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imToken's plan for Polkadot transfers and redenomination

imToken's plan for Polkadot transfers and redenomination

The Polkadot mainnet will soon start transfers and increase everybody’s DOT amount by a factor of 100, called a redenomination. imToken will both support the DOT transfers as well as the redenomination. imToken follows the official recommendations provided by Polkadot as follows: As a user, you only need to update to the latest imToken (version 2.6.1) via your favorite app store or directly at https://token.im/ . As long as you have the latest imToken app, we will take care of all actions and you don’t need to take any additional action. What is the difference between DOT, DOT (old) and New DOT? On approximately August 21st at 13:15 UTC (block number 1,248,328), the DOT token will undergo a redenomination from its original sale. In your wallet, the token name and price will change.  The New DOT balance will be 100x higher than your DOT (old) and the New DOT price will be 100x lower. So, your wallet will show the following two tokens: First, you will see DOT (old) token which is the earlier DOT; Later, after block 1,248,328, your wallet shows New DOT which is now 100x bigger with the same total $ value; Again, this will not affect the total USD value of your DOT holdings. Just the token numbers and names change. In case of any changes, we will notify you with another announcement. Your imToken team, August 14, 2020
2020-08-14
How to use Uniswap with imToken on your laptop or desktop computer

How to use Uniswap with imToken on your laptop or desktop computer

What is WalletConnect WalletConnect is a feature of the imToken app that lets you use desktop DApps by scanning a QR code. To establish the connection between the imToken app and the DApp on your laptop or deskto, WalletConnect works similar to scanning a QR code to login to WhatsApp web. Recent DeFi development The DeFi ecosystem has been growing rapidly over the past half year: Cumulative $100 million: 160 days $500 million: 495 days $1 billion: 263 days $2 billion: 146 days $3 billion: 20 days $4 billion: 4 days We see two reasons for this: Increase in ETH and BTC value, and second, liquidity mining. A lot of DeFi projects have recently been launching governance tokens as their own protocol tokens. Holding these tokens makes you a decision maker in questions of the protocol strategy such as which tokens get listed etc. Liquidity mining is the practice to give away a protocol token in order to attract users that in turn lock tokens in the protocol. All it takes to start liquidity mining yourself is to lock liquidity, in USDT or DAI or ETH … to start ‘mining’. That’s all it takes for liquidity mining. The DeFi sector has improved and attracted the attention of insiders as well as crypto outsiders. Compound — with it’s ‘COMP’ governance token, for example, sparked the recent liquidity mining fever in the DeFi market. Read more about COMP here: https://defirate.com/comp-distribution/ The question we would answer is, after obtaining a governance token, what’s the easy way to sell it for stable coins or ETH? Since, imToken (and other wallets) support WalletConnect, you can easily cash out the tokens using your wallet app on mobile or laptop/desktop. How to use Uniswap with imToken on your laptop or desktop computer Uniswap is a decentralized exchange in which anyone can add any ERC-20 token trading pair. This feature enables Uniswap V2 to provide good support for new currency transactions. As a result, COMP and YFI governance tokens are preferred to be listed on Uniswap and can easily be exchanged for ETH or stable currency on their DApp. First, open either open Uniswap in your imToken app, or open Uniswap (https://app.uniswap.org/#/swap) on your laptop or desktop computer. Next, click “Connect to a wallet” on the Uniswap web page and select “WalletConnect”, then use imToken to scan the QR code. After a successful connection, select the currency to be traded on Uniswap. If it is the first time you are transacting in a certain currency, you need to authorize the currency first. Choose a full or limited authorization and then confirm the transaction in imToken. Next, wait for the authorization transaction to succeed. This step will take some time, especially in times of network congestion. Use the gas fee setting suggested by imToken to avoid long waiting times. After a successful authorization, select “Swap” and confirm the transaction in imToken. Wait for the transaction to be confirmed. Uniswap will let you know when the transaction went through. Pull down and refresh the imToken asset page to see the asset update.
2020-08-06
imToken 2.6.0, officially supports Polkadot & Kusama!

imToken 2.6.0, officially supports Polkadot & Kusama!

