The token migration of ENJ to the Enjin Blockchain isn't just a technical shift; it's a new chapter for its 170,000+ holders. Everyone is invited to enjoy latest features, rapid transactions, minimal costs, and state-of-the-art NFT tools.
It's crucial to understand that the Ethereum burn address, to which ERC-20 ENJ are sent during the migration, is a designated Ethereum burn address and is not controlled by anyone, including Enjin. This ensures that your tokens are permanently removed from the Ethereum blockchain and can't be accessed by anyone.
Q1: What is a token migration and why is it necessary?
A: A token migration is the process of moving a digital item or token from one blockchain to another. It's necessary when an ecosystem wants to switch to a different blockchain that offers better features or functionality. Many ecosystems have migrated from Ethereum, the initial smart contract capable chain, to next-generation blockchains for this reason. Enjin Blockchain is a next-generation blockchain that offers advanced features such as faster transactions, low fees, and advanced NFT capabilities. The migration to Enjin Blockchain is necessary for users to take advantage of these features and benefits.
Q2: What is the Ethereum burn address and why are ERC-20 ENJ tokens sent there?
A: The Ethereum burn address is a specific Ethereum address, 0x000000000000000000000000000000000000dEaD, that is effectively inaccessible. Tokens sent to this address are considered "burned," meaning they are removed from circulation and cannot be recovered or accessed by anyone, including Enjin. The purpose of sending ERC-20 ENJ tokens to the burn address during migration is to ensure that these tokens are permanently removed from the Ethereum blockchain. This process is a standard practice in token migrations to prevent double-spending and maintain the integrity of the new blockchain's token supply. For a deeper understanding, you can refer to this section from the Ethereum book.
Q3: Why was the integration of Enjin Matrixchain delayed?
A: The move to September 2023 for Enjin Matrixchain integration (from what is currently Efinity Matrixchain) ensures that key features will be immediately available for users. These include staking to participate in Enjin Blockchain’s nomination pool processes, certain expanded features for non-fungible tokens (NFTs) and NFT transfers, including the use of Enjin Coin (ENJ) for added capabilities. This schedule adjustment also ensures a smooth transfer of existing ERC-1155 Ethereum/Jumpnet NFTs and facilitates a seamless transition by key adopters, aiming to provide a smoother and more rewarding experience for everybody.
Q4: What will be the initial supply of the new ENJ token?
A: The new Enjin Blockchain will start with a supply of 1.75 billion ENJ tokens, broken down into 1 billion for ENJ migration (1:1 ratio), 500 million for Efinity Token (EFI) swaps (4:1 ratio), and 250 million for “early bird” migration and other incentives. There will be a 5% yearly inflation on the total supply from which rewards for validators and nominator pools will be drawn, to promote governance and network security.
Q5: Are there any fees or costs associated with migrating my tokens?
A: The migration process for ENJ (ERC-20) holders will require interacting with a smart contract on the Ethereum blockchain, which means fees will vary based on the current gas fees on the Ethereum network. All holders of ERC-20 tokens will need to manually exchange their tokens, using a claims pallet created for Enjin Blockchain. The ERC-20 tokens will be sent to a burn address and become inaccessible after this exchange.
Q6: Why don't you airdrop mainnet ENJ?
A: Enjin Blockchain is not an Ethereum-based chain, and mainnet ENJ tokens cannot be transferred to Ethereum addresses.
Q7: How secure is the new Enjin Blockchain?
A: Security audits were conducted in relation to Enjin Blockchain. The auditors were not involved in developing any of its components or pallets. A number of experienced blockchain developers were involved in producing Enjin Blockchain, and these developers followed various key blockchain security practices and standards.
Q8: Will Enjin Blockchain support other tokens besides ENJ and EFI?
A: Enjin Blockchain supports the launch and integration of additional Matrixchains, allowing large-scale enterprises and communities to run their own blockchain. Each Matrixchain may have its own token and all Matrixchains may communicate with each other - performing token teleportation between each other. It is important for a Matrixchain to be able to support its token because certain technical functions, governance and/or internal economies specific to that Matrixchain may be centered around this token.
Q9: When will I be able to migrate my Enjin NFTs to Enjin Blockchain?
A: An open-source ERC-1155 migration package is expected to be available upon integration of Enjin Matrixchain. It is envisioned that Enjin NFTs will migrate and continue to be used on Enjin Blockchain given these are the foundation of the Enjin ecosystem’s legacy and the various Enjin communities. These include legacy NFTs such as Diamond Hands, minted with 3 million ENJ.
Q10: What is ENJ and how can it be migrated to Enjin Blockchain?
A: ENJ was an ERC-20 token created in 2017 and laid the foundation for the world’s first NFT gaming ecosystem. ENJ is intended to be the native token of Enjin Blockchain. Current ENJ holders hold ERC-20 tokens and will need to manually exchange these ERC-20 tokens for mainnet ENJ, using a claims pallet created for Enjin Blockchain. (Simpified interfaces for this will be available, as discussed below.) During this process, the ERC-20 tokens will be sent to a burn address and be inaccessible after this exchange.
Q11: How will I be able to migrate my ENJ to Enjin Blockchain?
A: Holders of ERC-20 tokens will be able to use simplified interfaces built on top of Enjin Blockchain to facilitate these claims, such as Enjin Wallet, or other supported wallets and dApps. Additional guides on the claims process and available interfaces will be released.
Q12: I have ENJ on JumpNet - how do I migrate?
