Magnum Wallet to be Suspended – Transfer Your ERG to Yoroi

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Guy Brandon

11 November, 2020

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Magnum, a popular lite wallet for ERG and other currencies, will cease to operate at the end of the month.

Many of the Ergo community use Magnum, a lite multi-wallet that was one of the first solutions to provide support for ERG.

Unfortunately, Magnum will be suspended at the end of the month. The Magnum team recently posted in Telegram:

Dear users,

today we are forced to inform you that in 20 days Magnum Wallet will be suspended.

It was a difficult year and a difficult decision for us.

We remind you that Magnum Wallet is a non-custodial wallet. Magnum Wallet doesn't have access to and doesn't store your personal data, and only provides you with viewing data from the blockchain. You can use any other cryptocurrency wallets to access the blockchain through your private keys.

We also remind you that it is you who should keep your private keys. We regularly suggest that you save them from Magnum Wallet. If you haven't done this yet or don't remember the place where you store your private keys, then below are instructions on how to do it right now.

We highly recommend doing this soon.

Magnum Wallet will be suspended on the 30th of November at 6pm GMT.

Thank you for using our product.

It is therefore vital that you move your funds to another Ergo wallet as soon as possible.

Fortunately, thanks to the recent integration of Ergo into Yoroi, the Cardano lite wallet developed by Emurgo, an excellent alternative is available.

Yoroi is extremely easy to use. It’s a very popular web wallet that acts as a super gateway to the Ergo blockchain. Furthermore it is slated to support smart contract capabilities in the futurle, similar to MetaMask, a popular browser extension wallet and dApp interface for Ethereum. There are a few key differentiating features such as the full-page design and the way multiple addresses can be created for the same wallet (similar to a Bitcoin wallet). These are great additions which improve the user experience while still keeping it simple to get started.

One important thing to note when switching over from Magnum: you won’t be able to import your addresses from Magnum directly to Yoroi. This is because the two wallets derive addresses from the mnemonic seed in a different way. (There’s technically nothing stopping you using your Magnum mnemonic to create a new account using Yoroi, but it will open up into a different wallet than you expect.)

Thus after creating a new Ergo account within Yoroi, simply send your ERGs from Magnum to your new Yoroi address and wait for your transaction to be confirmed on the blockchain.

The whole process won’t take more than a few minutes. What’s more, you’ll also be upgrading to a wallet that is both better supported, and has a bright future ahead. Yoroi is going to become an increasingly important element within the Ergo ecosystem, offering support for dApps and Ergo-enabled websites – while also providing another strand to the interoperability between Ergo and Cardano.

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