Claim your DOTs, earn tokens by staking your KSM & DOT, send tokens on Kusama. All you need for Polkadot & Kusama 🚀 As announced yesterday, imToken wallet now supports Polkadot (DOT) and Kusama (KSM).  Read more about it in our announcement here. In short, the new features include everything you need to experience Kusama and Polkadot, we let you … … get started: 📲 Claim your DOTs from the DOT sale  📊 And create new Polkadot and Kusama accounts & 🔐 backup via Mnemonic … grow your balance: 💱 Send & receive KSM (& later also DOT)  📈 Check your transaction history & portfolio prices 🏛️ Stake/bond & unbond KSM & DOT … be part of the network: ⚖️ Vote on proposals and vote for council members 👨‍⚖️ View active validator set & nominate validators  In short, imToken has everything you need 🎉 And additional Polkadot features will be added soon. More details in our announcement here.     Address book optimization lets you manage addresses for multiple chains To send transactions on a wallet app, you need addresses. With imToken, you have been able to add your friend’s addresses to the address book.  imToken 2.6.0, we further optimized this function: Simply enter the "My Profile" page and click Address Book. To add addresses click + in the upper right corner. How to update Android users: You can download from the official website https://token.im or at your favorite app store iOS users: You can download from the App Store  For 1.0 users, please follow the tutorial below to upgrade 1.0 to 2.0 safely: https://support.token.im/hc/en-us/articles/360013262654 https://medium.com/imtoken/tutorial-step-by-step-guide-for-upgrading-to-imtoken-2-0-dbe3b392242 If you face any difficulty using imToken or have any comments and suggestions for us, please submit your feedback directly within the app. Always backup your keys! Before upgrading, please make sure that all wallet identities have been backed up properly. Please write down the Mnemonic phrase on a physical paper, never store it in the network; Please restrain from sharing your private key, Mnemonic phrase or Keystore to anyone! If you find potential hacking activities in imToken, please report to us via email at hack@token.im to prevent more people from being deceived; Please have a look at our Help Center at https://support.token.im/hc/en-us for more detailed information about imToken.
2020-08-11
Polkadot and Kusama now on imToken: Stake, Send & Receive

Polkadot and Kusama now on imToken: Stake, Send & Receive

Today, we are super excited to announce support for Kusama and Polkadot! Simply update to the latest imToken (in your favorite app store) and … … get started with Polkadot and Kusama: 📲 Claim your DOTs from the DOT sale 📊 Create new Polkadot and Kusama accounts & 🔐 backup multiple accounts via one Mnemonic … grow your balance: 💱 Send & receive KSM (& 🔜 also DOT) 📈 Check your transaction history & portfolio prices 🏛️ Staking: Bond & unbond KSM & DOT … be part of the network: ⚖️ Vote on proposals and vote for council members (added soon) 👨‍⚖️ View active validator set & nominate validators In short, imToken has everything you need 🎉 And additional Polkadot features will be added soon.Seriously, all the tools are here 🛠️ And if you still find something we don’t support yet, let us know in the comments! Why we are excited about Kusama and Polkadot Polkadot is going to provide a unique, new kind of blockchain for our users. Rather than one blockchain with many features, Polkadot is a framework in which many blockchains communicate with each other while keeping their own specific features: Some chains might be faster for quick transfers, others are optimized for storing value. This unique design promises faster transactions while keeping similar security promises as for example Ethereum. For us, Kusama is a first step towards Polkadot, and a chance to support an innovative network with an impressive value proposition. imToken — All you need for Kusama & Polkadot We already showed how to stake DOT and KSM in imToken. Now, let’s get into all the other features we build for you. Let’s get right into it: How to Stake DOT & KSM using imToken Vote opens the Governance and Staking opens the staking app. To stake, click on Validators and choose your favorite ones — up to 16. Claim your DOTs from the crowd sale Open Browser and click Claim Your DOTs. You might have already opened one or two or three … DOT wallets. Never mind, here you pick any of your DOT wallets to claim the DOT tokens to. And create new Polkadot and Kusama accounts & backup via Mnemonic Open your imToken app and enter your new Kusama (or Polkadot) wallet. Select a wallet, then select Manage. Add Coin to add KSM or DOT under your current main Identity Wallet.Or, click Add Wallet to import an existing one. Send & receive KSM and check your transaction history & portfolio prices Check your DOT and KSM portfolio, send KSM to your friends and check your transaction history. Later also DOT.
2020-07-24
imToken 2.5.8, support WalletConnect!

imToken 2.5.8, support WalletConnect!