A: To avoid technical issues caused by allowing claims outside Ethereum mainnet, such claims will not be supported by the claims pallet for Enjin Blockchain. It is not currently expected that apps built on top of this claims pallet will facilitate claims using ENJ on JumpNet. To assure security, it is recommended to transfer ENJ back to Ethereum mainnet before migrating ENJ.
Q13: If I want to migrate my ERC-20 tokens using the Enjin Wallet, will I have to update the app?
A: Yes, you will need to update your Enjin Wallet app. The required update may be available earlier for Android users. The required update may be delayed for iOS users because Apple has a longer approval process. It is recommended that you secure your seed phrase and password before updating a wallet app.
Q14: I'm an iOS user and will most likely not receive the update immediately, is there a time limit for the migration?
A: There is currently no planned time limit for the migration. There will, however, be an Early Governance Reward Program for users who migrate early and it's not possible to guarantee that this bonus will still be available for iOS users once the wallet update arrives. Although participation in the migration is purely voluntary, holders are encouraged to migrate their tokens promptly to try the new features.
Q15: Will I need to provide any personal information during the migration process?
A: No, you will not need to provide any personal information during the migration process, consistent with processes on a decentralized blockchain. However, holders of ERC-20 tokens will need to interact with a smart contract on the Ethereum blockchain before receiving mainnet ENJ, which means you will need to have access to your tokens and potentially your seed phrase.
Q16: How long will the migration process take for holders of ERC-20 tokens?
A: The exact time it takes to migrate your ERC-20 tokens will depend on when you initiate the migration process. Once initiated, it is expected to take around 24 hours for the migration to complete.
Q17: Will I be able to migrate my ERC-20 tokens from any non-custodial wallet?
A: Any party, including various wallet developers, may build interfaces on top of the claims pallet built for the Enjin Blockchain migration. In particular, to facilitate migration, a wallet will need to both support interaction with Ethereum smart contracts (in particular, transfer ERC-20 tokens and sign messages) and receipt of Enjin Blockchain tokens (Enjin Blockchain being built on Substrate architecture, not Ethereum). Enjin Wallet is expected to support both, and wait for further announcements regarding support from other wallets.
Q18: What will happen to my ENJ on hardware wallets, wallet apps, exchanges or other platforms?
A: Anyone may build interfaces on top of the claims pallet built for the Enjin Blockchain migration. You are free to keep your holdings on any wallet or platform, and the migration is not time limited. Check for updates by platforms you use regarding support for the migration.
Q19: Will exchanges integrate Enjin Blockchain?
A: Please note that exchanges and similar venues have been subject to evolving regulatory concerns. It is understood that exchanges follow their own internal guidelines and timelines regarding technical integration with blockchain migrations, and access technical integration materials for new blockchains in the same way that other stakeholders such as node operators do. Should you use the services of an exchange or other platform, you should inquire with that exchange or platform.
Q20: How will Enjin Blockchain interact with Enjin's app layer post-migration?
A: Anyone will be able to build apps that tap Enjin Blockchain’s functions, and existing apps have been upgraded to tap these functions. This also includes the open-sourced Enjin Platform (Core, Beam, Wallet Daemon, and C# SDK) as well as corresponding documentation.
Q21: Will Enjin's app layer continue to interact with Ethereum-based tokens?
A: Existing Enjin app functions in relation to Ethereum-based NFTs are expected to continue to function, and Ethereum tokens not migrated will continue to exist. However, future development by various developers is expected to be focused on tapping Enjin Blockchain and not Ethereum-based functions.
Q22: What happens to my existing tokens after I migrate to the new blockchain?
A: Your existing ERC-20 tokens will be burned through transfer to a burn address, and mainnet ENJ tokens will be sent to the Enjin Blockchain address you select. You will no longer be able to access your existing tokens after initiating the migration for these tokens.
Q23: Will I lose my current ERC-20 tokens if I don't migrate them?
A: No, ERC-20 tokens not migrated will continue to exist. However, these tokens will not be usable with Enjin Blockchain or able to access new functions.
Q24: Is the migration process irreversible? Can I switch back to the Ethereum blockchain after migrating to Enjin Blockchain?
A: The migration process is irreversible and no one will be able to access or retrieve your existing ERC-20 tokens once this is initiated. Please carefully review the functions of Enjin Blockchain and mainnet ENJ before deciding to migrate your existing tokens.
Q25: What if unforeseen challenges or issues arise during the migration?
A: While the development team contributing to Enjin Blockchain is well-prepared for the migration, there may be unforeseen challenges. In such cases, the team will communicate transparently with the community and take appropriate measures to help resolving any issues promptly.
Q26: What if I encounter issues or bugs during the migration process?
Q27: Where can I find educational resources on how to migrate and use the new Enjin Blockchain?
A: Educational resources, tutorials, and documentation will be shared on Enjin ecosystem channels such as the www.enjin.io website and our Enjin X (fka Twitter) account, as well as the channels of individual authors and content creators. Make sure to also dive into the Helpful Resources below.
Follow the Enjin ecosystem! Daily updates and bi-weekly development updates are posted across all social media channels:
Enjin Twitter: https://twitter.com/enjin
Efinity Twitter: https://twitter.com/efinityio
Official Support Channels:
Help Center: http://enjin.io/help
Contact Enjin: http://enjin.io/support
Contact Efinity: https://efinity.io/contact
Feature Requests: http://feedback.enjin.io