Crypto.com announced its Swap Program between CRO and MCO.
And it is not optional, it is mandatory to completely delete MCO tokens.
So finally Korean exchange UPbit also announced today that it will end the transaction support for MCO.
The relevant markets are MCO/KRW and MCO/BTC. The service will be terminated 11:00 a.m. August 19th 2020.
So any investors who have MCO tokens should transfer to other accounts or sell until the due date.
Upbit Announcement to terminate MCO transaction support
This is a official brief guide of MCO Swap Program that announced in Crypto.com website.
You can refer to this guide to swap your MCO to CRO smoothly.
I took just several core points from the guide trying to not change the original contents.
The MCO Swap program allows MCO token-holders to swap their MCO tokens to CRO Tokens at a fixed rate determined by a swap formula.
There will be no change to the core functionality of the Crypto.com App. Specifically, the swap program will involve combining the current functionalities of MCO, with CRO’s utility and technology, in a “one stop shop” token to enable a streamlined Crypto.com ecosystem.
The swap program also serves to prepare for the upcoming main-net launch of Crypto.com Chain.
Once the swap process is complete:
The Crypto.com ecosystem will use one streamlined token (CRO) with the combined functionality, rather than two separate tokens (CRO and MCO).
All functions currently attributed to MCO will still exist and will be preserved, but will be enhanced and represented by CRO.
When and where can I perform the MCO swap?
Between 3 Aug 2020 at 06:00 UTC and 2 Nov 2020 at 23:59 UTC, MCO holders can swap MCO to CRO through the Crypto.com App.
The MCO Swap program is only available on the Crypto.com App.
You must complete this process by 2 Nov 2020 at 23:59 UTC.
What is the swap formula?
Crypto.com will use the following formula based on the volume weighted average price as expressed in United States dollars (“VWAP”) to determine the number of CRO allocated to you that reflects each swapped MCO:
1 MCO = (30-day VWAP of MCO / 30-day VWAP of CRO) x 1 CRO
(30 days between 4 Jul 2020 to 2 Aug 2020, both dates inclusive)
Based on the above swap formula,
the MCO to CRO Swap Rate has been fixed for 90 days at:
1 MCO = 27.6439 CRO
If you perform the MCO Swap before 2 Sep 2020 23:59 UTC, you will receive an Early Swap Bonus in CRO for every MCO Swap performed.
The Early Swap Bonus is equivalent to 20% of the amount swapped at the MCO to CRO Swap rate.
So the final swap was completed at a rate of 1 to 33, not 1 to 27 if you have Early Swap Bonus.
The Early Swap Bonus will be distributed on the Crypto.com Exchange and Staked for 6 months. It is important to note that, if you have an existing Exchange CRO Stake, receiving the Early Swap Bonus will reset the remaining time on your staking period to 6 months.
If you want to avoid this, please wait until after 2 Sep 2020 at 23:59 UTC to perform the MCO Swap.
Which MCO balances on the Crypto.com App can I swap?
The MCO Swap program covers MCO held in any of the following products:
- MCO Wallet balance
- MCO Stake
- Crypto Earn: MCO flexible, 1-month fixed term and 3-month fixed terms
- Crypto Credit: Any MCO collateral deposited for loans.
What do I need to do to swap my MCO tokens to CRO?
The Crypto.com App will handle all steps of the MCO swap program automatically.
To complete the swap process:
Log in to the Crypto.com App.
Tap on the banner on the Home, Accounts or the MCO Wallet screens.
Read the instructions on the MCO swap flow carefully and then tap on the ‘View MCO/CRO Swap’ button
Select the MCO balances across each of your Crypto.com App products that you would like to swap to CRO. To select all of the MCO balances at once, tap on the “Select all” radio button. Once you have selected all the balances that you wish to swap, tap “Review Details”
After you have completed the MCO Swap flow, your swapped CRO will be available in your Crypto.com App CRO Wallet. If the MCO Swap that you have just performed is eligible for an Early Swap Bonus, the bonus will appear in your Crypto.com Exchange account’s CRO Staking or Crypto Earn as a 3 month fixed CRO deposit (whichever is applicable).
Is the MCO Swap program available on the Crypto.com Exchange?
No, the MCO Swap program is not available on the Exchange. To swap your Exchange MCO balance via the Swap program, please transfer your MCO balance to the App.
Will my MCO stake also be swapped under the MCO Swap program? What happens to my MCO staking benefits?
Yes, your MCO stake will be converted at the MCO Swap Rate. However, the existing staking benefits that you enjoyed before performing the swap will remain unchanged.
If I swap my MCO stake, will the remaining days on my stake be reset?
No. Following the swap, the number of days that were remaining on your MCO stake will be retained with your new CRO stake.
What will Crypto.com do with any MCO that it holds after the MCO Swap program ends?
Before the end of the MCO Swap program, 15,793,852.04 MCO that is held by MCO Technology GmbH will be burned by sending to the following burn address:
0x0000000000000000000000000000000000000000