You can now use your imToken wallet with any supported DApp on your desktop browser   The new imToken now with: Use desktop DApps via WalletConnect Authorize and trade without ETH thanks to Tokenlon authorization optimization Easily access the corresponding block explorer via unified entrance Talk to the user support more easily with optimized issue feedback   WalletConnect - Use DApps on your laptop & desktop computer Until now, you could only use DApps in imToken’s internal browser.  Thanks to our integration with WalletConnect, you can now use your imToken wallet with any supported DApp on your desktop browser. Simply scan the WalletConnect QR code on your favorite DApp to establish a connection between your imToken wallet and desktop browser - as simple as login into WhatsApp web or scanning any QR code: Click ‘WalletConnect’ in your desktop DApp Click the scan symbol in your imToken wallet’s upper right corner & scan the QR code Confirm Trade on Tokenlon without having to spend ETH on token authorization and transaction If you have used any DEX before, you know that a small amount of ETH must be kept in the wallet to pay the miner's fee for both token authorization as well as actual trade. The problem that we encountered is, that you might not have enough ETH in your wallet. imToken 2.5.8 solves this problem to be more friendly to new users. If you use imToken - for example - to exchange USDT for PAX for the first time, while your ETH balance is 0, you can still complete the exchange in the new version without worrying about authorization.   Easy access to your favorite block explorer for Bitcoin, Ethereum and all other chains Using imToken, you might need to check a blockchain explorer to determine transaction status. Therefore, easy access to good block explorers are precious.  With this imToken update, we unify the block browser entrance, you will find “Blockchain Browser" under "Recommended". Select your corresponding public chain and wallet to quickly check the transaction status.   Feedback: Now easier to tell us your issues and how we can improve Thanks to you - the user - we are able to constantly improve imToken.  imToken 2.5.8 now makes it even easier to ask questions and send feedback. You can receive replies or ask additional questions and view past conversation in "History Feedback", directly in the app. Enter the "My Profile" page -> “Support and Feedback” for imToken Enter the "Market" page -> Click 🎧 for feedback on Tokenlon Of course, you can also send questions directly to the user support email support@token.im We are looking forward to be talking with you :)   How to update Android users: You can download from the official website https://token.im or at your favorite app store iOS users: You can download from the App Store For 1.0 users, please follow the tutorial below to upgrade 1.0 to 2.0 safely: https://support.token.im/hc/en-us/articles/360013262654 https://medium.com/imtoken/tutorial-step-by-step-guide-for-upgrading-to-imtoken-2-0-dbe3b392242 If you face any difficulty using imToken or have any comments and suggestions for us, please submit your feedback directly within the app.   Always backup your keys! Before upgrading, please make sure that all wallet identities have been backed up properly. Please write down the Mnemonic phrase on a physical paper, never store it in the network; Please restrain from sharing your private key, Mnemonic phrase or Keystore to anyone! If you find potential hacking activities in imToken, please report to us via email at hack@token.im to prevent more people from being deceived; Please have a look at our Help Center at https://support.token.im/hc/en-us for more detailed information about imToken.
2020-07-25
How to receive Compound governance tokens COMP for free on imToken

