Elysium Blockchain Gas Token Migration: from ELY to PYR
On Monday, 1st June at 4:00 PM GMT, Elysium will begin one of the most significant upgrades in its history.
The ELY gas token that has powered the network since launch will be retired and replaced by PYR as the native gas coin of the Elysium blockchain.
This change brings the entire Vulcan Forged ecosystem under a single primary asset ($V of course is our other token) and marks the next stage in Elysium’s development as a fully independent Layer 1 blockchain, paving the way for the VulcanX Everything dApp.
What Is Changing?
Currently, ELY is used to pay transaction fees on Elysium, as the native gas token of the blockchain. Following the migration, PYR will become the native gas token instead. Put simply, the native gas token for Elysium is moving from ELY to PYR.
This means:
- All Elysium transaction fees will be paid in PYR.
- ELY will be retired.
- PYR on Elysium will become native PYR.
- The Elysium ecosystem will operate using a single primary token, PYR, alongside V.
For most users, the process is automatic.
What Happens To My ELY?
Any ELY held in your own wallet at the snapshot will be automatically converted to PYR.
The conversion rate is:
1 PYR = 850 ELY
No claim process is required, no forms need to be filled out and no contracts need to be interacted with. We’re working to make this as easy on the end user as possible.
When the chain comes back online, users will simply see PYR in the same wallet address that previously held ELY.
Important: Move ELY Out Of MyForge
If you currently hold ELY inside MyForge, you are strongly encouraged to withdraw it to your own wallet before Monday’s snapshot.
The Vulcan Forged team has confirmed that any remaining off-chain, or “cold” ELY held within MyForge can be converted internally if necessary. However, the recommended approach is for users to move their ELY into their own wallet before the migration begins.
Doing so ensures your balance is included directly in the blockchain snapshot and gives you full visibility of the conversion process.
What Happens To Existing PYR?
If you already hold PYR on Elysium, you do not need to do anything.
Existing PYR holders will receive native PYR on a 1:1 basis in the same wallet address.
The old Elysium PYR ERC-20 contract will be retired as part of the upgrade.
Liquidity Providers: Take Action
Anyone providing liquidity on Elysium Swap should remove their liquidity before Monday.
The existing pools will be retired and replaced with a new generation of pools built around native PYR and wPYR (wrapped PYR).
Liquidity left in old pools at the snapshot may become inaccessible.
Migration Timeline
Monday, 1st June – 4:00 PM GMT
The snapshot is taken and the migration from ELY to PYR begins.
The following services enter maintenance mode:
- Elysium Chain
- Elysium Swap
- Elysium Bridge
- Agora
- MyForge
- Elysiumscan
- VulcanX Elysium deposits and withdrawals
- Cloud Wallet
- Fortuna Wallet
Tuesday, 2nd June – 4:00 PM GMT
The Elysium blockchain returns online.
Users will see their newly converted PYR balances.
PYR is now the native gas token of Elysium.
Wednesday
The Elysium Bridge returns.
Users can bridge PYR between Elysium, Ethereum and Polygon.
Thursday
Elysium Swap returns with new liquidity pools.
Agora returns using the new PYR infrastructure.
Friday
Remaining Elysium services return.
PYR deposits and withdrawals on VulcanX reopen.
Former ELY balances held on VulcanX are automatically converted to PYR.
Monday, 8th June
MyForge returns.
Land staking rewards resume.
Withdrawals reopen.
All supported systems now operate using native PYR.
Why Make This Change?
Moving to PYR as the native gas token simplifies the ecosystem.
Instead of maintaining both a gas token and a separate ecosystem token, Elysium will operate using a single asset already recognised across Ethereum, Polygon and Elysium.
This creates:
- A simpler experience for users.
- Greater utility for PYR.
- Easier onboarding for new users.
- Improved ecosystem alignment.
- A stronger long-term economic foundation for Elysium.
The migration paves the way for the coming of the VulcanX Everything dApp – more on this soon.
What Do I Need To Do?
For most users:
If you hold ELY in your own wallet
Nothing. Your balance will be converted automatically.
If you hold ELY inside MyForge
Withdraw it to your own wallet before Monday if possible.
If you provide liquidity on Elysium Swap
Remove your liquidity before Monday.
If you hold PYR already
No action is required.
The migration is designed to be automatic, with balances converted and credited directly to the same wallet addresses once the chain returns online.
The next chapter of Elysium begins on Monday.
Join the conversation over on Discord – discord.gg/vulcan-forged