ICON Token Swap Underway With 'No Issues,' Foundation Says


via coindesk

Millions of dollars worth of ICON tokens are now on the move - as the cryptocurrency project begins its token migration.

Designed to connect independent blockchain communities with a variety of governance strategies, the ICON protocol first launched its crypto token, ICX, on the ethereum blockchain, but – in what has become an increasingly popular process – is now moving those tokens over to its very own blockchain.

More specifically, the project, which launched its mainnet in January, is tasked with swapping around $42,750,000 worth of ERC-20 tokens with an equal amount of native ICX tokens from now until September 25.

And according to the ICON Foundation, the organization in charge of development, so far it’s been smooth sailing.

Speaking to the process that started June 20, a representative for the foundation told CoinDesk:

“No issues have been reported and we haven’t had any on our end.”

As previously reported by CoinDesk, only supported exchanges – Binance, Upbit and Bitthumb – can currently shift ICX tokens to the new blockchain.

Therefore, according to the foundation, token holders must transfer their tokens to one of those exchanges in order to start the migration process. Later this month, on June 25, token holders will also be able to use the ICONex wallet to migrate their ICX tokens.

As soon as the migration is complete, users will be able to resume ICX deposits and withdrawals, the foundation said, although an estimated completion date was not provided. However, supporting exchanges indicated that they will wait to reopen deposit and withdrawal services until the ICON mainnet has proven safe.

“We will open ICX deposits and withdrawals again once we deem the ICX mainnet to be stable,” Binance said on its website.

For now, ICX token holders must trust the ICON Foundation and the supporting exchanges to execute the swap successfully. However, the foundation stated it may yet provide users with oversight of the migration.

“As of now there is no place to watch the process, however, we are exploring ways to make this possible,” a representative for the foundation told CoinDesk.

ICON, a crypto with a collective market capitalization of about $800 million, is only one of the top thirty cryptocurrencies to attempt a token migration in recent weeks. Tron, which aims to use its blockchain infrastructure create a “truly decentralized internet” kicked off its token migration on Thursday. Likewise, the scalability-focused EOS protocol underwent a token migration earlier in June.

17 Likes

So should I continue to hold my ICX on Exodus or move them back to an exchange?

4 Likes

You will be able to swap them in the ICONex wallet Sunday at 9PM PST. You won’t be able to send them to Binance currently.

5 Likes

:rofl: Thanks, Good to know … I purchased a few tonight - totally forgot about the token swap till I went to pull them from Binance. :+1:

4 Likes

Has anyone else done the swap in ICONex? I’ve done the swap, but my ICX ERC20 tokens have disappeared with no sign of the native ICX tokens appearing in my newly created ICX wallet I’ve waited 30 mins and still nothing. How long is this suppose to take?

3 Likes

It’s not started yet? Telegram admin saying they are still doing final testing.

Personally I would wait days if not a few weeks. We have 3 months to complete swap.

Or try at least a very small swap of 1 icx which is what i will be doing in next few days.

5 Likes

Thanks. I searched the Medium post and found this:

Looks like I can relax and wait for my tokens to be distributed to my wallet the next day.

4 Likes

Good way of doing it :+1:

4 Likes

Do we need eth in the account to do the token swap.

4 Likes

Yes, my token swap cost me around $0.51 USD. I kept around $10 USD in the ICONex ETH wallet for moving tokens around.

5 Likes

Ok cheers. May fund a bit in there so.

3 Likes

I’ve been out of the country and out of this for a while. my icx is still on my exodus wallet… been sleeping on them (hodl) what is the best way to SWAP THEM NOW? binance is too late,init? same for trx. pls help me guys. found no straight answer here. feel free to link me up :)need your help peeps! thx

3 Likes

If we trade for more ICX (via binance), it will already be swapped and we won’t have to do anything, correct?

2 Likes

cant transfer my ICX from EXODUS to the ICON Wallet… any ideas? Help needed!!! Are all my ICX lost?

3 Likes

Try accessing your ICX from MEW. You can get your private keys from Exodus through the developer menu.

3 Likes

Exchange seems like your best bet as it’s apparently going to be a seamless process on there.

2 Likes

Your icon wallet… are you sending it to a eth address in your icon wallet? Remember you must do that first, before you can create a mainnet icon token wallet for your ERC20 tokens to be swapped to…

2 Likes

can we still go the exchange route ?

2 Likes

I’m afraid you can’t. You have to use their wallet

2 Likes

eagerly awaiting a hardware wallet solution before I commit to the swap

4 Likes

💰 YEN · YouTube ·️ YEN.CAMP 🧠