🔮Shyft Network v.2 Ethereum Contract Upgrade
V.2 Integrates critical components and features for Shyft Network’s use cases, and it paves the way for the launch of the network.
Shyft Network was designed as a cross-chain, general purpose, smart contract infrastructure to support use cases that require compliance, identity & trusted data requirements.
As we move closer to the launch of mainnet, we have identified use cases and areas of opportunity where the network and it’s layer 2 smart contract infrastructure can truly shine. Our development team has rolled out a series of improvements to upgrade our Ethereum smart contract and we want to invite our community to join us in this exciting next step. This upgrade is critical to the next phases of use cases that the Shyft Network was designed to enable.
What is SHFT v.2
The upgrade brings the following critical architecture updates as well as key feature sets into the Shyft Core smart contracts:
- Serves as bridging between the Shyft Network layer 1. This is critical to ensure users, use cases & assets are 1:1 transferable across all EVM’s that support Shyft Network core contracts;
- Creates the necessary upgrade requirements for the ecosystem to utilize institutional data & asset composability architecture for dapps & DeFi. These modifications allow the Shyft core contracts to utilize user, data & asset routing tables enabling rule engines & trust channels tooling for institutional liquidity requirements to be deployable on Ethereum;
- Enables opt-in synthetic asset creation into the Shyft Network smart contracts for bootstrapping institutional liquidity pools;
- Enables incentivized liquidity pools for community rewards to be easily utilized & deployed, and
- Fixes Etherscan & related data requirements as well as minor changes that allow for smart contract extensions.
The Upgrade Process & Philosophy
The Shyft Network smart contracts do not allow for automated upgrades so users & VASPs (liquidity venues; exchanges) will have to utilize the upgrade paths in order to complete their migration. This is to ensure that, in the future, the community does not allow core developers to make changes to the smart contract system without users directly taking steps within the upgrade process.
We believe in decentralization & while it is easier to allow for forced upgrades, we believe long term that these controls should be based on user opt in & choice.
SHFT V2 Upgrade Information
The migration process is available starting today. It is advised that users complete the upgrade within a week from launch of upgrade. We want to ensure that the Shyft Network community transitions prior to new deployments, upgrades & deployment, by the Node Federation, of the Shyft Network main network.
How to do the token upgrade:
- Open the MetaMask Browser extension and log in to your wallet;
- Scroll down and select “Add Token” and type in the SHFT v.2 Token Contract Address:
**Don’t worry about the other fields as they will autofill
- Go to the token upgrade portal (https://upgrade.shyft.network/) and connect to your MetaMask wallet;
- Perform the token upgrade by clicking on “Max” and then “Upgrade”
**Make sure you have enough ETH in your MetaMask to cover gas fees or else you will be unable to upgrade your tokens**
- Wait a few minutes to confirm your balance, and
- Enjoy your V2 Shyft Tokens!
These are very exciting times for Shyft Network and we want the community to be able to fully utilize Shyft and see its use cases in action as quickly as possible. As we approach full decentralization, we are making sure that this transition takes place in the most coordinated fashion. Reach out to us should you have any questions.
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