2018-10-25 13:59 |
Cryptocurrency project AION will move from the Ethereum blockchain to its own blockchain network. Users of the chain will be able to swap their ERC20 tokens to the mainnet tokens during the migration process. Cryptocurrency exchange Bitfinex, which lists the ERC20 AION tokens, has now announced full support for the AION mainnet token swap event. The exchange will manage all the technical requirements for the token swap on behalf of its users.
Bitfinex’s Plan for the Token SwapThe crypto exchange will pause all deposits and withdrawals of the ERC20 AION tokens from Monday, Oct. 29, at 10:00 a.m. UTC. It will begin the mainnet token swap soon after and provide notice to the customers once the swap is complete. The users will then be able to deposit and withdraw AION Coin, that is, the mainnet version of the previous AION token.
After Monday, Bitfinex will not accept any deposits of ERC20 AION tokens on its platform, nor will it help in the conversion of the said tokens for the second time. Users will receive the new coin in proportion to their ERC20 AION holdings. Bitfinex will take care of all the technical requirements for the token swap on behalf of its customers and provide them the new tokens directly on their accounts.
The Intricacies of the SwapCustomers can swap their Ethereum-based tokens for mainnet AION tokens in two ways. The first is to coordinate with their respective exchanges that have announced full support for the swap.
The second option is to use the Bridge. Users can access it via Bridge UI and wallet interfaces like Jaxx, Coinomi, MetaMask, MyCrypto, and MEW. These wallets will also support the coin swap. Using the Bridge UI tools, users will be able to swap their tokens directly for the mainnet tokens.
AION will provide a 1:1 swap for the tokens; that is, 1 ERC20 AION token will receive 1 AION Coin. There are no fees for the transaction, but exchanges and wallets may charge a small fee for swapping the coins.
The AION Foundation has recommended that its users swap their tokens at the earliest point as they will remove support for the legacy Ethereum-based tokens in November. Some crypto exchanges may continue to list the older tokens for some time, but they will eventually be removed from these platforms.
Bitfinex Will Offer Its Customers AION Token Swap Support was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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