Alchemint has launched its SDS NEP-5 to ERC-20 token migration portal and released a step-by-step guide. To participate, users must move a minimum of 100,000 SDS from Neo to Ethereum. As an incentive, Alchemint is airdropping 1 FLM for every 25,000 SDS converted.
In September 2020, Alchemint announced its plans to migrate half of its one billion SDS utility token supply to Ethereum. The team hopes it can increase its user base and connect with more permissionless projects by offering ERC-20 SDS to improve cross-chain use.
The SDS token migration went live on Thursday, November 5th, and will conclude on December 31st, 2020. Once SDS tokens convert from NEP-5 to ERC-20, the process is irreversible.
Those who send SDS on or before November 8th will receive their ERC-20 tokens on November 22nd. For migrations that occur after November 8th, users can expect it to take two weeks to receive the converted SDS.
Alchemint noted, there will be no ERC-20 SDS on the market until November 22nd, 2020.
Additionally, Alchemint intends to distribute its FLM rewards within 48 hours of initiating a migration. The FLM will be sent to the Neo address used for the migration.
Any questions about the migration can be sent to firstname.lastname@example.org.
The full announcement can be found at the link below: