ICON Announces Swap of ERC20 ICX Tokens to Mainnet Tokens

18.06.2018

After releasing its mainnet in January 2017, ICON (ICX) has announced that their older ERC20 tokens can now be swapped for mainnet tokens on select exchanges and via the ICONex wallet.

In a June 18 blog post, ICON announced that holders of their ERC20 ICX tokens will be able to swap them for new ICX mainnet tokens on Binance, UpBit, and Bithumb as well as their native ICONex wallet. Holders will have several days to complete this swap before all trade in ICX is frozen to facilitate a full transition to the mainnet token

ERC20 ICX holders will have until June 20 to swap their holdings for mainnet ICX on Binance and UpBit, until June 21 to swap old holdings on Bithumb, and until June 25 to swap old tokens via the ICONex wallet.

According to the announcement, “ERC20 ICX tokens will be swapped to mainnet ICX coins with a 1:1 swap exchange rate (1 ERC20 ICX token = 1 mainnet ICX coin).” Holders were also warned that new tokens would not be able to be converted back to ERC20 ICX tokens once the token swap is made.

The ICON platform aims to make interaction between different decentralized networks, like Bitcoin and Ethereum, easier and less costly by using ICX as an intermediary token. ICON mined the genesis block of its mainnet on January 24, 2018, but delayed the swap to its mainnet token, which was planned for May 2018.

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