Kin Launches Its Migration to Solana Blockchain; Moving 55 Million Crypto Accounts
- Kin Foundation is launching the “biggest migration in crypto” to Solana blockchain.
- Accounts with more than $1 will migrate on Tuesday; the rest will follow within two weeks.
Kin Foundation announced a successful partnership with Solana to migrate its ecosystem to the latter’s blockchain. This follows a switch from the Stellar blockchain as the lead developers complained of scalability issues, voting to leave the ecosystem.
This move aims to provide the Kin ecosystem a faster and more scalable platform to run in what Kin labels “the single largest migration in the history of crypto.” Over 55 million Kin accounts will migrate to the Solana blockchain, the statement reads.
The migration is scheduled to start on Tuesday, 15th December at 9 AM ET, following a successful mainnet upgrade on Monday's Solana blockchain. The migration is set to run smoothly, as Solana and Kin's tests showed over the past few weeks. During the test period, the Solana development team uncovered optimizations that make the migration smoother hence integrating them in the new mainnet upgrade.
The report further states that the system will prioritize users’ accounts holding more than $1 in Kik cryptocurrency during the migration.
“The migration sequence will begin with on-demand migrations which prioritize all active accounts and any accounts with at least US$1.00 of Kin,” the report reads. “We anticipate this portion will be completed by the end of the day.”
Migration of the rest of the “inactive accounts” (or those accounts holding less than $1) will happen in the coming “1-2 weeks”. This is done to ensure the migration is smooth and stable on all accounts. Users holding balances below $1 are urged to top up to jump up in line during the migration.
The kin ecosystem is finally back on track after suffering both on and off-field issues, including the split with Stellar blockchain. However, the U.S. Securities Exchange Commission (SEC) battle brought much spotlight to the project.
Following Kin’s $100-million initial coin offering (ICO) on the KIK crypto, the SEC claimed the company had offered the security illegally, which led to a $5 million settlement with the regulator May of last year.