Token Refresh Part 2
tl;dr The original
SINGULARITYtoken was created using the Solana SPL SDK, made it impossible to migrate its account to the new Metaplex metadata standard, so it got burned instead, and we minted a brand new one.
It's been a couple of very interesting days attempting to rename a token in the Solana blockchain. You would think it should be relatively simple, just run an instruction on the Token Program and you are all done.
Far from it.
We created the
VELORUM tokens back in November 2021, when it was all done through the Solana SPL SDK, manually adding a record to a JSON file in the Solana foundation GitHub repo, yikes.
For posterity and reference:
And some links
- The Solana JSON file: solana.tokenlist.json
- SINGULARITY account
- VELORUM account
If you dig through the transactions on the tokens you might see we have completed the burn of 100% of all VELORUM tokens already. You can see several transactions: here, here, and here.
For SINGULARITY the plan was to just rename the token, add new metadata, etc. However it turned out impossible for two main reasons, the token minting account was too old and was flagged as 'Non-Upgradable' for some dark reasons.
We tried moving all the tokens to a brand new associated account and proceeded to close the original one, see here.
That didn't work either, a couple of tests later and we managed to add a metadata record to the token account, pointing to a new name, and new image, but... of course, it doesn't work. Wallets and explorers take the Solana token list file as the first source of truth. If the token hash exists there, that info is what they display.
After hours of tests, hundreds of CLI commands, and lots of coffee, I took the executive decision to move on from the old tokens and embrace the new Metaplex Solana Fungible Token Metadata standard fully.
Thus the new VElorum Cash (VEC) token was born.
Avoid scams by always verifying this is the correct hash when doing transactions.
The not-so-definitive end of the SINGULARITY Token
Well not so fast, as it turns out we have some holders other than us already. Yes, this happened back early last year when we created a market for the
SINGULARITY-USDT pair in Raydium, and we added some liquidity to it to see what happened, you know, just for fun.
And what happened is that a few sniping bots instantly got hold of it and swapped some tokens in a few milliseconds, exactly 22,388.060848276 tokens to be precise. And they are still holding them to this day.
What this means is that we can't burn all of them, since we don't own these 11 balances anymore (technically 10 since number 7 on the list is Raydium AMM itself).
That's it. I will be amending our whitepaper with all this info shortly.
See you around the Galaxy!