Celebrating $SLF Migration Success: Discover $SLF’s Role and Utility in the Self Chain Ecosystem
In our previous posts, we discussed the DAO-approved SLF tokenomics and how the community's vote shaped the current token allocation.
In our previous posts, we discussed the DAO-approved SLF tokenomics and how the community's vote shaped the current token allocation. For our new users, today’s post will provide a closer look at the ongoing migration status from $FRONT to $SLF, highlighting why this transition is vital for Self Chain’s ecosystem and outlining what users can expect in the coming months.
Introduction to the DAO-Approved Rebranding
Earlier this year, the Self Chain community overwhelmingly supported the rebranding proposal through a DAO vote, achieving a 100% approval rate. The proposal detailed the increased $SLF token supply, allocation, vesting schedule, and utility, ensuring that the updated tokenomics aligned with the community’s needs.
This marked the transition from Frontier ($FRONT) to Self Chain ($SLF), with $SLF now serving as the core asset for Self Chain’s Layer 1 blockchain. Several centralized exchanges have supported the token swap, including:
These CEXs have made it easier for $FRONT holders to seamlessly swap their tokens to $SLF, ensuring broader adoption and smoother integration into the Self Chain ecosystem.
The Role of $SLF in the Self Chain Ecosystem
The $SLF token serves multiple purposes within the Self Chain ecosystem, ensuring that it plays a vital role in the network's functionality, security, and governance.
$SLF Utility:
Gas Fees: $SLF tokens are used for transaction fees on the Self Chain blockchain. This ensures that the network remains efficient and accessible.
DPoS Validator Staking: $SLF holders can actively participate in securing the network by delegating their holdings to validators or running validator nodes.
Governance: $SLF holders can engage in future governance decisions.
Native Collateral: $SLF tokens can be utilized as native asset liquidity or collateral within applications built on the Self Chain.
Fee Markets: Users can incentivize validators with $SLF tokens to prioritize their transactions, creating a dynamic and efficient fee market.
Trading Fees: $SLF tokens can be used as trading fees on exchanges built within the Self Chain ecosystem.
Migrating from $FRONT to $SLF opens up more opportunities and puts you at the forefront of a growing Layer 1 blockchain community.
Key Differences Between $SLF and $FRONT:
$SLF plays a fundamentally different role than $FRONT ever did. As stated in the rebranding proposal, $SLF will serve as the core asset of the Self Chain Layer 1 blockchain. $FRONT will no longer have utility within the Self Chain network.
The migration from $FRONT to $SLF is essential for both technical and operational reasons. As $SLF replaces $FRONT, users are urged to migrate their tokens to ensure they are fully integrated into the Self Chain ecosystem and can take advantage of its staking and governance features.
Migration Progress: A Milestone Achieved
The migration from $FRONT to $SLF has been a resounding success so far, with 68% of all $FRONT tokens migrated, representing approximately 61 million $FRONT tokens. This migration demonstrates the strong commitment of our community to the future of Self Chain and sets the stage for continued progress.
Check the Dead Contract Address for the latest updates on the $FRONT migration progress.
Note: A dead smart contract is an Ethereum contract that permanently locks the migrated FRONT tokens during their conversion to SLF. At the time of writing, this number stands at 61,000,000 FRONT.
As more tokens are swapped for $SLF, the circulating supply of $SLF will increase, further contributing to the growth and stability of the Self Chain network.
Manual Migration for Self-Custodial Wallet Holders
For users who still hold $FRONT tokens in self-custodial wallets, there are two migration options:
Manual Migration: You can manually swap your $FRONT tokens to $SLF using our portal.
Binance Convert: If you're holding $FRONT on Binance, the Binance Convert feature allows you to quickly swap your $FRONT tokens for $SLF. Simply deposit your $FRONT tokens into your Binance account and follow this step-by-step guide to complete the conversion.
By migrating to $SLF, users ensure that they remain active participants in Self Chain’s growing ecosystem, with access to new features such as staking and governance.
What to Expect in the Next 2-6 Months
As we look forward to the next 2-6 months, several key developments are on the horizon:
- Continued Token Migration: The migration from $FRONT to $SLF will continue, and we expect to see an even larger percentage of tokens converted in the coming months. This increase will drive up $SLF’s circulating supply, further strengthening the network.
- New $SLF Integrations: As we expand, $SLF will be integrated into more platforms, allowing for increased utility and interoperability within the broader blockchain space.
- Stake Your $SLF: As $SLF becomes more widely circulated, it is highly recommended that users stake their $SLF tokens to help secure the network. Staking ensures the network’s decentralization and security while offering participants rewards in return.
- Network Growth and Governance: With more tokens migrating and staking participation growing, $SLF holders will have greater opportunities to shape the future of Self Chain through governance voting. This democratic process will guide the network’s upgrades, staking incentives, and long-term goals.
Conclusion
The migration from $FRONT to $SLF is a key milestone in the evolution of Self Chain. With the DAO-approved rebranding and the support of major CEXs, Self Chain is on a clear path toward becoming a robust Layer 1. $SLF plays a critical role in this journey, offering new opportunities for governance, staking, and security that weren’t possible with $FRONT.
If you haven’t migrated your $FRONT tokens yet, now is the perfect time to do so. The next 2-6 months will be pivotal for Self Chain as we continue to grow our community, strengthen our network, and increase $SLF’s utility.
Stay tuned for further updates as we continue to build the future of Self Chain!
About Self Chain
Self Chain is the first Modular Intent-Centric Access Layer1 blockchain and keyless wallet infrastructure service using MPC-TSS/AA for multi-chain Web3 access. The innovative system simplifies the user experience with its intent-focused approach, using LLM to interpret user intent and discover the most efficient paths.
Self Chain ensures that onboarding and recovery are effortless with keyless wallets that grant users complete self-custody over their assets. In addition, it provides automated rewards to dApps when they efficiently resolve user intent, further enhancing the user experience. Moreover, Self Chain incorporates Account Abstraction with MPC-TSS to provide secure signing and reduce transaction fees. It's a platform that redefines blockchain interaction, making it more secure and user-friendly for everyone.
In a world where blockchain technology is becoming increasingly essential, the user experience remains a critical factor in its adoption. Intents and Keyless Wallets are set to transform the landscape, making blockchain interactions more accessible, efficient, and secure. As we move forward, the blockchain industry has the opportunity to provide users with a seamless and enjoyable experience, unlocking the full potential of this groundbreaking technology.