In the fast-evolving blockchain space, asset smart contract migrations are inevitable. These migrations, essential for technological improvements, can be challenging for users in terms of accessing consistent data and understanding the asset’s history. Our approach is designed to make this process transparent and user-friendly, particularly for users of CADLI, our price discovery index. This blog post will explain our smart contract migration management, focusing on the benefits for CADLI users and the intricacies of our parent asset structure.
Our Process for Smart Contract Migration:
- Announcement Documentation: We convert and store migration-related announcements as PDF documents, linked to the original asset for user reference. Here is an example of our asset events endpoint.
- Creating New Asset Versions: A new asset version is created for each migration, the new asset is generally used to represent the old contract, labelled as {SYMBOL}V1, V2, V3, etc., ensuring clarity in asset tracking. We do this because, usually the old token is not immediately converted and sometimes still trades on DEXes. Here is a list of all available assets.
- Single Address Per Chain: By maintaining a single address per chain for each asset (but there can be multiple chains, hence multiple address per asset), we simplify the mapping process, making it easier for users to follow and understand each asset’s presence across different blockchains.
- Version Sequencing and Parent Asset Structure: We carefully manage version sequencing and set up parent asset relationships. For instance, in currencies, USD is the parent of USDT, encompassing all the supported platforms of USDT. This structure allows us to link assets logically, facilitating easier discovery and understanding. We use the same logic for different versions of smart contracts. Here is an example of USD asset data with all the sub assets (stable coins in this case). For each child asset we store the asset issuer, the chain it lives on, the address where it is found / deployed, the number of decimal points and when it was first implemented.
- Unique Mapping: Our process guarantees that a smart contract address on a chain is always uniquely tied to a single asset. This simplifies mapping and maintains continuity with the CADLI index.
Benefits for CADLI Users:
- Continuous Data: Our approach allows CADLI (our price discovery index) users to access continuous data since our index is linked to the asset ID, not the symbol. This ensures uninterrupted historical data, crucial for accurate price discovery and analysis.
- Clear Asset History: Migration events added to our platform provide a comprehensive history of an asset’s evolution, aiding in informed decision-making.
Advantages for all Users:
- Simplified Asset Tracking: Users can easily track and understand the evolution of assets, thanks to our clear versioning system and parent asset structure. It also allows them to see if there is any liquidity on DEXes in case they have chosen to not yet converted their tokens. In some cases the centralized exchanges do this automatically for their customers.
- Reliable Data for Applications: API users benefit from consistent, reliable data for their applications, crucial for building robust blockchain-related tools and services. You can find all the asset metadata, pricing, exchange data, news and index endpoints here.
- Efficient Price Discovery: With continuous data through CADLI, users can conduct efficient price discovery and market analysis, essential in the dynamic digital asset market.
- User-Friendly Interface: Our platform’s design prioritizes user experience, making navigation and understanding of complex blockchain migrations intuitive. Here is an example of getting asset metadata by smart contract address and chain.
- Informed Decision-Making: The comprehensive history provided by migration events allows users to make more informed decisions regarding digital asset investments and strategies.
Our structured approach to managing smart contract migrations ensures a seamless and informative experience for our users, particularly those utilizing CADLI for price discovery. The parent asset structure and our commitment to maintaining a single address per chain per asset enhance the usability and reliability of our platform. This methodology not only caters to the current needs of our users but is also adaptable to future developments in the blockchain sector, underscoring our dedication to innovation and user-centric solutions in digital asset management.
Want to access CCData’s market leading data? We provide crucial real-time information necessary for tracking market movements, complete with tick-level trade history across all covered instruments and markets, at the highest granularity provided by each exchange.
If you’re interested, we suggest getting started by exploring our free API. Delve into the wealth of data and features that can empower your venture into this new and exciting domain.
