Synternet mainnet is now live on Cosmos, marking a new era for the decentralized data economy (read the official announcement here). Alongside this launch, we’re announcing the migration of NOIA to the new ERC20 SYNT token, before opening the bridge to Cosmos on July 29th, 2024.
Migrate your tokens now to fully embrace the future of Web3 data and unlock the full potential of the Synternet ecosystem.
Why Migrate to ERC20 SYNT?
For security reasons, it’s industry standard to separate migration and bridging processes. The migration to the ERC20 SYNT token is essential before bridging SYNT to Cosmos, as it ensures alignment and addresses the supply differences between the hard-capped NOIA and the inflationary Cosmos-based SYNT token. By first migrating from NOIA to ERC20 SYNT, we maintain a 1:1 ratio and establish a secure basis for the bridging event scheduled to begin on July 29th. On that day, staking will go live with rewards paid on every block on Cosmos. Until then, NOIA staking rewards will continue.
To achieve this, proceeds from Synternet’s platform operations, helping to reduce token circulation and maintain a supply of approximately 1 billion SYNT.
The period leading up to July 29th will be dedicated to ensuring the stability and security of chain operations. During this time, we will also migrate all testnet providers and paying subscribers to the mainnet. Over the past few months, all migration and bridging smart contracts have been thoroughly audited by CertiK to identify potential issues. We have successfully addressed all findings, and the formal report will be released in the coming weeks and will be available here.
When can I bridge to Cosmos?
To minimize all potential security risks, we're launching the mainnet before opening the bridge and introducing Cosmos-based SYNT. This approach allows us to onboard institutional validators, provide stable chain operations, and thoroughly test the network. The Ethereum-Cosmos bridge will open on July 29th and will be available at our Token Center at staking.synternet.com.
Updated Tokenomics for Sustainable Growth
As part of the migration to ERC20 SYNT, we are also introducing updated tokenomics designed to drive sustainable growth and enable full token utility. Each year, a certain percentage of the yearly inflation will be allocated towards validator rewards, the outstanding percentage will be directed to the treasury for future investments in platform development and growth. Please see the table below for details:
It's important to note that we expect the original circulating supply on Cosmos at genesis to be less than 1 billion, as not all holders may choose or are able to migrate and bridge their tokens. Within approximately the first year, the goal is to gradually bring us towards the original 1 billion token supply.
Synternet is committed to implement token buybacks and a burn mechanism through platform governance. To achieve this, proceeds from Synternet’s platform operations will help reduce token circulation and maintain a supply of approximately 1 billion SYNT.
How to Migrate Your Tokens
To migrate your tokens, visit our Token Center at staking.synternet.com. The process is straightforward, secure, and user-friendly. If you need assistance, our dedicated team is available on Telegram and Discord to guide you.
During the migration process, always verify that you are interacting with the official Synternet website (staking.synternet.com) and always be aware of potential scams or phishing attempts. Our team members will never ask for your private keys, seed phrases, or personal information.
If you’re holding NOIA on a centralized exchange like Kucoin, Huobi, and Gate.io, you don’t need to take any action, the CEX will automatically migrate all NOIA to SYNT at a 1:1 ratio. Each exchange will be communicating timeline details with their users directly.
The Future of Web3 Data is Here
The SYNT token migration and the Synternet mainnet launch on Cosmos signify the realization of our vision for a decentralized data economy. With the SYNT token powering money for data, we've created meaningful opportunities for developers, businesses, and individuals alike. Learn more about the mainnet launch here.
For detailed documentation and frequently asked questions about the token migration process, please visit staking.synternet.com.
The Synternet Team
About Synternet
Synternet is a blockchain that powers modular, interoperable data infrastructure across all major chains. At its core lies the Data Layer, a protocol serving as the customizable execution layer between blockchains. Its AEAs (Autonomous Economic Agents) empower developers to build composable, use-case-specific applications that can execute on any data from any chain.
To learn more about Synternet, visit the official website, X, Telegram, Discord or blog.
