- NKN has announced that it will initiate a token swap from NEP-5 token to ERC-20 NKN
- The swap is to create more liquidity and further leverage the larger Ethereum network
NKN has announced that it is going to intimate an NEP-5 NKN token swap to One ERC-20 NKN token at a 1:1 ratio.
The announcement was made via a Medium post and gave details about the transaction.
Timeline
The post included a comprehensive outline of the swap’s timelines.
The ERC-20 smart contact is to be deployed on the 30th of December 3018 while the official announcement will be made on the 3rd of January 2019.
The integration testing with exchanges as well as the testing of the NKN token swap web tool will take place from the 3rd to the 6th of January 2019.
The launch of the NKN token swap tool and the start of the token swap will take place on the 7th of January 2019.
The token swap is to be completed by the 31st of March 2019.
The swap is taking place after consideration of the views of the community members, institutional investors and leading digital asset exchanges. The swap will bring increased liquidity and will help NKN to leverage the larger Ethereum network.
More details
According to the post, the swap will have the following steps:
Swap one NEP-5 based NKN tokens (Asset address: c36aee199dbba6c3f439983657558cfb67629599) to one ERC-20 based tokens (contract address: 0x5Cf04716BA20127F1E2297AdDCf4B5035000c9eb). The swap ratio is 1:1.
Final NKN tokens can be swapped on the mainnet which is still due to launch in June 2018.
There will also be no effect on the total number of tokens in the token economy.
Users who store their tokens on exchanges such as gate.io will have their tokens swapped automatically.
Users with the tokens in NEO wallets such as O3 Wallet and NEON Wallet were given the link to a token swap tool with detailed instructions.
Instructions were given for those who store their tokens on other exchanges. They were instructed to
“You can wait until the exchange and NKN agree upon a time to swap within the trading platform.
Or you can withdraw NKN tokens from that exchange and deposit into a NEO based wallet (e.g. O3 or NEON). Then follow instructions in step 2,” the post said.
