Aurus, a decentralized network of precious metal businesses, has changed the names and tickers of its gold and silver-backed tokens by deploying new smart contracts.
Below are the new names and tickers for the Aurus tokens, along with their new smart contract addresses:
tGOLD (TXAU) for AurusGOLD (AWG)
tSILVER (TXAG) for AurusSILVER (AWS)
AurusX (AX) for AurusDeFi (AWX)
tGOLD (formerly AurusGOLD) is a gold-backed stablecoin that is minted and distributed by a network of traditional traders from the physical gold market. Likewise, tSILVER (formerly AurusSILVER) is a silver-backed stablecoin created by physical silver traders.
Aurus does not supply precious metals to the ecosystem, nor does it sell tokens to end customers. Therefore, the gold and silver bullion reserves that back the stablecoins are completely independent of Aurus Technologies Ltd. and the Aurus Foundation, the two backers of the Aurus ecosystem.
AurusX token, on the other hand, powers the Aurus ecosystem which can be used to create and vote on proposals governing the Aurus network. Additionally, it can be staked to earn a portion of network fees – 50% from tGOLD transactions and 30% from tSILVER transactions.
The new token names and tickers were selected to align with traditional market standards, which use XAU for gold and XAG for silver. The AurusDeFi token has also been rebranded to AurusX, as it is expected to reach far further than just DeFi in the future.
All existing Aurus tokens will be migrated to upgradeable smart contracts on the new addresses above, which have been audited by NonceBlox, and add features like proof of reserves, governance, and adjustable fees.
CEX.IO jumps in for a hassle-free transition
To provide a smooth transition for existing AWG, AWS, and AWX holders, CEX.IO stopped deposits and withdrawals for these assets and took balance snapshots of its user accounts.
These three tokens will be removed from CEX.IO on November 9, 2022, which means they will disappear from users' balances and trading will subsequently stop. In addition, if users have open orders for these tokens, they will be canceled automatically.
This is a normal part of the migration process. In turn, snapshots will ensure all user funds are safe and accounted for.
Also, on November 9,2022, the new tGOLD (TXAU), tSILVER (TXAG), and AurusX (AX) tokens will be credited to user accounts at a 1:1 rate of the original tokens, followed by the activation of trading, deposits, and withdrawals for all new tokens.
Please note that both the new tokens listing and the distribution date are subject to change. We will communicate the changes if there are any.
For any issues or inquiries regarding the Aurus tokens on your CEX.IO account, please contact Customer Support.