150M of these tokens will be released as emission rewards for validators on the Dock mainnet, and to fund the treasury, during the life of the network. This will put the circulating supply of Dock’s mainnet token at circa 850M.
In summary, a total of 962.8M tokens (of the 1B total supply) have been migrated which equates to 96.28% of all tokens.
Exchanges were heavily involved at different stages of the migration. At the time of writing Dock mainnet token trading is facilitated on:
With the significant milestone of the migration now complete, the network and the entire Dock ecosystem can start to benefit from the tokens utility, and of course the significantly reduced and stable fees afforded by the Dock blockchain. As a point of interest, transfers on Dock start at 2.07 tokens, increasing for larger amounts.
As a reminder, Dock’s mainnet token plays a key role in the network, it provides:
- An integrated payment mechanism for performing network operations including: the creation of decentralized identities (DIDs), issuing credentials, creating schemas and more.
- Emission rewards for validators who provide their resources to the network by producing blocks and confirming transactions.
- Decentralized governance, as detailed in our earlier post on governance, DOCK will be utilized to manage changes to the network. How the mainnet is run and by whom will be decided on by voting, and Dock tokens will be the mechanism by which members of the network will vote. This functionality will become more apparent as Dock moves to Proof of Stake later this quarter.
Wallets and explorers
Moving to Dock’s own blockchain has of course required the community to switch to using new wallets. The current solutions are available here as are instructions on how to set each wallet up. The Dock team have also raised a pull request with hardware wallet Ledger and have spoken with their integrations team. As soon as the request has been reviewed and merged, the Ledger Nano S will support DOCK. It is worth noting that discussions with their integration team have revealed that due to a high workload it could be a few months before they support DOCK.
Another change for the community has been the switch to the Polkadot-based explorer. While functional, it is recognised that this doesn’t have all the features that some community members would like to see. We’re happy to confirm that the mainnet will be supported by a new explorer and it is anticipated in the coming weeks that we’ll be making this publicly available. You can stay tuned for more details on any of our social channels, links below.