How to receive Compound governance tokens COMP for free on imToken

Since the beginning of this year, the DeFi ecosystem has been seeing ups and downs just like in a roller coaster. The black swan event on 12th of March reduced the market value locked in DeFi protocols by 50% Hackers stole $25 million worth of assets and returned them all Less than three months later, the market value of DeFi has steadily risen to US$1 billion In this context, projects in the DeFi ecosystem have also begun to seek changes. Compound, currently the largest DeFi lending agreement, began to try to release governance rights to the entire community. All COMP (Compound governance token) holders can participate in governance through proposals, voting, etc., so that community members can contribute to the development of Compound. COMP basic information Compound plans to issue 10 million COMP governance tokens, of which 42% (ie 4.23 million COMP) will be allocated to Compound users; the rest will be allocated to investors, development teams and future uses. The 4.23 million COMP for users will be distributed free of charge. As long as you use Compound to deposit or borrow, you can get a certain percentage of COMP. The larger the deposit and loan amount, the more COMP you will get. Specific distribution rules 4.23 million COMP are placed in the "reservoir" smart contract, and will be issued at a rate of 0.5 COMP per Ethereum block (about 2880 COMP per day), which means it will take 4 years for all COMP to be distributed; COMP will be allocated to each loan market of Compound (ETH, USDC, DAI, etc.), and the ratio will be determined by the interest of each market, which means that the allocation ratio will change at any time; In each market, 50% of COMP will be allocated to depositors and 50% of COMP will be allocated to borrowers. Users can obtain a corresponding proportion of COMP according to the proportion of their assets in the market. COMP distribution mechanism How to use Compound to get COMP If you have never used Compound, please take a look at this part; If you know how to use it, please scroll down directly to "How to Receive COMP". As mentioned above, as long as you use Compound, you can get COMP. Take the Dai in imToken as an example. Open "Compound" on the "Market" page of imToken wallet, and then open Dai's authorization. Operate from left to right After the authorization is confirmed, click the Dai icon, and then confirm "Enable", and then you can set the number of Dai to be deposited in the Compound. In the example, the "Maximum value" is selected. Operate from left to right After depositing Dai, Compound will issue the corresponding amount of cDai to your address at the initial ratio of 1 Dai=50 cDai (cDai can be simply understood as a voucher, if you need to withdraw Dai at that time, the corresponding cDai will be deducted) . At this time, you can see that the interest continues to increase, and you are also eligible to receive COMP. Note: If you participate in Compound lending through a third-party application, you may not be eligible to receive COMP at this time. The specific situation needs to be confirmed with the third-party application. How to receive COMP After using Compound deposit and loan operations, we can check the number of COMP available on our address and receive it. Click "Vote" in the upper right corner of Compound, you can see "COMP balance" and "Get COMP" COMP balance: the amount of COMP that can be directly managed on the address Obtain COMP: The COMP certificate given to you by Compound (change in real time) There are two ways to convert "obtained COMP" into "COMP balance": (Recommended) As long as the number of your balance is greater than 0.001 COMP, subsequent deposit and loan operations on Compound will automatically complete the conversion without additional operations Click "Collect" to initiate a specific operation to complete the conversion (need to pay a separate miner fee for the conversion) After completing the conversion, you can view and manage COMP on the wallet homepage. Last but not least If you are a Compound user, this tutorial will give you one more way to get free tokens; if you are a new user, you need to carefully judge whether to participate.   Risk Warning: None of the content in this article constitutes any form of investment advice or recommendation. imToken does not make any guarantees or promises for the third-party services and products mentioned in this article, nor does it assume any responsibility. Digital asset investment has risks. Please carefully evaluate these investment risks and make your own decision after consulting with relevant professionals.
2020-07-31
imToken 2.5.7, Optimized Transaction Speed Picker, Tokenlon & EIP712 Support

