Golem initiated a token migration from GNT to GLM to become an ERC-20 token. We are pleased to announce that CEX.IO will support this migration. The process will be automatic and our customers will not need to take any action.
To handle the migration, we will suspend and close GNT deposits and withdrawals GNT / USD, GNT / USDT trading on December 11, 2020. In a few days, we will transfer GNT to GLM in 1: 1 ratio and start GLM trading.
So if you have GNT tokens on your CEX.IO account, you will get the same number of new GLM tokens instead. In fact, it will be the same cryptocurrency with just a different name and certain characteristics.
ℹ️ Why does Golem migrate?
Golem is migrating to an ERC-20 compliant standard. This is necessary for the functioning of the New Golem platform, which transaction framework is built on Ethereum’s Layer 2.
The current Golem token was launched at a time when ERC-20 was not yet widely adopted. Today, support for the ERC-20 standard allows the token to be used on a range of DeFi platforms and access other benefits within the Ethereum blockchain.
New ERC-20 tokens will be active and tradable since the launch of the migration. However, users will not be able to use them on the Golem Mainnet until the new Golem platform is launched.
📌 How CEX.IO will handle the migration
CEX.IO customers who own GNT do not need to take any action to receive the new GLM tokens. We will handle all technical aspects of the migration for you, keep this information in mind:
- Starting December 11, 2020 CEX.IO will suspend GNT deposits and withdrawals, and GNT / USD, GNT / USDT trade while we prepare to perform the migration.
- All active GNT orders will be canceled On December 15, 2020
- We take a snapshot of all GNT balances on CEX.IO to credit the respective number of GLM tokens.
- Once the migration is complete we will enable GLM deposits and withdrawals and start GLM / USD and GLM / USD trading.
Your GNT positions are automatically switched to GLM at a 1: 1 ratio once the migration is complete. That means if you had 100 GNT on your CEX.IO account, they will be converted to 100 GLM.
We recommend canceling your GNT orders before December 11, 2020. After we close the GNT trade, all pending orders will be canceled automatically. Also, make sure to update your automated trading tools, robots and apps if you use them
🔐 Stay tuned!
Please note that this migration does not imply a split event or airdrop program for Golem (GNT) holders. Stay away from anyone who promises you to double your Golem holdings with additional GLM tokens or by any means – they are scammers.
After the migration, there will be only one token in the market representing the same Golem project with the same circulation offer and the same market price.
If you have GNT on your external wallet and you want to migrate it, you can deposit these funds to your CEX.IO account. We perform the migration for you. Never send money to the wallet that you cannot access.
Stay alert and happy with trading!