This is a big milestone for the ETHO community and also for the team. We have been working hard to build back ETHO and the migration of wETHO to a new ERC20 contract is seen as closing one of the last outstanding items in this rebuilding process.
wETHO based on ERC20
wETHO or wrapped ETHO is a tokenized version of ETHO. Last week we enabled a new BEP20 contract, which allows trading on Pancake. Now we are taking the next step by deploying an ERC20 version of the contract. This is a necessary preparation in order to enable deposits and withdrawals from Kucoin, which have currently only the old ERC-20 version of ETHO listed.
On the 17th of May, 09.00 UTC we decided to migrate the old ERC-20 contract and move over the holder’s funds to a new contract. We also deployed a new bridge to allow the swap of those tokens for main net ETHO (including a bridge monitor to detect future anomalies) and refilled the bridge with all the required main net ETHO.
wETHO migration details
For the migration, we used some metrics as deploying a token on ETH is a fairly expensive undertaking. It is expensive as any interaction on the ETH side will require gas fees to be paid. Therefore a minimum of 500 wETHO was required to be migrated. We also deduced 200 wETHO to cover the gas fee in this migration. A total of 183 Accounts have been finally migrated.
Old Contract: https://etherscan.io/token/0x99676c9fa4c77848aeb2383fcfbd7e980dc25027
New Contract: https://etherscan.io/token/0x0b5326Da634f9270FB84481DD6F94d3dC2cA7096
A detailed memo of the Account Holders and the migration can be found in this formatted Excel sheet:
We have also burned all types of funds that we could backtrack to the old hijacker. Therefore we burned an additional 413093.8849562 wETHO in the process.
Next steps for ERC20
We created a new contract with additional safety measures to prevent any hijacking by a single party from ever happening again. To understand what went wrong in the past we had to look at the facts. One big issue was that there were only two lead developers on the Team who had the capacity and knowledge to monitor the Bridge contract. But there was no system in place for the community or non-tech-savvy team members to be alerted. So now we have ensured that the entire Team has access to the Bridge and additionally added a Bridge Monitor that runs directly on our Website ( bridge.ethoprotocol.com ) so that every single transaction gets monitored and each user can see the Bridge and Funds monitored at all times in real-time.
Next in line is a discussion with Kucoin to move them over to the new contract and then enable their deposits and withdrawals. We hope to be able to update the community in the next few days.
The new ERC20 contract was deployed and the bridge was updated:
This will then allow you to access your “new” and backed wETHO according to the algorithm above. And yes you can transfer them back to ETHO. And you will be able to transfer ETHO to wETHO.