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Comprehensive $ROUTE Migration, Bridging, and Staking guide

Router Protocol
9 min readJul 23, 2024

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As part of our mainnet launch — we are migrating to the new ROUTE token, which will be the native token of Router Chain. Users holding old ROUTE tokens will have to migrate their tokens and will be able to stake their new ROUTE tokens.

In February 2024, Router Protocol concluded a community vote on the $ROUTE 2.0 tokenomics, marking a significant milestone as Router Protocol transitions from a bridge to a fully decentralized layer-1 blockchain.

Highlights of the approved proposal (link here and initial proposal link) include:

  • Addition of 10 million new $ROUTE tokens supply to the current 20M total supply at mainnet launch (20M supply changes to 30M)
  • Token split, increasing the overall supply from 30 million to 1 Billion. Each current $ROUTE will become equivalent to 33.33 new $ROUTE 2.0 tokens
  • New token emissions will be allocated below after a one-year cliff, starting one year from now, i.e., July 2025, with vesting spread over five years.
  • 60% of the new inflation to Ecosystem & Community Incentives (6M tokens)
  • ⁠⁠30% to Router Foundation (3M tokens)
  • 10% to Team (1M tokens)
Please note that the token migration is not live yet. 
The token migration will go live on July 24, 2024 at approx 9AM UTC 
The hub link is https://hub.routerprotocol.com/
Comparison between old ROUTE and new ROUTE tokens

Links in the above image we are providing below as Medium does not allow native support for tables:-

1. The additional tokens do not enter into circulation for the first year
2. Ethereum: 0x60F67E1015b3f069DD4358a78c38f83fE3a667A9
3. Polygon: 0x93890f346C5D02C3863a06657bc72555dC72c527

Token migration is a journey, not a one-step process. Things will take some time, and we will make our best efforts to support both old and new ROUTE tokens until the entire centralized exchange migration is completed. There is no reason to feel anxious or stressed about migration — we want you to read this post and our official announcements carefully before interacting with your wallet. This is not a time-sensitive process. Please do not rush into things, as there is a chance you can lose your tokens if you do not follow instructions properly.

The migration will be supported for at least 6 months from now, and if there are still many people pending after 6 months, we will support it for an additional 6 months.

Information for those who hold $ROUTE tokens on chains like BNB Chain or Centralized exchanges

If you hold your ROUTE tokens on BNB/Arbitrum/Optimism/etc : Please note that if you have tokens on any other chain apart from Polygon or Ethereum — you can bridge them using Nitro to Polygon or Ethereum and then follow the same migration process.

If you hold your tokens on any centralized exchange, they are yet to make announcements in support of new ROUTE tokens. While we have confirmation for migration from Kucoin, Bitget, and AscendEX, the migration will take a few weeks. We are also closely working with all other exchanges (Bybit, MEXC, Gate, HTX, etc.) and will keep updating the status on centralized exchange statuses towards the bottom of this post. Please note that trading of old ROUTE tokens will continue without impacting these centralized exchanges until they migrate to the new ROUTE tokens.

In general, the process for token migration on a centralized exchange looks like this:

  • Exchange announces support of token migration.
  • Exchange pauses trading and suspends deposit/withdrawal services for old tokens (expect 3–4 business days of pause).
  • The exchange will make the necessary technical changes on the backend for ERC20 and Polygon contracts and distribute new ROUTE tokens to the user accounts according to the split ratio.
  • Exchange opens trading, deposit/withdrawals of new ROUTE token.

If you hold your tokens on centralized exchanges and want to stake, you can withdraw them from the centralized exchange to Polygon/Ethereum chains and then follow the same migration process.

The Migration, Bridging, and Staking Journey

There are three parts covered in this section.

The first part covers migration, in which users convert their old tokens to new tokens. The second part covers bridging, where users can bridge their new tokens to the Router Chain ( or Router Mainnet). The third part is about delegation, in which users can delegate their tokens to validators and earn rewards.

We are now going to cover each of those steps.

1. Migration

Users can swap their old ROUTE tokens on Polygon and Ethereum to new ones on Polygon and Ethereum. The flows supported in this are uni-directional flows (you can only move from old to new ROUTE. Once you swap into new ROUTE tokens, there is no going back). This supports two flows :

Migration Flows

Once users finish their migration (between 2–5 minutes), they will get new ROUTE tokens. The new ROUTE tokens obtained after migration are omni-chain new ROUTE tokens. These tokens can be interchanged easily into new tokens on Polygon, Ethereum, and Router Chain as they are fungible 1:1 between Polygon, Ethereum, and Router Chain. Staking is only possible via Router chain, but you can hold ROUTE for trading on ETH or Polygon as per your convenience.

You will be able to access the migration page only at https://hub.routerprotocol.com/token/migrate

Token Migration Assistant

When you migrate old tokens to new ones, you will receive the new ROUTE tokens on the same wallet and chain from which you sent the old tokens.

