As Powerledger expands with the Solana ecosystem, we know you probably have a lot of questions. In this blog, we cover the top questions surrounding Powerledger’s expansion with Solana mainnet. 

1. Why is Powerledger integrating with Solana mainnet?
Powerledger will halt its own SVM blockchain, and expand its POWR token into the Solana ecosystem as a native SPL token. This integration aims to further leverage Powerledger’s expertise in the energy and sustainability software and to drive Solana to the forefront of Regenerative Finance (ReFi) and sustainability.

• Powerledger can now broaden its reach for its solutions across major marketplaces, tapping into Solana’s vast and diverse audience and ecosystem.
• Expanding onto Solana mainnet enables Powerledger to connect with Solana’s active ReFI and sustainability communities and unlocks new opportunities for collaboration with immediate and positive impact.
• With deep expertise in energy and sustainability, Powerledger is committed to supporting Solana’s leadership in ReFi and sustainability.

2. When does Powerledger integration with Solana mainnet start?
1st October 2024.

3. Will I lose my POWR tokens?
No, all POWR ERC-20 holders will keep their POWR ERC-20 tokens. All staked tokens will be credited and available for withdrawal through the staking platform.

4. How will POWR tokens be used post migration?
POWR tokens will be used both on the Solana network as POWR (SPL) and on the Ethereum network as POWR (ERC-20). We will be enlisting ecosystem partners to ensure the token is readily available on both chains.

5. Will there be any downtime expected?
There is no downtime expected. Powerledger expects to have moved all operations from the Powerledger blockchain to the Solana mainnet prior to the deprecation of the Powerledger Blockchain. Stakers will receive their full reward balance at the time of the shutdown of the Powerledger Blockchain.

6. What are the risks associated with migration and how POWR holders should safeguard themselves?
There are no risks to current POWR holders, and there is no action required. Your POWR holdings will remain on Ethereum after the migration.

7. What will happen to my staked POWR tokens? Can I still stake?
Your staked tokens will become unstaked as of the 1st October 2024. Your staking rewards up to this date will be applied, and your stake and any rewards will be available for withdrawal 7 days later. Staking will be deprecated with this migration, as POWR will now become an SPL token on the native Solana blockchain as well as an ERC-20 on Ethereum.

8. Will new extra tokens be released on Solana & what happens with the current ERC20 tokens & can they be bridged to Solana?
Powerledger will lock up ERC-20 POWR tokens on Ethereum, and a corresponding amount of tokens will be minted on Solana and made available, so no extra tokens will be created. Current ERC-20 POWR token holders are not required to do anything, and your tokens will remain as they did before. At this point in time, they cannot be bridged to Solana, but we are actively working on making the process easier for users to exchange POWR tokens across both Ethereum and Solana.

9. Will the staking method change? Will we still need POWR ERC20 for this?
The expansion to Solana and the deprecation of the Powerledger Blockchain means that the staking platform will also be shut down. All rewards earned up until 1st October 2024 will be applied to your account and will be available for withdrawal through the staking application as ERC-20 POWR.

10. Why have more staking validators changed to 100% commission?
Validators are free to change their commission at any time. We have not noticed a significant increase in this behaviour lately however, it could be related to the imminent deprecation of the Powerledger blockchain and staking platform.

11. Will I eventually need to be fully migrated from ETH to SOL to maintain my POWR?
We have no plans to force POWR holders on Ethereum to migrate over to Solana. You can retain your ERC-20 POWR on Ethereum.

12. Will the growth of SOLANA also influence the growth of Powerledger on the global market?
Yes, we do believe that the network effects of the Solana ecosystem, as well as the greater focus that can be placed on products instead of infrastructure, position Powerledger to grow alongside Solana.

13. Is POWR on solana going to still be offered on coinbase and be able to be staked/stored in a Trezor wallet?
Yes, POWR on Solana as an SPL token will be able to be stored in the Trezor. Staking will no longer be a feature, as it is unnecessary with the Solana mainnet validators.

14. Are you changing completely to Solana or will you use both blockchains simultaneously
Powerledger is not changing blockchains completely. It is expanding into the Solana ecosystem by locking up a portion of its ERC-20 POWR and issuing a corresponding amount of tokens as SPL tokens on Solana. Powerledger intends to utilise the token on both blockchains simultaneously.

Got more questions? write to us enquiries@powerledger.io