Fellow Mandalarians,
Mandala Exchange will support the Syscoin (SYS) network upgrade & hard fork.
Mandala Exchange will support the Syscoin (SYS) network upgrade & hard fork.
- The Syscoin (SYS) network upgrade will take place at SYS mainnet block height of 1,317,500 or at approximately 2021-12-06 11:49 (UTC). Deposits and withdrawals of SYS will be suspended starting from approximately 2021-12-06 10:49 (UTC). It will take some time to resume service.
Please note:
- The network upgrade will happen at Syscoin block height 1,317,500. The estimated time is for users’ reference only. Users can check the progress via https://syscoin.org/.
- The trading of SYS will not be affected during the upgrade.
- Mandala will handle all technical requirements involved for all users holding SYS in their Mandala Exchange accounts.
- The Network-Enhanced Virtual Machine (NEVM) upgrade brings Ethereum Virtual Machine (EVM) and scalable smart contracts to the Syscoin ecosystem with several notable changes below:
- With the implementation of EIP-1559, Syscoin’s maximum token supply of 888 million SYS will be replaced with a dynamic supply schedule. Transaction fees will also be burned.
- There will be a maximum of 1.25% annual inflation to reward masternode and NEVM miners. In reality, annual inflation will be lower than 1.25% due to fees being burned.
- The community has approved a proposal to mint an additional 100 million SYS tokens. The circulating supply of SYS will increase from 623 million to 723 million. Existing SYS token holders will be diluted by ~13.83%. The newly minted tokens will be allocated to the Syscoin Foundation for development, TVL incentives to foster the growth of the ecosystem, marketing, and to enable strategic partnerships. (Details here)
- We will reopen deposits and withdrawals for SYS once we deem the upgraded network to be stable, and we will not notify users in a further announcement.
NEVM Launch
This fork will introduce NEVM, an EVM compatible operating layer as described in https://jsidhu.medium.com/a-design-for-an-efficientcoordinated-financial-computing-platform-ab27e8a825a0
The new Syscoin 4 Whitepaper will be available soon at https://syscoin.org/whitepaper
For more information on the network upgrade & hard fork, please refer to the following:
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. Mandala Exchange will make best efforts to choose high-quality coins but will not be responsible for your trading losses.
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Mandala Exchange reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
Mandala Exchange reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.