imToken 2.5.7, Optimized Transaction Speed Picker, Tokenlon & EIP712 Support

The new imToken comes with updated gas fee assistant, EIP712 signature support and new Tokenlon experience. Now in your favorite app store. The latest imToken now comes with: Pick your pace: Choose between 3 confirmation times for transactions with the optimized ETH miner fee module Trade easier on the updated Tokenlon Optimized exchange interface for quicker access Trade WYSIWYG with the conversion quantity at a glance Optimized form to report errors Understand what you sign with EIP712 support for signatures Other improvements and optimizations   Updated Ethereum gas fee module for clear and timely transfers Let me guess. ETH miner fees confuse you? Us too!  Sometimes it takes half a day to get a transaction mined, and sometimes the fee is just way too high. The new imToken 2.5.7 comes with the three settings for ETH transfers. You no longer need to find a balance between turtle (slow) and rabbit (fast) icons. Simply choose between three estimated confirmation times. Finally no more bothering miner fee issues. PS: For experts, the interface still allows setting a custom transaction fee. Note that the new version also introduces an optimized transfer page with intuitive inputs for token amounts and fiat currency value reference.  The "All Transfers" overview has also moved to see all balances when transferring tokens. More about Ethereum gas fee mechanisms 👇 What is the miner's fee? Why did I pay a fee although the transaction failed?   Tokenlon now with improved exchange experience This version optimizes the exchange form, you can quickly choose the percentage of the exchange amount, such as 25% ETH. Tokenlon in imToken 2.5.7 also realizes "what you see is what you get", the transfer amount you see in the input box on the right is the final amount received, and the exchange amount is clear at a glance ~ More new features Support of EIP712 to make your message signature more readable Supports .kred domain names, more ETH transfer methods More optimization and repairs   How to update Android users: You can download from the official website https://token.im or at your favorite app store iOS users: You can download from the App Store For 1.0 users, please follow the tutorial below to upgrade 1.0 to 2.0 safely: https://support.token.im/hc/en-us/articles/360013262654 https://medium.com/imtoken/tutorial-step-by-step-guide-for-upgrading-to-imtoken-2-0-dbe3b392242 If you face any difficulty using imToken or have any comments and suggestions for us, please submit your feedback directly within the app.   Always backup your keys! Before upgrading, please make sure that all wallet identities have been backed up properly. Please write down the Mnemonic phrase on a physical paper, never store it in the network; Please restrain from sharing your private key, Mnemonic phrase or Keystore to anyone! If you find potential hacking activities in imToken, please report to us via email at hack@token.im to prevent more people from being deceived; Please have a look at our Help Center at https://support.token.im/hc/en-us for more detailed information about imToken.
2020-08-13
dYdX and the new BTC Perpetual - Our Interview with dYdX’s Antonio Juliano

