Over the last semester the crypto space deluded a lot of newcomers that got into it lured by promises of shiny Lambos, but from a technological point of view the crypto space has never been more busy. With many projects quickly advancing on their roadmaps, it’s not easy to keep track of everything is happening right now, but there are some things that as an investor you MUST keep well under your control.
One of this is the token swaps. Token swaps in the most classic form consist of a swap (usually 1:1) of the old ERC-20 compatible tokens in the new blockchain tokens and occur after a project moves its activities from a support blockchain or a Testnet to its Mainnet. In some cases the process is very straightforward, but in others there might be some tricky actions pending on your side that you don’t want to miss.
My general suggestions for you are:
It’s still too early to “buy and forget” about your holdings, especially if you’re dealing with ERC-20 tokens: check their status every now and then
Subscribe to the Twitter and Medium channels of the projects of which you own the tokens. In this way all the announcements of important actions will come to you timely
Subscribe to the Twitter channel of the main exchanges like Binance or Bitfinex to receive updates on the upcoming swaps
Holding your funds on an exchange might not be the safer solution, but some major exchanges usually support token swaps, meaning that they will do it for you. You just have to wait till normal trading is restored.
Rely on experts that constantly keep the market monitored and subscribe to their channels to receive news, instructions and help.
Here’s a list that I put together of the most important upcoming token swaps.
Read carefully, open the links that will bring you to the official channels of the projects and ask for our help if something is not clear.
ICON
ICON has launched its Mainnet on last January 24. The Token Swap will be made with an exchange rate of one ERC20 ICX token to one mainnet ICX coin. The token swap will be implemented either via exchange or ICONex wallet (ICON native wallet). If you’re holding ICX on the main exchanges there’s no action pending on you, just wait until they announce that the swap is finished and the token can be traded again. I’m referring to Binance, OKex, Huobi, Bithumb and Upbit. This should happen in few days from now, keep the Twitter channels of the exchanges monitored. If you’re holding the ICONex wallet you have to use to the Token Swap button (screenshot below) that swaps your ERC20 ICX tokens stored in the ICONex ETH wallet with mainnet ICX coins and moved to the ICONex ICX wallet. This process started the last June 25 and you’ll have 3 months time to complete the swap.
Read the official post at: https://medium.com/helloiconworld/token-swap-status-update-9a41c8448006
ONTOLOGY
Ontology Mainnet, “Ontology 1.0”, went live on June 30, 2018. Mapping will begin on July 9th, 2018 and finish October 1st, 2018. The token swap will be implemented either via exchange or wallets. If you’re holding ONT on the main exchanges there’s no action pending on you, just wait until they announce that the swap is finished and the token can be traded again. Exchanges supporting the swap are Binance, Huobi Pro, Upbit, KuCoin, OKEx and CoinEgg.
If you’re holding you ONT on the ONTO wallet you will need to download the client, import your NEO private key or wallet import format (WIF), click the “Mainnet ONT Token Swap” link, and wait for the mapping to complete.
Other wallets that will support the ONT Mainnet Token Swap are O3 and SEA wallet.
If ONT token holders do not convert their NEP-5 ONT (the equivalent of ERC-20 in the NEO blockchain) tokens to Ontology Mainnet ONT tokens during that time frame, they will not have another chance to do so.
Read the official post at: https://medium.com/ontologynetwork/mainnet-ont-token-swap-notice-%E5%85%B3%E4%BA%8Eont%E4%B8%BB%E7%BD%91%E5%88%87%E6%8D%A2%E7%9A%84%E8%AF%B4%E6%98%8E-4cd38c2fc55b
VECHAIN
Vechain announced its Mainnet launch on last Monday June 2. However, the technology is not yet live, and will only be active after VeChain migrates from the Ethereum blockchain — where it exists as an ERC20 token — to a wholly independent network. On Monday, the foundation announced that it would address the community’s concerns by extending the X Node migration period for ten days after the VeChainThor Ledger app is available. It also said that X Node monitoring will start three weeks after the mobile token swap service becomes available — though it has not yet provided exact dates for these events.
Read the full news at: https://www.coindesk.com/vechain-revises-roadmap-to-address-token-swap-concerns/
Stay tuned for more updates!
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