Kin abandons Ethereum and Stellar and migrates to Solana – The course of the SOL takes off
KIN’s tokens are migrating to the Solana blockchain today. Why is Kin’s development team turning away from Ethereum and Stellar?
As explained in a press release published on Medium, KIN tokens will migrate to Solana from 3pm today. Kin’s engineers explain that this is „the biggest migration in the history of cryptomoney“. The manoeuvre has of course been tested over the last few days, thanks to a multi-node testnet.
It is the „active“ accounts, as well as those containing at least 1 dollar in KIN, that will be transferred in priority to the Solana blockchain. Several exchanges by Crypto Trader have already indicated that they will automatically take the migration into account, including Bithumb and HitBTC. For users of Binance, Coinbase and other non-compatible exchanges, the migration will have to be done manually. The list of compatible platforms and wallets as well as instructions have been detailed in a guide.
Why does Kin choose Solana?
As we mentioned, Kin originally existed on Ethereum. Initially, the tokens had been issued by the Kik courier service, which had attracted the wrath of the American financial policeman SEC. He was convicted last fall. In 2019, KINs were launched on the Stellar block, but this was considered too limited to be able to efficiently and quickly process transactions.
Hence Solana’s choice. The blockchain is not unknown in the ecosystem: its performance has already enabled it to seduce the big Tether (USDT), which launched on Solana last September. Still, Kin expects that this migration will allow a much higher number of transactions per second to be taken into account. This corresponds to the fourth version of Kin (Kin4).
The price of the SOL rises
Since the announcement of the migration on 13 December, the price of SOL, the native token of Solana, has risen significantly. In less than two days, the SOL has risen by 21%, whereas it had been falling until then:
This pushes the capitalisation of the SOL to nearly 80 million dollars. However, over the last thirty days, the token has fallen by 10%. A more prolonged increase will therefore be necessary for the migration from Kin to Solana to have a lasting effect.