dYdX and the new BTC Perpetual - Our Interview with dYdX’s Antonio Juliano

dYdX has recently been working on a leveraged BTC product (aka Perpetual). We talked to Antonio to find out what the new BTC product is all about, what sets them apart, and how to be one of its first users. This interview was done with a safe social distancing distance of multiple thousand kilometers of pacific ocean. Get early access to dYdX’s BTC Perpetual here. Antonio is the founder of dYdX. dYdX is the leading decentralized platform for advanced financial products including margin trading and derivatives. dYdX users can borrow, lend, and margin trade across any supported asset. dYdX is powered by smart contracts on the Ethereum Blockchain, which eliminates the need to trust a central exchange while trading. Despite only launching in May 2019, dYdX originated the largest amount of loans in DeFi (>$1 billion USD) and processed over $530M+ in total trading volume across ETH, DAI, and USDC markets in the last 7 months. Let’s jump into our conversation:   Hi Antonio, appreciate you following our invitation to chat! The obvious question: How did you get into crypto? I initially got into crypto in 2015 by joining Coinbase as a software engineer after finishing my CS major at Princeton University. At Coinbase, I worked side-by-side with many of the most forward thinkers in the industry, and had a front row seat to the most exciting new developments in the industry. Working with leaders like Olaf Carlson-Wee, Fred Ehrsam, and Brian Armstrong combined with the opportunity to meet amazing guests like Vitalik Buterin, Joey Krug, and Ben Horowitz was hugely influential on me to start dYdX, and solidified my belief in the future of crypto and decentralized finance.    How did dYdX start? And whose idea was that cool name? After Coinbase, I was convinced that there would be interesting, world-changing products to build on top of Ethereum. To me, Ethereum represented an entirely new paradigm of computing, where for the first time programs could be verifiably executed deterministically. It seemed inevitable that there would be important products built on this new computing platform. So in 2017, I started working on dYdX. After coding some early versions of the protocol and releasing the original whitepaper, dYdX raised a $2M seed round led by Andreessen Horowitz & Polychain Capital. Soon after, I was joined by Brendan Chou, Zhuoxun Yin, and a number of other amazing early dYdX employees. Since then we’ve raised an additional $10M and now have a team of 8, including 7 engineers, with experience from Google, Bloomberg, Bain, Coinbase, Uber, and other top companies & universities. I will say the name was my idea, probably my largest contribution to the company to date :D   dYdX has originated over a billion dollars in loans over the last year. Sounds quite impressive. Have you been satisfied with your growth so far? Seeing the growth of dYdX, especially over the past few months, has been amazing. dYdX is now both the #1 decentralized exchange by trading volume, as well as the #1 decentralized borrowing platform by loans originated. We’re also super excited about how the new BTC-USDC perpetual can supercharge this growth. While the growth so far has been awesome, we have ambitious goals for ourselves about how we want to grow moving forwards. By the end of 2020, our goal for dYdX is to average over $10M a day in trading volume. In the next few years we want to build dYdX into a leading exchange not just in DeFi, but for the entire cryptocurrency market.   How do you plan to set dYdX apart from the rest of DeFi?  dYdX sets itself apart from the rest of DeFi by offering the widest array of advanced financial products: spot trading, margin trading, borrowing, lending, and now perpetual contract markets. Our team has extensive experience building world class products at places like Coinbase, Google, Bloomberg, Uber, and other top tech companies. We’ve used this product & engineering experience to build professional and reliable trading products to DeFi.   What is leveraged trading really? Leverage allows traders to multiply gains and losses, as well as gain short exposure. Leverage is critical to markets as it dramatically improves capital efficiency, allowing traders to take on positions with less capital. The amount of leverage taken indicates the multiplier of the gains or losses relative to the change in the price of the underlying asset. For example, with a 5x leveraged position, you would make 5 times the profits if the price goes up, as well as lose money 5 times faster if the price goes down. Because of this multiplier effect, leverage increases the risk of trading, and should be used with caution. There are many ways to take leveraged positions. Margin trading achieves leverage by utilizing borrowed funds to allow traders to trade with more capital. Derivatives, such as the new dYdX BTC Perpetual Contract, can also natively offer leverage.   