All about CRO token migration

4.2
All about CRO token migration

BlockchainX

Important Reminder

The Crypto Token Migration, support team, ambassadors and moderators will NEVER send you a private message (PM) on Telegram or Discord first. Anyone who does this is a scammer: NEVER share your recovery phrase with anyone.

Token Migration Platform Development is the process of moving your ERC20 CROs on the Ethereum network to CROs on the Cronos network.

There are several ways available to you, depending on where you keep the CRO -

Through the Crypto.com app and exchange (users of the centralized wallet):

Suitable for CRO owners who prefer an easy way to migrate

· After registering an account, you can transfer your ERC20 CRO from an external wallet or buy CRO with fiat, credit/debit cards, or exchange CRO with other cryptocurrencies

· Choose to withdraw CRO to other external wallets as native CROs on the Cronos network by choosing the default option [CRO] instead of [ERC20]

Via Crypto.com DeFi wallet (decentralized wallet users):

Suitable for CRO holders using non-custodial solutions in mobile wallet applications

· We support a simple in-app CRO migration tool allowing you to submit your ERC20 CROs for migration registration (learn more)

Through our external exchange partners (other centralized users):

Suitable for CRO holders who previously registered on these exchanges. For more information on withdrawing CRO on the Cronos network, please follow the instructions on the exchange

Via Cronos Network Migration Web Tool (other advanced decentralized users):

Suitable for advanced users of non-custodial wallets, supports connection to a MetaMask or Ledger wallet

· This process includes more complex manual migration steps, as you may need to generate your own CRO wallet address, so it is only recommended for advanced users.

What are the benefits of migrating my CROs to Mainnet?

The target CRO reward for staking on Mainnet is set at ~20% per annum . In order to stake or pass them to validators on the Cronos Mainnet network and receive rewards, you must first migrate your ERC20 CROs to native CROs on the Mainnet before performing staking operations.

On the other hand, the Cronos network also has lower transaction fees than the Ethereum network. When withdrawing CRO through the Crypto.com app and exchange, you can choose to withdraw native CRO on the Cronos network with a lower withdrawal fee.

In addition, the Cronos network has a shorter processing time compared to the Ethereum network, which allows you to deposit and withdraw native CRO faster than ERC20 CRO.

Read more about the differences between native CRO and ERC20 CRO here , and about staking in the Cronos network here .

How do I migrate my ERC20 CROs to native CROs in a DeFi wallet?

Our in-app CRO Migration Tool makes it easy to convert your ERC20 CROs to native CROs. Native CROs are the native currency of the Cronos network, enabling near-instantaneous CRO transactions with minimal fees. Native CRO also allows you to stake and earn CRO with an income level of up to 20% per annum.

Each migration request consists of 2 transactions on the blockchain -

1. [ETH Network]: send ERC20 CRO to our migration bot — “burn” ERC20 CRO

2. [CRO Network]: Get native CROs after bot verification, internal verification and payout

To submit a migration request:

1. Go to your individual CRO wallet

2. Click the [CRO Migration Tool] banner above the transaction history

3. Read the introduction page of the migration tool and click [Migrate Now]

4. Enter the amount of ERC20 CRO you want to transfer and click [Continue]

5. Review your migration request and click to confirm terms and conditions

6. Click [Confirm Transfer]

7. Authorize the send transaction with your password (and 2FA code if enabled)

8. Wait for the online confirmation of sending your ERC20 CROs to our migration bot

9. After successful submission, you will see that the status of the transaction will change from “Request sent” to “Pending confirmation”

10. Usually a migration request is confirmed quickly, after which native CROs are received within 5 minutes after the transaction status changes to “Pending confirmation”

Please note that the swap function is performed with ERC20 CRO on the Ethereum network, while native CROs are issued on the Cronos network and cannot be exchanged with ERC20 tokens.

How long does it take to complete my migration request and get native CROs to my wallet?

Regular transfer requests with a migration amount below our manual verification threshold are often processed within 1 hour, depending on the speed of confirming your transaction to send ERC20 CRO to our migration bot (which depends on ETH network traffic).

If the migration amount exceeds our manual verification threshold, your request is processed within 1 business day after the confirmation of the transaction to send ERC20 CRO to our online migration bot.

Below is a diagram of the sequence of migration operations and changes in the status of transactions:

My transfer request is stuck, what should I do?

Go to the transaction details page of your migration request and check the status of your transaction.

