Wednesday, February 19, 2025

Telos Foundation to Oversee TLOS Token Transition from pNetwork Bridge

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KEY TAKEAWAYS

  • The Telos Foundation is transitioning TLOS tokens from the pNetwork bridge as it discontinues support for Telos Zero.
  • pNetwork will transfer remaining TLOS tokens to the Telos Foundation, retaining a 0.25% fee for Node Operators.
  • Users must withdraw TLOS and other assets from pNetwork before the bridge ceases operations on November 27th.
  • The Telos Foundation will manage pTLOS tokens on Ethereum and BNB Chain, ensuring user access and safety.

The Telos Foundation has announced a significant transition for TLOS tokens as the pNetwork bridge discontinues its support for Telos Zero. Over recent months, there has been a notable outflow of TLOS liquidity, yet a substantial amount of TLOS tokens remains safeguarded by pNetwork.

To facilitate a smooth transition, pNetwork and the Telos Foundation have reached an agreement to transfer the remaining TLOS tokens to the Telos Foundation. This move aims to streamline the migration process for users. The details of this transition were announced here.

Details of the Transition

pNetwork will transfer the remaining TLOS tokens on Telos Zero from the x.ptokens account to the Telos Foundation’s Telos Zero address, ptlosmigrate. From the total TLOS on the x.ptokens account, pNetwork will retain a standard protocol peg-out fee of 0.25% for pNetwork Node Operators.

The Telos Foundation will safeguard these funds and facilitate their transfer for users who have not yet redeemed their tokens post the deadline. Additionally, the Telos Foundation will assume ownership of the pTLOS tokens on Ethereum and BNB Chain, becoming the admin of the proxy contract. The Ethereum and BSC addresses for the Telos Foundation are 0xc21d662b431333fE4c8224A25Ffd7799bef12A39.

Upcoming Changes and User Instructions

This transition is scheduled for Wednesday, 27th November. After this date, the pNetwork bridge will cease processing any Telos transactions. Users will need to contact the Telos Foundation directly for further assistance. Detailed instructions on how to claim tokens will be made available within a week following the transition date.

In the meantime, users are strongly urged to withdraw any TLOS and other assets held on pNetwork, such as pUSDC, pUSDT, pBTC, and pETH, by using the bridge before the deadline.

The Telos Foundation remains committed to ensuring the safety and accessibility of TLOS tokens throughout this transition. Users with questions or requiring additional information are encouraged to reach out to the Telos Foundation.


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Shree Narayan Jha
Shree Narayan Jha
Shree Narayan Jha is a tech professional with extensive experience in blockchain technology. As a writer for CoinsHolder.com, Shree simplifies complex blockchain concepts, providing readers with clear and insightful content on the latest trends and developments in the industry.

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