Oikos migrates to BSC mainnet

Introduction

April 30 is an important day for Oikos because it marks one year from our original deployment and the launch of our infrastructure. As the project gradually reaches maturity, it is time for tough decisions. The past year was an amazing learning opportunity for Oikos and we have seen explosive growth in users and trading volume. The Tron blockchain has allowed us to experiment with building DeFi infrastructure outside Ethereum and it has provided us with a decent test-bed, despite the obstructionism from management, and technical difficulties we experienced at some point. Unfortunately, recent changes to the fee model used by Tron have reflected an increase in the operating costs of our platform and we have been looking for solutions to this problem. Today, we are proud to announce the migration to Binance Smart Chain (BSC): a smart-contract-capable blockchain with cheap transactions and greater EVM compatibility.

Phasing out Tron

Transitioning Oikos entirely from Tron to BSC will happen gradually and will require action from users. The requirement for a user to migrate their OKS is that they must be unlocked. Active stakers with OKS locked as collateral are required to pay any outstanding debt by burning synths before they can complete the migration. As part of the process, trading will be disabled and it will be only possible to exchange existing synths for sUSD on minter.oikos.cash. Synths have been removed also from swap.oikos.cash, except for sUSD, as it remains tradeable against OKS, providing an efficient way for stakers to buy sUSD and pay their debt, and for holders to liquidate their balances. Exchange rates on Tron will be frozen on April 30.

Weekly and escrowed rewards

Minting of inflationary supply on Tron will end on Monday, March 29. If you are an active staker, you must complete the migration before such date, to avoid missing your share of the weekly OKS minted. Past escrowed rewards will remain on Tron until they can be unlocked and moved to BSC. The old Minter will be reachable via minter-tron.oikos.cash.

Migration wizard

The wizard is available online at oks-portal.oikos.cash and it offers a simple tool to migrate your unlocked OKS to the BSC blockchain. The user interface will let you choose how many tokens to transfer and to which account they will be credited on the BSC side. Please note that the process might take up to 1 hour to complete after a transaction is submitted.

Oikos on BSC

Oikos official token on Binance Smart Chain is 0x18aCf236eB40c0d4824Fb8f2582EBbEcD325Ef6a. The largest token holder is currently the migration contract, the balance of which will decrease as the migration takes place. As an additional measure, we decided to change the synths naming so that they are now prefixed with an “o”, e.g. sUSD →oUSD, sBTC → oBTC, and so on. The URL for minter on BSC is bsc.oikos.cash, while the exchange is reachable at bsc.oikos.exchange, the dashboard is available at dashboard-bsc.oikos.cash. Subgraph infrastructure is being deployed and the stats website will be released in the next weeks.

Exchanges and trading

We are currently in talks with the exchanges where Oikos is listed and assisting them through the process. Deposits of OKS on the Tron network will be disabled first. Users that have OKS on exchanges should withdraw their balances and complete the migration using the available wizard before April 30. Trading of OKS/USDT and other pairs should not be disrupted, although this may vary across exchanges.

Conclusions

We hope that this write-up has shed some light on the migration process. We are bullish on the future of BSC and we look forward to integrating with the various DeFi platforms in the space, exciting times ahead!

Oikos is an initiative to bring key DeFi applications to the BSC network.