ZebPay and DATA’s token migration
Next week, the DATA token will be upgraded to allow for an increased token supply. As the upgrade is completed, both old and new tokens will coexist for a while. The upgraded token will take up the symbol DATA, while the old token will now be renamed XDATA. Here’s how ZebPay will support the migration of the DATA contract.
We will migrate the legacy tokens to new DATA tokens on behalf of our users. All deposits and withdrawals will be suspended starting Monday, 11th Oct 2021 at 15:00 IST. Please make sure you allow sufficient time for your DATA deposits to be fully processed before this time. If tokens are deposited after this time they will not be credited.
Once the migration is complete, we will send out an announcement to notify you. After this, you will be able to freely withdraw and deposit new DATA tokens on ZebPay. Trading will not be affected by the migration at all.
Please rest assured that your DATA balance will remain unchanged. A few points to keep in mind:
- The migrated DATA token will be available under the same ticker symbol (DATA).
- If you do not wish to migrate the tokens, please withdraw your DATA tokens outside of your ZebPay wallet before the suspension time.
- This is a one-time migration. After the migration is complete, ZebPay will not support deposits or migration for old DATA tokens (XDATA).
- Be sure to check with your sending & receiving exchange regarding the support for the new migrated DATA token before sending it to and from ZebPay.
- No new tokens will be generated as a part of a migration.
Why is DATA being upgraded?
In the past year or so, many Ethereum projects have gone through a token migration. While these migrations can be time-consuming, it gives the project an opportunity to update its operating standards.
The primary reason for the upgrade is to double the maximum possible supply to 2 billion tokens. This will allow greater participation in the Streamr community, as there are more tokens available to be earned. A controlled inflationary supply allows for greater incentives to be used as rewards. There are plenty of examples in the DeFi space to consider, such as UNI or CRV, where minted tokens have been used to incentivise growth and energise the community.
Token holders can also defend against inflation by participating in the related programs — participation being exactly the goal of the incentives.
There is also a technical change that will allow smart contracts to be notified via a callback function whenever tokens are transferred to them, called ERC-677. ERC-677 is completely backwards compatible, and used by a number of other well-known projects, such as Chainlink.
You can track the progress of the token migration by clicking here.
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