Dfinity has released the new cycles ledger canister, enabling principals to hold cycles and greatly increasing the utility of Cycles as a token. CycleOps has integrated the new token as a payment method that customers can select on our platform.
This article will introduce you to using the cycles ledger, teach you how to migrate your cycles to the ledger from other sources, and show you how to setup your CycleOps account to pay with your own cycles.
This new payment method essentially allows you to “bring your own cycles” instead of relying on CycleOps to buy them on your behalf. This allows customers who have been holding their own cycles to put them to work using our platform.
<aside> <img src="/icons/command-line_gray.svg" alt="/icons/command-line_gray.svg" width="40px" /> DFX 0.18.0 Recommended This article assumes you are using DFX version 0.18.0 or greater. You can get by with earlier versions, but 0.18.0 makes things a little easier!
Migrate to dfx >= 0.18.0 with the dfx version manager, dvxvm
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The steps to setup the cycles ledger as your new payment method varies depending on where you’re holding your cycles. The first step is to move your cycles from wherever they are now to their new home on the cycles ledger canister. Follow the table of contents below to find the right jumping off point for you.
Background
XTC is essentially a proto cycles ledger that was created by Psychedelic DAO before they departed the IC ecosystem. With the release of the Dfinity cycles ledger, many holders will be migrating their XTC to the new ledger.
In order to migrate from XTC to the new Dfinity Cycles Ledger, we must first burn our XTC into cycles inside of a canister that we control. We will use the legacy Dfinity cycles wallet canister for this purpose. If you don't have a cycles wallet canister, you will need to deploy one using dfx. Once that is complete, we will walk through depositing cycles from our wallet canister onto the cycles ledger.
Steps: