GMR v2 Token Migration
The GMR dev team has announced more details about the migration to GMR v2
Today the developers at GMR announced our migration from GMR v1 to GMR v2 will begin the week commencing December 6th 2021.
Stay tuned to our official social media channels over the next week, where we will announce the opening of deposits to our migration dApp. Links to our official social media channels are below.
You will be automatically migrated if you hold GMR on a centralised exchange, such as BitMart or ZT. The centralised exchanges have already announced they will distribute new tokens according to the ratio afterwards, based on the snapshot records. The conversion ratio is 1,000,000：1.
If you are holding your GMR v1 tokens outside of a centralised exchange, you will need to migrate using our simple, multi-step Migration dApp on the GMR Center. A separate migration guide will be published in the coming days to explain the process (and a video, too!).
With GAMER v2, we are taking security to another level. Using a Multi-Signature and timelock ownership structure through OpenZeppelin Defender, our GAMER v2 is the most secure GMR token to date.
Multi-signature, or multisig, decentralises control and prevents a single point of failure. In essence, this means three separate developers will control GAMER v2 (via our timelock contract), with each developer required to sign every call made on the contract. Multisig also protects investors from potential risks associated with any loss of control over the deployer wallet, as there are essentially three deployer wallets.
The deployer wallet no longer owns the GAMER v2 token contract, which is now owned and managed through our timelock contract, which, in turn, is "owned" by our multisig wallet. You can find the ownership transfer transaction details below.
The most important aspect of the timelock contract is that any functions called on the token contract are delayed by a minimum of two days. This gives investors ample time to sell off tokens and leave the project should the administrators of the multisig wallet try to make a call that will harm investors.
Although we are confident that our minting schedule has the correct limits and restrictions, a hypothetical scenario might be that the multisig admins decide to mint too many tokens that will harm the price. In this scenario, once the minting has been proposed, the contract will be unable to execute the call for two days, which will allow investors the time necessary to leave the project.
A note on minting
As you will know, right from the start, we have promised that gamers will be able to participate in play to earn, staking, and even more innovative ways to game while being rewarded.
We will introduce a secure, restricted, and ultimately community governed minting schedule to make this possible. All minting is restricted until May 4th 2022, our anniversary. It will be governed by a 5-year blockchain-based minting schedule, limiting and gradually reducing the number of tokens that can be minted in any given year. The hard cap baked into the minting schedule sets the ceiling for total mints in a given year.
Any decision to mint additional tokens will be subjected to our developer/community governance committee and mechanisms, and of course, the restrictions imposed through our multisig and timelock security measures. Meaning any successful execution to mint will have been proposed, voted on and ultimately delayed for a minimum of two days.
The current minting schedule will allow for the following maximum yearly mints:
- From May 4th 2022 and throughout the rest of that year: 225m
- 2023: 175m
- 2024: 125m
- 2025: 75m
- 2026: 50m
It is important to note that newly minted tokens are controlled by the timelock contract and not the developer wallets. Any movement of newly minted tokens is subjected to developer/community governance, multisig approval, and a two-day delay imposed by the timelock contract.
As the GMR project evolves and we develop new utilities for the GAMER token, we must have an accountable and community-driven decision-making process in place. With that in mind, Ryan Washington, the CEO, has pledged to introduce a community/developer governance committee before May 4th 2022. The GMR community will be consulted in the weeks and months leading up to May 4th 2022, about the formation of the governance mechanisms.