aelf Mainnet Swap — Explained
What is aelf mainnet swap?
Essentially, a mainnet swap consists of switching from one blockchain network to another. When it comes to aelf, the mainnet swap takes place when the project is set to migrate from Ethereum to the native blockchain network — aelf mainnet. At this point, the old ERC20 and BEP20 ELF tokens are gradually replaced by newly issued mainnet ELF tokens, and all blockchain activity is moved to aelf mainnet.
It should also be noted that the aelf mainnet migration was not associated with the mainnet launch. In fact, after the launch of aelf mainnet on December 2020, aelf team took a few months to repeatedly check the performance, security, and stability of aelf mainnet until the mainnet swap is well-prepared in technology and operation.
Where can I swap my old ERC20/BEP20 ELF tokens?
We highly recommend users try out the manual swap on aelf website. It will give you a very smooth first tryout. Also, this experience will familiarize you with the operations on the aelf mainnet. And you can then participate in the mainnet stake, ecological project voting, and more.
Tutorial for BEP20 holders: https://aelfblockchain.medium.com/tutorial-swap-your-bep20-elf-tokens-to-the-mainnet-tokens-3aed40cdb1af
Tutorial for ERC20 holders: https://medium.com/aelfblockchain/mainnet-token-swap-on-aelf-website-official-tutorial-8c1e1181daa0
What are the usages of mainnet ELF token?
On one hand, you can stake your ELF token on aelf mainnet by voting to the production nodes. You go to aelf governance page, choose your preferable production nodes and vote for them. Your vote will be locked for the assigned period, during which you can receive your rewards every Thursday.
On the other hand, as we are seeing many emerging projects in the Legend X hackathon, community users are enthusiastic about voting for the most valuable/promising participating projects. In all the ongoing events, the voting session is propped by the ELF tokens, which signifies its indispensability.
When will the mainnet swap expire?
Each mainnet swap has its own particularities in terms of execution. aelf mainnet swap started on September 9th, 2021 12:00 P.M. (GMT+8). The event will end till September 9th, 2022 12:00 P.M. (GMT+8). The expiration date may be extended in accordance with the migration progress and users’ need.
What will happen if I fail to swap my old tokens on time?
aelf mainnet swap is a one-way swap. Once migrated to aelf mainnet, the tokens could not change back to the old networks. If holders fail to take the mainnet swap within the assigned period, they may experience difficulties as the circulating supply of ERC20 and BEP20 will be shrunk continuously.
aelf encourages token holders to complete mainnet token swap and to participate in aelf mainnet ecological building. In the meantime, aelf team will carry forward the optimization and upgrade of the mainnet to embrace the coming ecological explosion.
What is the token swap ratio? Are there any changes in the tokenomic?
The mainnet swap rate is 1:1. There aren’t any changes in ELF tokenomic. The circulation of ELF tokens is still 1 billion.