Updating Ledger addresses to Solana’s new standard – Quick Guide
Audience: This update concerns only Ledger users of MyKinWallet.
With migration completed, we will be ending support for MyKinWallet on December 31st 2022. We will keep it running until then to allow Ledger users to update to Solana’s new standard. Details are provided below:
MyKinWallet uses a custom derivation path introduced to enable migration to Solana from Stellar. A derivation path is just an instruction that affects how an address is generated by a web or hardware wallet like the Ledger. Different blockchains use different paths, which is what makes an address from Bitcoin look different to one on Ethereum.
When Kin was migrating to Solana, it needed a special path that made older Kin addresses compatible with the newer Solana ones. This made it possible for apps that were migrating slowly to be able to switch between Solana and Stellar for the same user as needed. During this time, Solana was also improving how addressing worked between wallets. Solana updated to a new standard that lets a wallet use a single address for all the tokens it has. While previously, multiple token accounts caused confusion, a single account makes it much simpler to use different tokens on Solana. This means you will only need one address to hold your Solana tokens. E.g. SOL, KIN, USDC, etc.
We want to keep with this new standard and recommend Ledger users of MyKinWallet switch to the new standard. This means you will need to:
1. Connect your Ledger to Solflare
2. Generate a new standardized address from there
3. Migrate your Kin from the custom address on MyKinWallet
We will maintain MyKinWallet until December 2022 to enable our users to migrate. We will then retire it after that. Before that, we may have our own wallet solution that supports the new standard. However, the important path forward is to encourage our users to transition as soon as possible.
Using Solana’s standardized path has several advantages including:
- Wallet choice
- Ease of use
- Single address for all Solana tokens
Please follow instructions below to switch derivation paths as soon as possible. In all cases, use small test amounts to confirm you have the correct addresses.
5. Deposit 0.01 SOL