Migration status “Request sent”:

To check status in Explorer, click [View Status in Explorer]

· If the status of Explorer is “Pending”, it means that it is waiting for confirmation in the ETH network

· If the explorer status is “Successful”, be sure to close the application completely and re-enter the transaction details page to check if the migration status is “Pending Approval”

· If the explorer status is “Failed”, unfortunately we have not received your ERC20 CROs and will not be able to proceed with the process.

Migration Status: “Pending Confirmation”

Please note that when we process your migration request and the transfer amount is large, it will take 1–2 business days to process your request. If more than 2 working days have passed, please contact us via the feedback form, indicating your txid or a link in the explorer. You can also ask this question in our Telegram channel with txid or with a link.

My ERC20 CRO burn request in Etherscan Explorer has been in the “Success” status for more than 30 minutes, and the status of my migration transaction is still “Pending Approval”. How can I confirm my migration status and resubmit the request registration?

Checking records and migration status:

1. Go to CRO Web Migration Tool

2. Click [Connect Now] > [MetaMask].

You can back up your 12-word recovery phrase in a DeFi wallet and import the wallet into the MetaMask Chrome extension

Please note that if you already have a valid Metamask wallet, in order to import an additional wallet with a 12-word recovery phrase instead of a private key or JSON file, you will need to re-download the Metamask extension as only the first wallet can be imported with a recovery phrase.

3. Click the [Migration Records] tab.

4. Check the migration record

If your migration request is visible, it means that the registration was successful, you can click on it to open the details of the latest status

If your migration request transaction does not appear, please click [Can’t find the migration entry?] and resubmit the registration by following the instructions below

Resubmitting a migration request (no network fee):

1. To use the resubmit tool, go to Explorer and verify that your ERC20 CRO burn request has been successfully validated on the Ethereum network.

2. Verify that the migration request has not been submitted and the migration record is not visible in the web tool (see above session)

3. Go to the CRO Migration Request Resubmission Tool

4. Click [Connect Now] > [MetaMask]

You can back up your 12-word recovery phrase in a DeFi wallet and import the wallet into the MetaMask Chrome extension

Please note that if you already have a valid Metamask wallet, in order to import an additional wallet with a 12-word recovery phrase instead of a private key or JSON file, you will need to re-download the Metamask extension as only the first wallet can be imported with a recovery phrase.

5. Enter your native CRO address that starts with “cro…”

6. Enter the hash of the ERC20 CRO burn transaction

7. Review and confirm the details of the token migration platform development services . Make sure all information is correct.

8. After that, read the “Conditions for Migration of CRO Tokens”. If you understand the terms and agree to them, check the box and click “Sign Agreement”

9. Sign the agreement in your Metamask wallet. A MetaMask popup will appear asking for your signature. By signing this message in your MetaMask account, you confirm that you agree to the “CRO Token Migration Terms”

If you don’t see MetaMask pop-ups, you can check the MetaMask browser icon in the top right corner. You should see a pending action on the icon, after which you can click on the icon and continue working with MetaMask.

10. If your migration request has been submitted, you will see the following page

11. To check the latest status of your migration requests, click on the “Migration Records” navigation bar or follow the link

12. You will see a list of migration requests associated with your current account and their status. If you are not sure about the status, you can hover your mouse over the status and read the details.

Why do I need to migrate and is there a deadline?

The Cronos Chain Mainnet is different from CRO (ERC20) on Ethereum. This is the reason why you need to migrate your funds.

To stake CROs on the Cronos network, you need to stake native CROs. Please note: CRO (ERC20) is required to use the DeFi Swap protocol, which is built on the Ethereum blockchain and smart contract migration.

There is currently no deadline for migration. We strongly encourage existing CRO holders to migrate as soon as possible to enjoy the benefits of Cronos Chain. Follow the latest updates in our news channel.

How can I convert my native CRO back to ERC20 CRO via DeFi wallet?

Unfortunately, you cannot convert native CROs back to ERC20 CROs using the CRO migration tool, so carefully consider all options for using them before migrating -

Native CRO required for staking on Cronos Network via DeFi Earn

· ERC20 CRO tokens are required to perform the swap on the Ethereum network

If for any reason you need to convert native CROs back to ERC20 CROs, the workaround is to deposit native CROs on our centralized platforms, the Crypto.com app or exchange, and choose to withdraw CROs as ERC20 tokens.