Users Must Know for ChainX 2.0 Migration

The ChainX mainnet will be upgraded to version 2.0 soon. In order to ensure the smooth completion of the entire upgrade process, please note the following items for ChainX users. The most important thing is to ensure that the user’s assets can be successfully migrated to the ChainX 2.0 mainnet. For this reason, users should pay attention to the relevant precautions of asset migration.

ChainX 2.0 uses the state export method to upgrade. The final state of 1.0 will be imported into Genesis 2.0 and the entire network will be started. The user does not need to do any extra operations during the entire upgrade process , just wait for the network upgrade to complete.

At present, the L-BTC and SDOT of ChainX have been abolished in the ChainX 1.0 phase. Therefore, after the 2.0 migration is completed, users only have two assets, PCX and X-BTC. The overall process for the migration of these two assets is as follows:

PCX assets:

• The user’s PCX available balance will be synchronized to 2.0.

• The user’s existing orders in the on-chain DEX will be automatically cancelled, and the related assets will be returned to the user’s corresponding PCX available balance account.

X-BTC assets:

• The user’s available X-BTC balance will be automatically migrated to 2.0.

  • The X-BTC that the user has locked and applied for withdrawal in the on-chain DEX order will be automatically withdrawn, and the relevant assets will be returned to the user’s available X-BTC balance.

Unclaimed assets deposited

In principle, all unclaimed deposits will be returned in the same way when the trust is renewed. However, since all unclaimed deposits are very small (mostly less than 0.01 BTC), in order to reduce the friction of the handling fee of returning the original BTC deposit address, when 2.0 is upgraded, all unclaimed deposits on the ChainX 1.0 chain will be aggregated to the custody address of the council. Users can apply to the council to redeem the unclaimed amount. After the council confirms it, the unclaimed BTC will be released according to the DEX price. The amount is automatically converted to PCX and returned to the user.

  • If the node prize pool amount is 0, then the node will not be automatically migrated to the 2.0 network. If there are still users voting under the node, all votes will be automatically cancelled.
  • If the node prize pool amount is less than 1 PCX, the node will not automatically be migrated to the 2.0 network. The prize pool is handled as follows:
  • If the node’s vote is equal to the node’s self-mortgage, that is, the node has no other user’s vote except itself, then the unclaimed prize pool balance will be directly credited to the node’s account.
  • If the node still has other users voting at this time, the remaining prize pool amount will be managed by the parliamentary account. After the 2.0 network is launched, voting users of this node can apply to the parliament to redeem the corresponding escrow amount.

The staking income of normal users will not be affected. The voting amount will be migrated to 2.0 automatically. PCX in redemption lock (frozen) will be automatically redeemed, and the voting age of all voting users and nodes in 2.0 will be settled by the migration height, after the respective latest vote ages are initialized (General users do not need to worry about the issue of vote age).

If a user votes for a node with a prize pool less than 1 PCX, the node will not be automatically migrated to the 2.0 network after the 2.0 migration. Therefore, all user votes under the node will be automatically revoked, and users need to participate in staking again on the 2.0 network.

1. After the migration, all accounts on the chain with a balance of 0 will be deleted by default, and no migration will be performed;

2. The user can complete the upgrade without any operation;

3. Please pay attention to your account balance before and after the upgrade. If you have any questions, please contact us as soon as possible.

About ChainX

ChainX is the largest Layer-2 network of Bitcoin, based on Substrate, and will evolve into the Polkadot Secondary Relay Chain.