Q&A — All You Need to Know about the aelf Mainnet Token Swap
Q1: Where can I do the mainnet token swap?
There are two ways that you can swap to mainnet ELF.
1. Automatically swap through exchanges;
2. Manually swap on aelf website.
Q2: When will the swap start? How long it will last?
aelf mainnet swap will start on September 9th, 2021 12:00 P.M. (GMT+8). The event will last for three months till December 9th, 2021 12:00 P.M. (GMT+8).
Q3: What is the exchange rate between ERC-20 ELF token and mainnet ELF tokens?
ERC-20 ELF tokens can be replaced by mainnet ELF tokens at the rate of 1:1.
Q4: How can I receive the 5% airdrop in the mainnet swap event?
Swap users can get the 5% airdrop immediately by completing the token swap on the aelf website or through the supported exchanges. The airdrop will be sent during the first 15 days of the event, which is from September 9th, 2021 12:00 P.M. (GMT+8) to September 23rd, 2021 12:00 P.M.(GMT+8).
e.g: Bob wants to swap 100 ERC20 ELF to mainnet ELF. Either on aelf website or through supported exchanges, Bob will receive 105 mainnet ELF tokens in total.
Q5: Any other rewards for holding mainnet ELF tokens?
On one hand, users can participate in The Lucky ELF Raffle during the first 7 days from Sept,9th 2021 6:00 PM (GMT+8) to Sept,15th, 2021 6:00 PM (GMT+8)). The daily reward has approached 17,000 ELF tokens. The only thing you need to do is to lock-up your mainnet ELF tokens . Total rewards of the event is 119,000 ELF tokens.
On the other hand, you can go to aelf governance page, staking mainnet ELF tokens to participate in the node vote. In this case, you will receive a our mining &staking rewards.
Q6: I have ELF tokens on an eligible exchange, can I still participate in the “Lucky ELF raffle” after it?
It is possible, but you need to confirm that the exchange has supported the function of withdrawing mainnet ELF tokens. Once confirmed, users can withdraw ELF from the exchange to their aelf account. And then participate in the “Lucky Elf Raffle” with Night_Elf extension.
Q7: Would ELF circulation be changed after the swap?
No. The circulation of ELF tokens is 1 billion. The 5% airdrop reward is from aelf foundation.
Q8: Is it a Two-way swap?
It’s a one-way swap. Once swapped to the mainnet token, it can not be swapped back to ERC-20 tokens.
Q9: What are the use cases of mainnet ELF tokens?
ELF token will be vitalized for its practical uses within the aelf ecology. Specifically, it could be used as:
- Currency to pay for transaction fees, sidechain index fees, deposits, block rewards, and many more;
- Voucher to participate in the node election. Once staking, users could vote, in which way they can get staking rewards;
- Tickets to participate in the mainnet development and governance.
Q10: How could mainnet ELF holders participate in aelf mainnet development and governance?
In the economic and governance system of the aelf mainnet, there are three roles:
- Block Producer: The maximum number of block producers is 17+2n, where the “n” stands for the number of years that aelf mainnet has been opening officially for election;
- Valid backup node: Stake 100,000 ELF to become a candidate to accept user votes. The maximum number of candidate nodes is 5 times the current number of production nodes;
- Voter (voter/elector): Voters need to stake ELF to vote. The Election contract will calculate the number and duration of staking ELF to calculate the voting weight. There is no upper limit on the number of voters.
aelf separates the mining&staking pool into three sections for the above three identities:
- Citizen Welfare for Voters: They will get 75% of the rewards of each session;
- Backup Subsidy for Candidates: They will get 5% of the rewards for each session;
- Mining Reward for Producers: The will get 20% of the rewards for each session.
For more details on node participation and voting, please read our white paper.