The migration portal can be accessed at the Token Hub section on Router Hub. Please do not send the new ROUTE tokens to any centralized exchanges until official announcements. We expect exchanges to make announcements over the coming weeks.

Warning: Please consider your new ROUTE tokens as lost if you send to any centralized exchanges before official announcements by the centralized exchanges. As of July 24, 2024 — no centralized exchange has completed its migration process for the new ROUTE tokens yet.

This is the end of the migration section.

2. Bridging

The newly acquired ROUTE tokens can now be bridged to the Router Chain.

If your new ROUTE tokens are already on Router Chain, leverage Router Nitro to seamlessly bridge them to other supported chains.

In this guide, we will cover two wallet flows. You can bridge tokens to MetaMask wallet supported by Router Chain or Keplr wallet. The advantage of bridging to Keplr wallet is that users will be able to use DEXes like Osmosis.

For MetaMask flow — you do not need to provide an address; for Keplr flow, you need to provide one on the bridging page.

You will be able to access the migration only at https://hub.routerprotocol.com/token/migrate

Our main liquidity pool for ROUTE (new) token on Router Chain will be the Osmosis exchange.

Please note:
1. Osmosis supports Keplr not MetaMask.
2. If you keep your tokens in MetaMask, you won’t be able to use Osmosis directly.
3. However, you can always transfer your tokens from MetaMask to Keplr to use Osmosis.
4. We suggest users install Keplr to be able to use tokens for all flows. However for all purposes on Router Hub — MetaMask will work.

Bridging Flow to MetaMask or equivalent Browser wallet:

The flow is quite simple and is available on Router Hub. Users can use this flow to migrate their newly acquired ROUTE tokens on Polygon/Ethereum to Router Chain. In the MetaMask flow, there is no requirement to input the user address — an equivalent address on the Router Chain will be generated for the MetaMask wallet, and users will be able to get their tokens on MetaMask itself.

This is the bridging tokens to MetaMask wallet — notice we do not need to enter address in the recipient address here.

Once you bridge your tokens — your MetaMask or equivalent wallet will have your Router Chain tokens. You will get the option to add Router Chain (or Router Mainnet — can be used interchangeably) on your wallet.

There are two more ways to add Router Mainnet to your wallet.

Option 1. By clicking on the +R button at the top right of the Router Hub page, users can add Router Mainnet to their wallet.

This is the +R button at the top right of the website, which allows you to add Router Mainnet to your wallet.

Option 2: You can also add Router Mainnet manually to your wallet.

Network name: Router mainnet
Network URL: https://sentry.evm.rpc.routerprotocol.com
Chain ID: 9600
Currency symbol: ROUTE
Block explorer URL: https://routerscan.io

Bridging Flow to Keplr :

If users wish to bridge their tokens directly to Keplr wallet they can first generate their ROUTE deposit address on Keplr and then provide the chain in the bridging flow to receive the tokens on Router Mainnet.

Update 24/07/2024 : You can also add Router Chain to Keplr wallet by going to https://chains.keplr.app/ and searching for ROUTER and adding it.

The steps to generate your Router Chain deposit address Keplr are shown in the video below :

Video Guide on finding your $ROUTE deposit address on Keplr

Once you have obtained the ROUTE deposit address on Keplr, you can specify it in the Bridging section and receive the tokens directly on your Keplr wallet.

Notice that in this flow, we have added the recipient address which we obtained from Keplr

This is the end of the Bridging section.

3. Staking/Delegation :

Users can go to the Staking page in Router Hub to stake their tokens to validators. Please note that the native staking rewards for ROUTE are scheduled to go live on July 30, 2024.

On the Validators page, select the validator of your choice and click on the Delegate button.

You can enter the amount you wish to stake to the Validator and click on Confirm Delegate. This will then require a wallet transaction to be signed, and the tokens will be staked to respective validators and start earning rewards.

You can see your delegations on the Wallet page on the hub. Please note that the Router Chain has a 21-day unbonding period. That means that once tokens are staked if you wish to withdraw them, they will have to go through a 21-day unbonding period in which the tokens will not be accessible and will not be earning staking rewards. This is in line with industry standards for Cosmos-based chains and is required to maintain the security of the PoS network.

We suggest that you stake your tokens in multiple validators instead of delegating all tokens to just one validator. Networks that distribute stakes across a wide range of validators are better than networks with a majority stake in just 2-3 validators.

This is the end of Staking/Delegation section.

Centralized/Decentralised Exchange Migration Status [This will be updated as we receive updates from exchanges]

Changelog

We are excited to embark on this transition and, with the launch of Router Chain, herald a new dawn in chain abstraction.

Website | Router Nitro | Twitter | Telegram | Discord |

Router Chain
Router Protocol
Token Migration
Router Migration

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Router Protocol
Router Protocol

Written by Router Protocol

3.2K Followers
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Router Protocol is a secure, composable, and modular framework for building interoperable applications. More at https://routerprotocol.com

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