ICON - MainNet and ICX Token Swap
-
- 0
- 5624
- 0
After months of development, the ICON smart contract platform is finally preparing to officially launch its MainNet. First, users will have to migrate their ICON (ICX) tokens to the new network. More than 800 million dollars of ICX tokens will transit from the Ethereum network to the ICON network.
The ICX token was distributed in 2017 following an Initial Coin Offering (ICO) of 43 million dollars on the Ethereum blockchain. Until now, ICX tokens were therefore ERC-20 tokens. Presence on numerous exchange platforms allowed cryptotraders to benefit from the ICX token’s good liquidity. But all cryptotraders must now transfer their ICX tokens to the ICON network, and it looks a bit complicated...
Although the process has been planned for a long time, the ICX swap is likely to be complicated given the size of ICX's market capitalization and the prevalence of fraudsters seeking to spread false information.
Users will have until September 25, 2018 to execute the ICX token exchange via the official ICONex portfolio, and the MainNet tokens will be distributed once a day. The Binance and Upbit cryptocurrency trading platforms have also confirmed that they will support the ICX token swap for all deposits made up to Wednesday.
ICON is one of a number of cryptocurrencies currently in the process of transferring their Ethereum network tokens to an independent MainNet. It should be noted that many blockchain projects funded during the 2017 ICO boom are now approaching their launch. EOS, having been financed by a record $4 billion ICO spread over nearly a year, recently activated its MainNet, but unfortunately recorded a bug only a few hours after the blockchain’s launch. More info: EOS blockchain bug.
Tron, a project created by Alibaba veteran "Justin Sun", began its MainNet transition at the end of May and expects the new blockchain to be operational by the end of June. However, allegations that developers have hacked code from other projects continue to run, and one researcher described Tron's core code as the "Frankenstein of Crypto”.
The ICON swap will be automatic on certain cryptocurrency trading platforms. This means that ERC-20 ICX tokens held by cryptotraders on an ICX wallet on the trading platform will automatically be converted to ICX MainNet tokens. Make sure that your cryptocurrency trading platform is going to execute this swap.
Some cryptotraders (certainly right) prefer not to let their cryptocurrency trading platform perform the ICX swap for them automatically. These cryptotraders then use the ICONex wallet to swap their ERC20 ICX tokens into ICX MainNet tokens themselves.
The Token Swap function on the ICONex portfolio is currently ready. However, the ICX token swap program on cryptocurrency trading platform is still being adjusted.
If the token exchange process using the ICONex portfolio is opened before the trading platforms support ICX MainNet items, this could lead to unintended problems, liquidity losses or financial losses.
Good to know: once the exchange of tokens has been completed, the ICX MainNet items can no longer be exchanged for ICX ERC20 tokens.
To protect users against these risks, ICON has made additional developments so that the Token Swap feature on the ICONex wallet is enabled depending on the ICX swap support status on the trading platforms.
ICON - From ICO to ICX Swap
The ICX token was distributed in 2017 following an Initial Coin Offering (ICO) of 43 million dollars on the Ethereum blockchain. Until now, ICX tokens were therefore ERC-20 tokens. Presence on numerous exchange platforms allowed cryptotraders to benefit from the ICX token’s good liquidity. But all cryptotraders must now transfer their ICX tokens to the ICON network, and it looks a bit complicated...
Although the process has been planned for a long time, the ICX swap is likely to be complicated given the size of ICX's market capitalization and the prevalence of fraudsters seeking to spread false information.
Users will have until September 25, 2018 to execute the ICX token exchange via the official ICONex portfolio, and the MainNet tokens will be distributed once a day. The Binance and Upbit cryptocurrency trading platforms have also confirmed that they will support the ICX token swap for all deposits made up to Wednesday.
ICON is not the only one leaving the Ethereum ship
ICON is one of a number of cryptocurrencies currently in the process of transferring their Ethereum network tokens to an independent MainNet. It should be noted that many blockchain projects funded during the 2017 ICO boom are now approaching their launch. EOS, having been financed by a record $4 billion ICO spread over nearly a year, recently activated its MainNet, but unfortunately recorded a bug only a few hours after the blockchain’s launch. More info: EOS blockchain bug.
Tron, a project created by Alibaba veteran "Justin Sun", began its MainNet transition at the end of May and expects the new blockchain to be operational by the end of June. However, allegations that developers have hacked code from other projects continue to run, and one researcher described Tron's core code as the "Frankenstein of Crypto”.
ICX swap on cryptocurrency trading platforms
The ICON swap will be automatic on certain cryptocurrency trading platforms. This means that ERC-20 ICX tokens held by cryptotraders on an ICX wallet on the trading platform will automatically be converted to ICX MainNet tokens. Make sure that your cryptocurrency trading platform is going to execute this swap.
ICX Swap on ICONex
Some cryptotraders (certainly right) prefer not to let their cryptocurrency trading platform perform the ICX swap for them automatically. These cryptotraders then use the ICONex wallet to swap their ERC20 ICX tokens into ICX MainNet tokens themselves.
Why does the ICON swap scare ICX token holders?
The Token Swap function on the ICONex portfolio is currently ready. However, the ICX token swap program on cryptocurrency trading platform is still being adjusted.
If the token exchange process using the ICONex portfolio is opened before the trading platforms support ICX MainNet items, this could lead to unintended problems, liquidity losses or financial losses.
Good to know: once the exchange of tokens has been completed, the ICX MainNet items can no longer be exchanged for ICX ERC20 tokens.
To protect users against these risks, ICON has made additional developments so that the Token Swap feature on the ICONex wallet is enabled depending on the ICX swap support status on the trading platforms.