You are adding a new product: A BTC Perpetual Contract. Could you tell us more about that? Just announced earlier this week, we’ve launched the first ever product for decentralized perpetual markets. The first perpetual market we’re launching is BTC-USDC. We’re really excited about this launch for a few reasons: Perpetual markets are by far the most popular way to trade crypto, and we think are a natural fit for trading on DeFi Users will be able to trade BTC on dYdX for the first time! BTC is obviously the most widely traded asset in crypto, but still has not been able to be traded liquidly in DeFi up until now Perpetual markets allow us to offer higher leverage, better liquidation ratios, and more liquid trading We’ve built an entirely new protocol to power our perpetual markets. The price of each perpetual is tethered to the price of the underlying asset by a funding rate that is paid between longs and shorts. The dYdX perpetual protocol is now open source, and has been audited by OpenZeppelin. We’ve built perpetual trading into the current dYdX product. Users can trade on the BTC-USDC perpetual market with up to 10x leverage. Perpetual market trading on dYdX is only available to non-US users.   A decentralized, leveraged trading product, right? What does ‘decentralized’ really mean in your case? One major feature of decentralized financial products on dYdX is that they are non-custodial. This means users are in full control of their funds while trading on dYdX, as opposed to centralized exchanges where users must trust the exchange to securely custody funds on their behalf. dYdX is also transparent and auditable. All mechanisms that power our products, such as liquidations and trading, are written into our open source smart contracts, so traders have full visibility into the operation of the system. Traders do not have to blindly trust the exchange is operating fairly, they can look at our code and audit reports and know exactly how the exchange works. All trades, liquidations, and deleverages are fully auditable on-chain as opposed to centralized exchanges where these are mostly a black box.   So, your Bitcoin Perpetual is aimed towards active traders whereas let’s say our own imBTC product suits the long-term hodler. Sounds right? Sounds about right! The dYdX BTC-USDC Perpetual Contract is targeted at active and sophisticated traders. It will have much better liquidity and leverage options than existing DeFi BTC alternatives, but is a generally more complex product. (Note: 1 imBTC is always backed by 1 Bitcoin while dYdX’s BTC Perpetual is created with a small amount of collateral) dYdX also offers other products including: margin trading, spot trading, borrowing, and lending. Lending is a great fit for long term holders as they can earn passive income on the funds they’re already holding.   How is your Bitcoin Perpetual different from the centralized exchanges such as BitMEX? The major difference between perpetuals on dYdX versus perpetuals on centralized exchanges is that dYdX is non-custodial, transparent, and auditable. On dYdX, users can come with their existing wallets, such as imToken, and start trading immediately - no email signups, passwords, 2FA, KYC, etc.   What will we see from dYdX in the next 3, 6, 12 months?  In the coming months, we will continue to make rapid product improvements to our existing products. We plan to add Perpetual Contracts for additional assets such as ETH, DAI, and others, as well as more assets to our spot / margin markets. We also are interested in exploring additional types of products such as options, but don’t have any solid plans here yet.   What do you expect from collaborations such as with imToken? Do you have any plans for China? Our users would be curious to know! Definitely! dYdX is available in China, and we are adding Chinese translations to the product very soon. We’re very excited to work with leading wallets like imToken to expand the usage of decentralized financial products.   Can users access the BTC Perpetual yet? When are you planning to launch? The dYdX BTC Perpetual entered private alpha on Monday 4/20. We’re planning to continuously expand the private alpha to additional users, before ultimately launching to the public in a few weeks. Sign up for early access here!    This concludes our interview with Antonio Juliano. Join dYdX’s Telegram channel here, and follow on Twitter here.
2020-08-12
A Guide to Single-Collateral Dai (Sai) Shutdown

