About the Kin Migration
Latest pertaining to the Kin Migration scheduled of December 8.
Migration plan and requisite infrastructure to make the process as seamless as possible.
Updates to SDKs that include the ability to migrate to the Solana blockchain, marking a significant milestone towards completing the migration to Solana.
Kin 3 (wallets, exchanges) & ERC20 Kin Holders
Anyone holding Kin in one of the currently supported Kin wallets or exchanges may be wondering which of them will continue to support Kin on Solana.
Our team has been working with exchanges and wallets to support a seamless migration for token holders. We anticipate sharing a list of all those supporting the migration and instructions on what to do if you hold Kin in a wallet or an exchange that won’t be supporting the migration. This post will also include instructions for how to migrate ERC20 Kin to Kin on the Solana Blockchain.
It is generally always recommended to keep the bulk of your Kin in a wallet that you control the private key for. You’ll always be able to access your kin post-migration this way, regardless of which exchange or wallet front end you’re using today.
Ledger users can take solace in continued https://www.mykinwallet.org/ support for Kin as our team will be adding support for Kin on Solana for the migration date.
Expectations on the December 8th 2020 Migration
The Kin Migration is scheduled for December 8.
The migration process from the Kin Blockchain to the Solana Blockchain will be relatively seamless. There will be a snapshot of all accounts and their corresponding balances on the Kin blockchain taken and those accounts will then be replicated on the Solana Blockchain.
For exchanges and wallets to be able to generate transactions they will need to update to support Kin on Solana. Our team has been working with each of the exchanges and wallets that currently support Kin to participate in the migration. A list of the exchanges and wallets that have committed to support the migration on December 8 can be found below.
If you hold Kin in a wallet or on an exchange not listed below we recommend that you move your Kin off of that exchange ahead of the migration. If you don’t do that by the time of the migration your funds will not be lost but will be frozen until that exchange or wallet updates to support the Kin Blockchain. We would recommend reaching out to the support channels for these wallets or exchanges in that case.
Wallets and Exchanges Supporting the Migration
- Bithumb Global
- *Note: we continue to work with those not listed above to support the migration. This list will be updated as more wallets and exchanges confirm support.
ERC20 Kin to Solana Based Kin
For those who hold their Kin on Ethereum and want to swap to Solana they will be able to do so through a Solana / Ethereum “Wormhole”.
The wormhole from Ethereum to Solana is a decentralized cross-chain bridge. A set of oracles, called “Guardians”, that facilitate a burn/mint process between Ethereum and Solana. This service holds tokens on Solana equivalent to the balances of all remaining ERC20 accounts. To migrate to Solana, a holder of ERC20 Kin sends their Kin on Ethereum to the Wormhole which then burns that Kin and transfers that amount of Kin to the user’s new account on Solana.
Details of the wormhole including timing and details of the smart contract will be published closer to the migration date.
Solana introduces a new concept called a token account. On Solana, a token account is an account that holds token balances. A given wallet can own multiple token accounts, which each may have a different address from the wallet/owner. Kin, being a token on Solana, is held and transacted using token accounts.
On the Stellar based Kin Blockchain a transaction would use a wallet’s address as the source of the payment and require a signature from the wallet’s private key. However, on Solana a wallet requires that one of its token accounts holding Kin to be the source of a transfer. A signature is still required from the owner/wallet’s private key.
This is an important note for anyone storing their Kin in a cold storage wallet (Ledger, paper wallet). Any token holder using a wallet or an app supported by the Kin SDK will not need to go through this process themselves.
The Solana Explorer can be used to view a wallet (by searching for its address) and its token accounts.
Your existing public address from the Stellar based Kin Blockchain can be used to lookup your migrated token account. From the above example, 3uBh2auJAcKrySqW9cLzHQHiiw4u2eMkqkpEvGhZXowS is the base58 encoding of your existing public key. See where the token accounts are in the Solana Explorer below.
- Solana introduces the concept of “rent” which requires a minimum balance for new token accounts.
- Solana based Kin wallets require a minimum balance of SOL to be “rent exempt”, meaning they will never be deleted (“garbage collected”) or have rent collected.
Existing Kin Accounts Live Before the Migration
- All accounts that are migrated from the Kin Blockchain to Solana will have this rent subsidized and will therefore be rent exempt.
New Kin Accounts Created After the Migration
- Any new wallets created after the migration that use the Agora service will have rent subsidized.
- For any wallets not plugged into the Agora service (i.e. third party wallets) you will want to check on their rent subsidization program. Though, many wallets do have a subsidization plan.
Migration FAQ (Frequently Asked Questions)
Do I need to have SOL in my account for the migration?
Solana based accounts require a minimum balance of SOL called “rent.” That rent will be subsidized for all existing Kin accounts once on Solana. More details can be found in the migration guide.
How will fees work for Kin accounts on the Solana Blockchain?
Every transaction specifies an account where the transaction fee will be paid from.
- Transactions submitted through the Kin SDKs (via Agora) will have their transactions subsidized by the service.
- All other transactions should specify a non-token account as the subsidizer in order to avoid consuming the rent exempt Sol. Failure to do so could result in the token account being garbage collected.
After migration, how long does the subsidized SOL balance last in the Kin wallet?
The amount of Sol allocated to migrated accounts prevents any rent collection from occurring. As a result, the subsidized SOL will remain in the token account until it is closed.
- If the account is used as the source of transaction fees, it will revoke the rent exempt status, making it eligible for deletion.
Will there be more wallets and exchanges added to the confirmed list?
Yes, we are continuing to work with more wallets and exchanges and will update the list as they confirm their support for Solana based Kin.
How do I extract my private key from Trust Wallet?
To extract your secret key from Trust Wallet, you can follow this video tutorial.
What happens if I hold my Kin on a wallet that is not supported at the time of the migration?
If your Kin is in a wallet that doesn’t support Kin at the time of the migration it will remain in that wallet address. Once that wallet updates to the Solana based Kin it will then be available for transfer. Alternatively you can extract your private key and restore your Kin in a separate wallet.
If my Kin is stored in a cold storage wallet (Ledger, Paper Wallet) will it be included in the migration?
Yes. The public address for all wallets, including cold wallets will be captured and replicated on the Solana Blockchain with the required rent added to the account.
Is it possible for me to have Kin in my token account with not enough SOL to pay rent?
No. The SOL used to create and initialize your token account needs to be enough to make it rent exempt forever. This is to prevent token accounts from being “garbage collected”. All token accounts created on Solana must be made rent exempt. Before the user can receive tokens, their associated token account must be created on-chain, requiring a small amount of SOL to mark the account as rent-exempt. As noted above, all migrated accounts will have this subsidized.
Will MyKinWallet.org use Agora? And subsequently subsidize transaction fees?
Yes. MyKinWallet will subsidize transaction fees via Agora.
Will other wallet providers or exchanges have fees or will they be subsidized by someone?
It depends. All wallets and exchanges can choose to subsidize, make you pay fees, or make use of Agora to utilize it’s subsidization program. It’s up to that provider and should be a question you ask them.