Good day everybody,
We see a number of queries on our on-going token swap throughout our neighborhood and social media channels, and perceive your issues. We goal to handle as many of those as attainable with the knowledge we have now, and information you thru this straightforward course of.
This text summarises what token swap is, why it’s vital, and all of the out there info on the exchanges supporting token swap (and their respective timelines). We’d like to stress immediately that we’re nonetheless liaising with a number of exchanges who may probably help token swap. As and once we obtain affirmation on their help, we are going to let you recognize instantly. As of now, these names are excluded from the standing record under to keep away from confusion.
What’s token swap?
Token swap is a mechanism that may show you how to convert ERC20 ZILs from the Ethereum community to native ZILs on the Zilliqa community on the price of 1:1. That is essential for all token holders because the buying and selling of ERC 20 ZILs will finally cease completely.
Why is Zilliqa utilizing exchanges to conduct the swap? How does it work?
For the reason that TGE, Zilliqa has been very aware of potential dangers related to token sale and allocation. All who joined our token sale at that point- whether or not bigger or smaller token holders — needed to undergo a reasonably stringent KYC/AML procedures. This process was of the utmost necessary for 2 causes:
Firstly, to cut back dangers on the Zilliqa workforce, and secondly to make sure the sustainability of a venture that’s working in an evolving regulatory ecosystem. That’s the reason for the upcoming token swap, we discover it essential to be in keeping with the most effective practices we’ve adopted for the reason that early phases of our venture by avoiding unchecked direct token swap. Given the bandwidth and capability of the Zilliqa workforce, we can’t lead KYC/AML for such numerous token holders. After discussions with our authorized counsel, we determined that leveraging third events to facilitate the swap was probably the most strong possibility.
Thus, Zilliqa has chosen to facilitate token swap by dependable prime exchanges for causes of comfort and safety — and the method has already begun. Whereas we have now really helpful some tried-and-tested mechanisms to all exchanges we’re liaising with, some could differ within the strategies they use and their timeline for swaps. We can’t stipulate the precise process adopted by all platforms. There could also be some variations throughout exchanges. When that occurs, we are going to attempt to inform the neighborhood to assist make clear all steps to efficiently conduct the token swap.
The fundamental precept behind it stays the identical, whatever the platform. Through exchanges, customers can:
- Deposit their ERC20 interim ZILs on the alternate
- Get native ZILs in return when withdrawing from the alternate
Is it crucial to swap my tokens instantly? What occurs if I don’t?
You might be strongly inspired to swap your tokens as early as attainable. Finally after a deadline (actual date to be confirmed later), ERC20 ZILs will probably be frozen and grow to be out of date. Native ZILs on Zilliqa mainnet would be the solely ZIL token. To make use of the varied Dapps within the ZIL ecosystem, the native tokens are wanted as fuel charges much like Ethereum’ ETH tokens. Discover out extra about fuel charges on Zilliqa right here.
What number of phases of the swap can the neighborhood anticipate?
We anticipate the general token swap to be a rolling course of, with totally different exchanges facilitating their respective customers for the swap at totally different dates, in numerous batches over the approaching months. We are going to ship advance discover to our communities on varied platforms earlier than we finish the token swap.
What’s the period of every swap? Will this alteration in every part?
There isn’t any mounted period for the swap at current. It’ll go on till the deadline when the ERC20 ZIL tokens will probably be frozen, and is dependent upon the alternate in query.
Which exchanges are supporting the swap?
- Coinhako (Deposits shut 6 Might) — Guideline useful resource on CoinHako swap. CoinHako acts solely as a pockets for non-SEA customers. They will be unable to finish KYC stream or commerce right here
- Huobi — TBA
- OKEx — Announcement
- Upbit (Deposits closed) — Announcement
- Koinex — Announcement
- Kucoin — Announcement
- Binance — Binance’s token swap mechanism is defined right here. Customers can deposit ERC20 ZILs into their ETH deposit tackle
- Please exactly observe the process and directions of the alternate you’re utilizing for the token swap. As an illustration, just be sure you solely ship ERC20 ZILs to an Ethereum tackle offered by the alternate for ERC20 ZIL deposit, and solely withdraw native ZILs to a Zilliqa mainnet tackle. Your tokens could also be misplaced in the event you ship ERC20 ZILs to a Zilliqa mainnet tackle, or native ZILs to an Ethereum tackle. Please seek the advice of the exchanges’ buyer help in case you have any questions
- For speedy alternate and comfort, please use the platforms who’re at the moment supporting the swap. For these unable to take part at current, please relaxation assured that you should have different alternatives to take action
- Keep vigilant of scammers. Please use official sources to get your info, kindly confirm with us in case you have any doubts, and solely conduct token swap from reputed exchanges
What comes post-token swap?
By utilizing mainnet tackle generated by supported wallets (really helpful record under), you’ll be able to withdraw the ZILs parked within the alternate addresses after the token swap part and retailer them safely for future use:
- Moonlet — Blockchain agnostic pockets that helps each Ethereum and Zilliqa chains. Advisable because it has been audited by BitSentinel and has gone by a bug bounty programme on BugCrowd
- ZilPay — A dApp interactive pockets that enables Customers to deploy/name contracts simply
- Zillet.io — A Progressive Net Software (PWA) internet pockets that enables Customers to work together with their accounts both in a browser setting or on their Desktops
- ZHIP — The world’s first iOS pockets that helps Schnorr signature for Zilliqa
- xZIL — An Android pockets for Zilliqa
- Math pockets — Our accomplice iOS/Android pockets that may help Zilliqa dApp within the close to future
- Belief pockets: Coming quickly
- Ledger Dwell: Coming quickly
Please do not forget that particulars of different exchanges supporting token swap, and any corresponding timelines will probably be shared with you sooner or later. For all token swap updates, subscribe to @zilliqa Telegram announcement channel.