IG | IGLabs Update: 16/10/2020

News > IGLabs Update: 16/10/2020

IGLabs Update: 16/10/2020
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IGLabs Update: 16/10/2020

Last month, we announced that we were migrating IGGalaxy’s blockchain infrastructure from TRON to Matic Network, Ethereum’s Layer 2 scaling solution.

Our developers have since been implementing the necessary features for TRC20 IG Gold (IGG) holders to convert their tokens to the ERC20 standard, so we can begin the next phase of our journey on Matic’s thriving ecosystem.

The purpose of this article is to provide an insight to the next steps of the migration for IGLabs.

IGLabs Update

On Tuesday 20 October, there will be a major update released, which will primarily bring multichain capabilities to the IGWallets, but also involve migrating the rest of IGGalaxy’s blockchain infrastructure; namely, IGLabs and tournament prize pool contracts.

So, in preparation for IGGalaxy’s migration to Matic network, IGLabs will be temporarily suspended from Monday 19 October at 08:00 (UTC) meaning you will not be able to create new capsules, or sell ORB tokens back IGLabs. However, you will still be able to claim any TRC20 IGG and ORB tokens in capsules that are ready during this period. We expect this to last no longer than 48 hours.

Following from the update and migration, all the creation of capsules and IGG:ORB trading will take place on Matic Network.

What does this mean?

Any IGG tokens stored in IGLabs capsules before Monday 19 October at 08:00 (UTC) will remain unaffected by this.

Furthermore, any TRC20 IGG currently stored in IGLabs, or before Monday 19 October, will still require a TRX fee to unlock capsules as the smart contract was activated on TRON. Please note, you will receive TRC20 IGG and ORB back if any capsules were created before Monday 19 October at 08:00 (UTC).

After this point, when IGLabs is operational again, you will only be able to store ERC20 IGG tokens in IGLabs capsules, which in turn will produce ERC20 ORB tokens. Please do not try to freeze TRC20 tokens as the smart contract will not allow you to do so and you may still end up incurring a fee.

All subsequent capsules created in IGLabs will then require MATIC tokens. There will be a small fee of MATIC tokens to activate and claim capsules, as our feature to allow IGG to be used for transaction fees in IGGalaxy will be released later.

IGG token swap and sale

Once we have completed the migration, we will provide a written and video guide of how to convert your older TRC20 IGG, ORB and GFT tokens to the new ERC20 standard.

We will also provide a clear update regarding TRC10 partner tokens and what the process will be for converting these.

All token swaps will require a TRX fee to carry out, so we will be sending a fixed amount of TRX to all IGWallets containing IGG to go towards their swaps. If you hold a GFT, you will receive a higher amount of TRX so you can swap your GFT token too. Please note, holding ORB tokens are not included in this.

The third round of our token sale will then begin on Thursday 22 October, and is scheduled to last a week. We will finally then look to list ERC20 IGG tokens on Uniswap by the end of the month.

Full steam ahead!

The ERC20 IGG tokens have been created, but the necessary amount of IGG and ORB tokens will be burned on Monday when the IGLabs smart contract has stopped.

In the meantime, thank you for your patience during this time and a huge thank you for your continued support!

To keep up to date with developments, please follow us on our various social media channels:

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