Do you know Cudos token migration updated?

We effectively sent off the Cudos network mainnet to the space, bringing to completion a years-in length dream to work out a vigorous blockchain biological system that fills in as the establishment for a large number of arising innovations. Our aggregate fervor is as much about the future as the present. With the organization producing new blocks like clockwork or somewhere in the vicinity, lightning-quick exchanges with low gas charges make Cudos an alluring blockchain for a wide assortment of clients.

With the organization ready to go, its security and administration rely upon the dynamic cooperation of our local area and the utilization of the CUDOS tokens locally on the chain. We’ve examined the utility of CUDOS in more detail in a past update. During the organization’s formative stage, CUDOS marking, use, and move were chiefly conceivable on the Ethereum side. With our mainnet now live, CUDOS holders can profit from getting the organization and adding to its administration by moving their ERC20 tokens to our blockchain.

As depicted in our token migration plan, for marked ERC20 CUDOS, this was already conceivable through our Location planning usefulness. With the window for the planning device’s utilization currently shut, clients who haven’t planned their records can in any case recover marked tokens through the Cudos Wallet page.

Tokenomics and ERC20 migration
Total supply and circulating supply
The CUDOS token has a total supply of 10 billion on Ethereum. About 3.1 billion tokens are currently in circulation, referred to as circulating supply.
Gravity bridge

No tokens are physically transferred between the Cudos and Ethereum networks. When a user “sends” tokens from one chain to another, those tokens are locked on the source chain, and an equal number of tokens are released on the destination chain.
Consequently, there is a total supply of 10 billion tokens on the Cudos chain, matching the total supply of CUDOS tokens on Ethereum.
At all times, however, the total number of tokens locked at both ends of the bridge will equal exactly 10 billion. This means that the amount of tokens locked at the Cudos end will equal the amount unlocked on Ethereum, and vice versa, so the 10 billion total supply cap remains intact across all ecosystems.

Tokenomics and ERC20 migration

• Total supply and circulating supply
• The CUDOS token has a total supply of 10 billion on Ethereum. About 3.1 billion tokens are currently in circulation, referred to as circulating supply.

Token migration:

• With the launch of the Cudos blockchain, tokens staked by users of our staking platform on Ethereum were migrated to Cudos together with their future staking rewards. In other words, we helped our users “bridge” their tokens without actually having to use the bridge. To account for this practical solution, we needed to manually lock those tokens at the Ethereum end of the bridge.

Effect of the token migration and the bridge logic on the circulating supply:

• Tokens staked on the staking platform, which are part of the circulating supply, have already been moved to and locked at the Ethereum end of the bridge. Future staking rewards, however, come from the non-circulating supply.
• To address this issue, we are collaborating with key listing sites to reflect the changes brought about by the launch of our blockchain. In the interim, we will refrain from transferring the aforementioned future staking rewards to the bridge to prevent abrupt changes in the CUDOS circulating supply.

We’re out to improve blockchain and cloud technology whilst reducing their harmful environmental effects. Our network offers a cheaper and more energy-efficient alternative for dApps, asset ownership, and transfer. Check out our docs and start building on Cudos today!

• Join Cudos’ Discord server
• Join Cudos’ Telegram community
• Buy CUDOS
• Become a Cudos’ ambassador

Come build on the Cudos network!

About Cudos

Cudos is a Layer 1 blockchain and Layer 2 community-governed compute network, designed to ensure decentralised, permissionless access to high-performance computing at scale. Our native utility token CUDOS is the lifeblood of our network and offers an attractive annual yield and liquidity for stakers and holders.

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