In this day and age, how can you change your token baseline successfully?
Luna is one of the very few companies that decided to do just that and has undertaken a token swap from Qtum to Ethereum. After just five weeks, our token holders have already swapped 89% of all LSTR (Luna Stars). While preparations required intense work, the ongoing operation has been going pretty smoothly.
We built the LSTR Token Swap and its UX as follows: as a token holder owning LSTR on Qtum, you want to swap these for LSTR on Ethereum. You visit the Token Swap website. If you are a MetaMask user, you log in to MetaMask and choose an Ethereum address to receive your swapped LSTR. Otherwise, you manually enter an Ethereum address. In either case, the Token Swap website shows you a Qtum address for you to send your LSTR tokens to. Upon receiving your LSTR tokens, we will automatically swap them and send LSTR in the same amount to the Ethereum address you provided — currently, in less than an hour.
Technically, the system consists of two blockchain nodes (one for Qtum, one for Ethereum), a database for storing which Qtum address is associated with which Ethereum address, and microservices for handling user input on the Token Swap website, for reading incoming LSTR balances on Qtum, and for distributing LSTR on Ethereum.
The whole system was designed and built with security first in mind. This also meant that we initially approved transactions manually. After convincing ourselves over a timespan of three weeks that the system worked flawlessly, we enabled full automation, starting with swapping tokens daily, and later hourly.
Overall our experience has been positive despite the limited online information available. Building a simple UX for this swap operation was one of the keys that enabled us to effectively help users through what could have been a complex operation for people with limited token knowledge.