Swansong: Last update to Cygnus before launch & migration guide
This is a CYG migration guide for existing holders before the whole protocol goes live. The new CYG token is built on LayerZero’s latest technology, designed specifically to thrive in a future where major blockchains communicate seamlessly.
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The Cygnus protocol began in February of 2022. After months of planning, we began working on the Ethereum code base in June 2022
Right from the get-go, the Cygnus protocol was built to operate across multiple chains. We initially focused on EVMs, but we also simultaneously ventured into developing on Starknet (non-EVM). Our mission has always been clear: to create a hub where DeFi Liquidity Providers can leverage their liquidity for easy access to capital.
Since we started developing the protocol, we have seen the same issue with bridges time and time again:
February 2022: Wormhole drained $375 million
March 2022: Ronin Bridge suffered a $624 million loss
August 2022: Nomad Bridge saw $190 million vanish
September 2022: Wintermute took a hit of $160 million
June 2023: Multichain faced a $103 million loss
The scale and frequency of these hacks underscore the growing concern around compromised bridges.
After discussions with the LayerZero team, we’ve concluded that the smart move for the protocol and our community is to transition CYG to LayerZero. This shift aligns perfectly with our goal of embracing an Omnichain future, safeguarding the protocol from any single point of failure.
Cygnus V1 (CYG)
In July of 2023 we conducted an airdrop where over 200 users claimed the CYG token. Right as we did the airdrop, more news regarding the Multichain bridge hack started coming out. The bridge ended up being suspended, leaving a lot of users affected and specifically impacted the Fantom blockchain, which we are big fans of.
The final stage of CYG is for the owner of the token (the CYG deployer) to give ownership to a contract which is the sole minter of CYG on any chain. Once this transfer of ownership has been done, it is impossible to revert, and CYG would start being minted immediately for the next 4 years.
We decided to abandon this plan, and move to a new token using LayerZero. The ownership of the old CYG token was never granted to the minter contract, and will instead be given to the burn address (0x0) after migration.
The old CYG token was deployed only on Polygon, and can be found here. The total minted supply of CYG V1 is 52,675 and this will be the max ever supply.
Cygnus V2 (CYG) — Layer Zero
The new CYG token is built on **LayerZero’**s OFTV2, which is capable of communicating with EVM chains and non-evm chains (such as Starknet). The supply, name, ticker are all the same. The difference won’t be noticeable to the end user, but we will now be able to send CYG across all chains relying on LayerZero messaging instead. The new CYG token is identical to the old:
Name: CygnusDAOTicker: CYGMax Supply: 2,500,000 CYG
The contract for the new CYG token can be found here.
CYG V1 to CYG V2 Migration
Since we did the airdrop on Polygon, there is a total supply of 52,675 CYG V1 tokens. We will create a migration contract where users can redeem for the new CYG token at a one-to-one exchange rate. After migration is finalized, the owner of the CYG V1 token (0xHyoga) will transfer ownership of the old CYG token to the burn address, meaning the old CYG token will cease to exist.
The migration will commence this week, and will have a deadline of 6 months. We initially opted for no deadline, but adding a deadline will incentivize users to migrate ASAP and keep things more organized.
Migration start: 18th of August 2023.
Migration end: 18th of January 2024.
Migration contract will be posted on our next medium article today or tomorrow and added below.
CYG OFTV2: {TBA}
CYG MIGRATION: {TBA}
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Cygnus Community
Come and say hi to our community! Follow us on Twitter for more announcements. We will soon include Telegram and Discord once we launch.
🐦 Twitter: twitter.com/CygnusDAO
👾 Discord: https://discord.gg/CygnusDAO
✍ Blog: medium.com/@CygnusDAO
🌐 Website: cygnusdao.finance