The network’s next chapter runs on Panda Chain. Everything you hold carries over in one automatic migration — your balances, your miners, your gold claims. There is nothing you need to do.
Today’s utility token is renamed and recreated on Panda Chain: exactly 21,000,000 PGN, minted once, with no mint function. Every snapshot balance is credited automatically — including balances held inside contracts, which go to their real owners.
Your keys, hold stakes and unclaimed rewards carry over with their schedules intact. The pricing curve is converted at the cutoff exchange rate, so every key keeps exactly its dollar price and sell-back value — now priced in USDg instead of POL. Nobody gains or loses at the move.
Each Cypher is reconciled token by token, retired on Polygon, and replaced by PGC for the gold behind it. Owed stake rewards are paid in PGN. Unclear cases go to a published disputed list, never silently corrected. The conversion rate for each kind of Cypher will be published here before the cutoff.
On Panda Chain, Phoenix uses its own dollar stablecoin, USD Gold (USDg), wherever a dollar is needed: buying and selling miners, funding gold purchases, merchant payments and custodian proceeds. One currency keeps prices stable in dollar terms and keeps liquidity in one place.
Every USDg is backed by one USDC locked in Phoenix’s own bridge. USDg is created only when USDC is deposited, and that USDC is released only when USDg is returned and burned. The reserve is never lent out or invested, and the transparency page shows reserves against supply at all times. USDg launches with the migration. After the cutover, dollar amounts on this site (a key’s price, a funded quote, an escrowed order) are USDg amounts.
The cutoff date and Polygon block are published here and on our channels. Liquidity providers in the QuickSwap PGC/USDC pool should withdraw before the cutoff.
Miner buying and selling is disabled, Cypher minting and operations pause, and every live Cypher is blocked. The legacy contracts are contained — not modified.
Balances, keys, stakes, rewards and all Cypher records are captured at the finalized cutoff block. The snapshot files and their hashes are published before anything is credited.
PGN, miners and PGC are credited to the same addresses, in resumable batches, each entitlement exactly once. Then the migration is sealed with a one-time lock.
A read-only legacy page keeps the frozen Polygon state: the snapshot, its hash, the Cypher retirement transactions and the treatment of every category — so anyone can audit the migration, forever.
After the cutoff block, old Polygon PGC has no recognized value and is not migrated for late buyers. Do not buy old PGC after the cutoff announcement.
Crediting is automatic from the published snapshot. There is no claim process, no deadline for holders, and no gas to pay. Anyone asking you to “claim your migration” is attempting fraud.
Balances held inside pools or contracts are credited to their real owners. Keys or stakes that an earlier migration step left at an administrative address are credited to the user they belong to.
Users who received the proceeds of the phase-1 key sale and never completed the second step are treated as cashed out: those parked keys are not carried over. Completing the migration was open to everyone throughout.
Small reward-calculation errors in the legacy mining contract are not replayed in either direction: shortfalls are not compensated and overpayments are not clawed back. All of them are fixed in the new contracts.
The new contracts put every admin power behind a multisig and a timelock, cap daily emissions, remove withdraw-all roles, and go through independent review before mainnet. The reserve invariant is public on the transparency page.
The transparency page carries the published numbers today — and the full migration record after the cutover.
