12th October 2024 > > CUDOS.

tl;dr

The CUDOS/FET merger may prove problematic for some holders of CUDOS.

Market Snap

Market Wrap

A strong day for all risk assets, in sharp contrast to the initial reaction of the markets to the latest highly inaccurate inflation figures.

Curious Cryptos’ Meme Corner

And on an up day, let’s really cheer ourselves up.

Curious Cryptos’ Commentary – CUDOS

They say it’s a merger, but CUDOS will be converted to FET at a ratio of 118,344.1 with a three-month vesting period from CUDOS to FET, awarded every second. That is a take-over whatever way you try to spin it.

FET holders need to do nothing of course.

Some CUDOS holders need to take action now, but the CCC (mostly) has your back. Read on, if you previously made the wise decision to buy CUDOS.

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Not a lot of people know this, but CUDOS exists on both the Ethereum blockchain and the Cosmos blockchain. The most useful, and undeniably the best option, is the Cosmos version, allowing you to accumulate staking rewards (which can be easily compounded daily if you so wish) and avoid the excessively high fees of Ethereum compared to the mere cents or less you will incur on Cosmos.

You might have bought CUDOS on a DEX, probably Uniswap or Osmosis. You might have bought CUDOS on a CEX, probably Kucoin or Gate.io. Let’s deal with each in turn, starting with the simplest, Osmosis.

Osmosis is a dApp that exists on Cosmos. You likely sold OSMO to buy CUDOS using a Keplr wallet, though there are other storage options. In this scenario, it is highly improbable your coins exist anywhere other than in your Keplr wallet or its equivalent, and that you are staking your CUDOS. Full marks for foresight, you need do nothing else – your CUDOS and your staking rewards will be converted to FET with no requirements put upon you. Except perhaps a little patience.

The second simplest option is having bought CUDOS on Uniswap, paired against WETH. In this scenario, you will likely be holding your coins in MetaMask using the Ethereum blockchain, or perhaps one of its competitors. You now have two potential courses of action.

The first is to set up a Keplr wallet as an extension to your Brave (or other) browser, and then bridge CUDOS from Ethereum to Cosmos using this dApp:

https://bridge.cudos.org/

Connect your MetaMask wallet holding CUDOS and the Keplr wallet into which you want to receive CUDOS. Click “Start Transfer”, enter the amount, sign the transactions (there will be one to approve using the bridge, and the second to execute the bridge) and in very little time at all your CUDOS is now back in its home environment. Now go ahead and stake in the usual way within the Cosmos environment.

Alternatively, you can swap CUDOS for FET within the Ethereum ecosystem using:

https://www.singularitydao.ai/migrate-asi

I am not sure why you would do that, but it is an option.

Let’s now look at Kucoin.

Annoyingly, as I had bought CUDOS on Kucoin as a short-term speculative trade, Kucoin has now announced it will not support the merger of CUDOS and FET, having previously said it would. You have until the end of this month or the next to remove your CUDOS or lose it forever. Crack on, I say.

The second annoying thing I have just found out is that Kucoin sourced CUDOS is the Ethereum version, not Cosmos. So, transfer CUDOS to from Kucoin to MetaMask on Ethereum and then either bridge or swap as described above.

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Finally, we come to Gate.io.

It is possible that some think that this option is the easiest of all, and they may have a point. But I feel a rant coming on, and I didn’t want the rant to put you off reading the really important information above. Look away now if you are a big believer in overly rewarding failure with taxpayers’ hard-earned cash.

I was always a big fan of Gate.io. Easy to use, cheap fees, and you avoided ending up with dust across many different coins. The whole experience was rather delightful. Gate.io is also supporting the merger, so if you bought CUDOS on Gate.io you need do nothing (note – to the best of my knowledge this is true, but DYOR).

The problem is that the UK regulator actively works against the interests of UK crypto investors, previously at the direction of Rishi Sunak who blatantly lied about his ambitions for cryptos for the UK, and now at the behest of Sir Keir Free Gear Starmer, who has accepted more freebies as the leader of his party than all other leaders of that party since 1997 combined.

Part of this campaign against crypto adoption is to restrict access to centralised cryptocurrency exchanges like Gate.io which no longer serves UK clients because of the intimidating regulatory regime.

The UK regulator, the FCA, used to be a fine organisation, dedicated to ensuring compliance to the rules by financial firms but also working hard not to stifle innovation and progress. That all started to change in about 2016 when it began to view itself in rather grander terms, with the result being that the FCA has become an impediment to our financial wellbeing. Much like the SEC, it extended its own remit without legislative backing, making us all the poorer.

The eagle-eyed will note that the current governor of the Bank of England, Andrew Bailey, became head of the FCA in 2016 before leaving to take up his current post in 2019. Coincidence? I think not. Bailey, who is even more incompetent than the previous incumbent Mark Carney (though no-one ever believed such a thing to be even remotely possible) is the living embodiment of failing upwards that is prevalent throughout the public sector.

I guess he will never be fired.