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Migration FAQ

What's happening?#

In the first "season" of our DCPT token, we saw 74,000+ wallets activated. Next, we're launching a broader protocol and converting to an ERC-2O token.

You can read the migration announcement here.

What do I need to do to participate in the ERC-20 migration?#

We are finalizing token allocation plans for our ERC-20 governance token. This token will not have any financial value or ownership rights. It will be used for governance around our upcoming Decrypt DAO effort.

To be eligible for the claims process, you must link a beneficiary Ethereum wallet address with your Decrypt account through the token migration dapp on the Decrypt website.

The token migration dapp is live at decrypt.co/token-status after first logging into the Decrypt.co website with the same email you used for the Decrypt mobile app.

We will give reader reward DCPT token holders ample time to link a beneficiary address. We will annouce a deadline by which all accounts must have a linked beneficiary address, after which we will deploy a distribution contract that grants linked beneficiary addresses a claim credit for the new ERC-20 token. We are exploring options to deploy this contract on both Ethereum mainnet and sidechains such as Polygon for better gas efficiency. The Ethereum beneficiary address you linked will work on both Ethereum mainnet and Polygon, if we go that route.

Can I claim my ERC-20 tokens now?#

Not yet—you will be able to claim your tokens once we deploy the distribution contract.

First, we need to collect Ethereum addresses for readers who have a DCPT balance.

Make sure to link your ETH wallet address before the distribution, if you have not already done so.

Why do I need to link my ETH wallet address?#

You must link an Ethereum wallet address to be eligible to claim your share of our new ERC-20 governance token based on your participation in Season 1 and the DCPT you earned.

The address you link we will be included in the distribution contract used for the claims process. If you do not link an Ethereum address, you will not be able to claim your tokens once the distribution contract is live.

How do I stay up-to-date on changes and new developments?#

We recommend you join our Discord server, watch for new documentation on this website (docs.decrypt.co) and read the "Our Company" section of the News site.

When I try to access my legacy OST wallet in the Decrypt app, I see "No OST User Id associated with this account"#

If you're seeing this message, it means the OST sidechain API is not available.

The legacy wallet part of the Decrypt app might stop working at any time. We cannot guarantee the availability of the OST platform.

If the OST platform is not available, don't worry. This will not affect the token migration.

Will I be able to earn DCPT or ERC-20 tokens in the app after Season 1?#

The final distribution of the initial 21 million DCPT tokens will mark the end of Season 1. After Season 1, Decrypt users will not be able to earn DCPT or ERC-20 tokens in the app.

We have decided to pause token rewards on OST and instead create a new ERC-20 token and protocol that can interoperate with any website or application compatible with Ethereum wallets.

You will still be able to track your read progress, share, and react to articles in the app, and we have additional exciting features planned.

In a future version of the app, we would like to add a “Decrypt Points” reader rewards experience that complements the ERC-20 token and protocol.

What can I do with the new ERC-20 tokens?#

As a first step, we will extend voting functionality on Decrypt community proposals for the ERC-20 token. We are also working to create unique community functionality and product features for readers that hold the token.

Long term, the primary motivation for this migration is to take advantage of the broader Ethereum ecosystem and build a protocol together with the community that becomes the platform for an industry-leading, community-governed web3 publication. Holders of this token will have the opportunity to help shape and create this future.

What is happening to Decrypt Rewards?#

This migration effort is our top priority, and we want to focus on it 100%. As such, we are pausing new rewards drops, at least until we’re ready to share more details about the initial protocol work.

We do plan to continue to offer future NFT and other on-chain rewards for both Decrypt readers and holders of the ERC-20 token. Having an ERC-20 token makes it easier to offer on-chain rewards via smart contracts, where we can take advantage of a simpler claims process and more developed tools.