Exchanges
Electroneum (ETN) Smart Chain Migration for Exchanges
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Electroneum (ETN) Smart Chain Migration for Exchanges
Last updated
Was this helpful?
Electroneum (ETN) is continuously evolving, now bridging to the Smart Chain. This transition is paramount, and exchanges are integral to ensuring a consistent and hassle-free shift for users. This guide is tailored for exchanges already supporting Electroneum, detailing the migration and subsequent integration of the new Smart Chain.
To transition Electroneum (ETN) funds to the Smart Chain:
Refer to the Guide for CLI Wallet Users: This guide equips you with a comprehensive set of instructions for a successful migration. Remember, the steps for exchanges closely mirror the procedures individual CLI wallet users follow.
Supporting Electroneum on the Smart Chain side essentially means supporting an EVM (Ethereum Virtual Machine) chain, including Ethereum itself. Here's a nuanced understanding:
Integration Simplicity: If your exchange has previously integrated any EVM-based chain, like Ethereum, the process of integrating Electroneum's Smart Chain will involve the exact same steps. By replicating those procedures, your platform will be poised to seamlessly integrate with the Electroneum Smart Chain.
Full Node Synchronisation: As is customary with Ethereum and other EVM chains, it's vital to run and maintain a full node. This node is indispensable for transaction validation, broadcasting, and a myriad other vital operations.
Gas Management: Every transaction on EVM chains demands gas. Hence, exchanges need robust systems to handle gas fees, ensuring efficient and swift transaction processing.
Wallet Integration: Integrate the wallet infrastructure of your platform with the Electroneum Smart Chain. This integration paves the way for smooth deposits, withdrawals, and on-chain actions.
Once the migration is complete using the CLI wallet guide, exchanges have the liberty to eliminate all legacy chain infrastructure components. However, it's advisable to maintain backups or records of data, based on the exchange's discretion.
Supporting Electroneum as a Layer 1 project is a holistic approach. It's not just about the native asset, ETN, but also encompasses the array of tokens anticipated to emerge on this chain. Such an integration augments possibilities for exchanges and their users, nurturing a thriving ecosystem.
Electroneum's pivot to the smartchain is a leap towards the future. With exchanges at the vanguard, this transition can redefine the blockchain arena. Should there be queries or assistance needed, our dedicated team is always at your service.
Your partnership is invaluable in Electroneum's journey. Thank you!