A Guide to Single-Collateral Dai (Sai) Shutdown

This article was published by MakerDAO on 17 April 2020 The Shutdown of Maker’s Single-Collateral Dai (Sai) system is an event the community has been expecting since it was first officially discussed in the Single-Collateral Dai (SCD)-to-Multi-Collateral Dai (MCD) upgrade timeline last November. Many in the community have already migrated their Sai holdings to Dai to take advantage of MCD’s great features, and in anticipation of the Shutdown. Moreover, the Maker community recently intensified their discussions of SCD Shutdown and the Emergency Shutdown (ES) process in general.  As a result of those discussions, a Governance Poll was started on March 30, and on April 6, the final day of the poll, the community signaled its support to initiate the Shutdown of the SCD system through an executive vote on April 24, 2020. Between now and April 24, the community will determine the grace period before SCD is completely shut down. The details of that grace period will be shared in the Maker Forum as soon as it is available. In the meantime, many people are eager to confirm and, in some cases, learn how ES of both Single-Collateral Dai and Multi-Collateral Dai would unfold if triggered. The processes differ, after all. Given the importance of ES for the Single-Collateral Dai system and the confusion that could result from misinformation, the Maker Foundation has compiled the following guide in FAQ form for Sai holders and CDP owners. Dai holders and Maker Vault owners can find MCD system ES information in new documentation for Emergency Shutdown of MCD. Single-Collateral Dai (Sai) Emergency Shutdown FAQs The following questions and answers will help the broad Maker community understand how the Emergency Shutdown of SCD will unfold when triggered. Technical documentation,  which will provide a much deeper dive into ES for SCD, as well as detailed explanations of the process as it relates to different stakeholders, will be published within the next few days.   Announcements regarding Emergency Shutdown will be made on the MakerDAO Forum, website, and social media channels. Please take a moment now to bookmark the Maker blog, Twitter, Reddit, Rocket.chat, Telegram, and Weibo pages. 1) What is Single-Collateral Dai (Sai) Emergency Shutdown? Single-Collateral Dai Emergency Shutdown halts and settles the SCD system while ensuring that all users, both Sai holders and CDP owners, receive the net value of assets held as collateral in the system.  2) Who triggers Emergency Shutdown, and why? Emergency Shutdown can be triggered by MKR voters through governance if they feel the system is at risk or to terminate the system—whether to update it to a new version or, as in this case, to sunset the protocol in favor of MCD.  In an emergency, ES is used to directly enforce the Target Price of Sai (1 Sai = 1 USD) to holders of Sai and CDPs, and ultimately protect the  system against further attacks on its core infrastructure. Examples of emergencies include, but are not limited to, the following: An SCD system hack A security breach Lack of Sai liquidity in the ecosystem Market conditions make it too difficult for governance to manage two stablecoin systems and two stablecoin pegs.  3) I have not yet migrated my Sai to Dai. How will an Emergency Shutdown affect me? Since the Sai to Dai bridge on migrate.makerdao.com has been closed, Sai holders should consider trading their Sai for Dai via the open market (e.g., exchanges such as Uniswap and Kyber) before ES is triggered. Users who hold Sai after ES is triggered should be able to redeem collateral through an Emergency Shutdown Redemption user interface that the Maker Foundation will create. 4)  I have not yet migrated my CDP to a Maker Vault in MCD. How will an Emergency Shutdown affect me? CDP owners should consider migrating their CDPs to a Maker Vault in MCD via the Migration Portal as soon as possible. The diagram below illustrates the CDP migration flow.  Alternatively, CDP owners can manually close their CDPs by paying back their debt, freeing up their ETH, and using it as collateral to open a new MCD Vault. A diagram of the CDP to MCD Vault migration flow.   If users fail to migrate their CDPs before ES is triggered, they will need to wait until collateral claims are processed before being able to free up their collateral. The current wait time (cooldown period) of 6 hours is a pre-programmed (in the smart contract) period of time involving an on-chain calculation and the movement of funds. The purpose of the 6-hour period is to allow for liquidation of the CDPs that have outstanding debt, with the goal of getting the PETH/WETH ratio normalized (back to its original proportion). Users should note that claim processing time is dependent on network speed and is, therefore, unpredictable.   5) I have not converted my PETH to WETH. How will Emergency Shutdown affect me? If you currently hold PETH, please consider converting it back to WETH (wrapped ETH), and then converting that WETH to ETH.  Once ES is triggered, the PETH ratio drops instantaneously and then rises as CDPs claims are processed. The 6-hour cooldown period allows time to process enough CDPs before converting WETH to PETH. This helps normalize the PETH ratio. 6) What is the Single-Collateral Dai (Sai) Emergency Shutdown process? Emergency Shutdown is a three-step process: Step 1: Emergency Shutdown is triggered, allowing CDP owners to withdraw assets ES immediately stops CDP creation, prevents the manipulation of existing CDPs, and freezes the Price Feeds at a fixed value that is then used to process proportional claims for all users. (Price feeds monitor the reference price of the collateral types across a number of external sources and submit updated prices to the blockchain.) From the moment ES is triggered, CDP users will be able to withdraw the PETH that corresponds to their net value from the CDP. However, they will not be able to redeem that PETH for WETH—yet. The same is true for users that hold PETH in their wallet before Shutdown. Step 2: Collateral claims are processed After ES is triggered, a cooldown period of 6 hours, which governance can vote to change, allows the processing of the proportional collateral claims of all CDP owners.  Step 3: Sai and CDP owners claim collateral Once the period is over, all CDP owners may claim a fixed amount of ETH with their CDPs; whereas Sai holders may access their collateral claims immediately upon the triggering of ES. Note that the amount that can be claimed directly corresponds to the calculated value of their assets. 7) Does the Emergency Shutdown of Single-Collateral Dai (Sai) affect Multi-Collateral Dai? If no Sai is deposited into the MCD system when Shutdown of SCD is triggered, MCD is not affected. If Sai exists in the MCD system after SCD Shutdown, then that Sai becomes a claim on ETH, and depending on ETH’s price volatility, MKR Governance may need to take extra steps to drain the contract of Sai. 8) How does Multi-Collateral Dai Emergency Shutdown differ from Single-Collateral Dai (Sai) ES? The Shutdown process for SCD and MCD differ because Sai is maintained on the SCD, or legacy, system, while Dai is maintained on the MCD system, or what is now known as the Maker Protocol.  While the Shutdown process for both SCD and MCD is fully decentralized and controlled by MKR voters, in MCD, MKR holders can instantly trigger Shutdown by depositing MKR into the Emergency Shutdown contract. A minority, but significant, quorum of MKR voters is necessary to do so, however. Initially, this quorum must stake 50,000 MKR, which is immediately burned. Once the 50,000 MKR quorum has been met, the Shutdown process can begin. For additional security, MKR voters are still able to select Emergency Oracles that have the power to unilaterally trigger an Emergency Shutdown. Also with MCD, Vault owners are prioritized over DAI holders during ES. This means that in a situation where the system has more debt than surplus, DAI holders will have to take a haircut (see detailed explanations here and here. Conversely, if the system has more surplus than debt, Dai holders will receive more collateral in exchange for their Dai.   In SCD, Sai holders can withdraw collateral immediately, but CDP holders must wait until after the  6-hour cooldown period, and might face cuts (due to the PETH devaluation).   
2020-05-09

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