IOTA Rebased Network Launches May 5: No Token Migration, New Wallets, and Full Validator Rollout

Sean Williams
IOTA Rebased

Getting your Trinity Audio player ready...

The IOTA ecosystem is on the cusp of a significant transformation as the official launch date for its highly anticipated Rebased network upgrade has been set for May 5, 2025. This pivotal moment promises to enhance the existing IOTA infrastructure, transitioning from the current Stardust network to a streamlined system simply known as the IOTA network. Notably, the upgrade will eliminate the often cumbersome process of token migration, offering a smoother transition for its user base.

Users will retain access to their digital assets through their existing private keys, mnemonic phrases, or stronghold files used with Firefly or Bloom wallets. However, a key update will see the current Firefly wallet replaced by a new browser wallet extension upon the Rebased network going live. Furthermore, IOTA intends to introduce a comprehensive wallet dashboard, providing users with detailed insights into token vesting schedules and offering robust asset management tools. For Ledger hardware wallet users, compatibility remains, although owners of the deprecated Ledger Nano S on Ledger Live will need to follow a manual setup procedure. To interact with the Rebased IOTA Mainnet, users will need to install the updated IOTA Ledger application, ensuring secure access to their holdings post-upgrade.

Genesis Ceremony and Validator Network Lay the Foundation

The launch sequence on May 5th will commence with what IOTA has termed the “Genesis Ceremony.” This carefully orchestrated event will initiate the Rebased Mainnet through the collaborative efforts of 13 initial validators. This foundational group includes the IOTA Foundation alongside reputable entities such as Twinstake, Stakin, and Nansen, underscoring the project’s commitment to a secure and trusted launch. The process will begin with the coordinated shutdown of both the Stardust mainnet and the IOTA EVM. Following this, a snapshot of the current ledger state will be captured.

Crucially, the IOTA Foundation and the designated validators will internally verify this data before establishing mappings between old and new addresses. This is particularly important for treasury funds, which will now be managed by a third-party custodian. In a move towards greater transparency, these mappings and other critical data points will be made publicly available.

A representative from the IOTA Foundation will act as the “Master of the Ceremonies,” overseeing the creation of the Stardust Objects Snapshot. Subsequently, validators will upload their metadata to a shared repository, culminating in the creation of the initial checkpoint and migration files. These files will essentially document the transaction history that will serve as the starting point for the new network.

Final Preparations Underway for Seamless Transition

In the final lead-up to the network’s activation, all 13 validators will be required to provide their digital signatures on the checkpoint, verifying the integrity of the migration data. This finalization phase is paramount to ensure the genesis.blob file contains the consensus of all participating validators. Once this crucial step is completed, the genesis file will be distributed through public repositories and Amazon S3.

Also Read: IOTA’s Rebased Upgrade Launches May 5 — Here’s What You Need to Know

Following the distribution, each validator will proceed to set up their nodes utilizing the finalized genesis data. Simultaneously, IOTA will be rolling out its new infrastructure, including the new wallet applications, network explorers, RPC endpoints, and node APIs. This comprehensive rollout aims to establish a robust foundation for the ecosystem’s future growth. IOTA EVM services are slated to be brought back online within four to eight hours after the main upgrade. Users will be able to continue using MetaMask for their EVM interactions, and a new IOTA EVM Bridge Web App will facilitate seamless token transfers between the IOTA Layer 1 and the EVM.

However, users are advised to manage their positions carefully due to anticipated downtime during this transition period. The initial validator network of 13 is just the beginning, with IOTA planning to onboard approximately 10 new validators per day post-launch, targeting around 50 validators by the end of the first week and an ambitious goal of 150 validators in the following months, significantly enhancing both the network’s reliability and decentralization.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

Related Posts