How to deposit Aergo tokens on Binance DEX
Currently, Aergo exists in the form of an ERC-20 token on the Ethereum mainnet and in the form of a coin on the Aergo mainnet. The ERC-20 token form of Aergo is used for liquidity purposes, and the Aergo coin is used for transaction fees and smart contracts on the Aergo mainnet. We’ve now added support for Binance Chain to further enhance liquidity, meaning Aergo will exist in the form of a BEP2 token. You can only convert to BEP2 Aergo tokens using your ERC-20 Aergo tokens.
This article explains how you can securely swap your ERC-20 Aergo tokens into Aergo BEP2 tokens, so you can trade on the Binance DEX!
Create an account on the Binance DEX
First, you need to create an account on Binance DEX to trade Aergo BEP2 tokens on the exchange.
On the first screen, press the Create a Wallet button in the middle.
You’ll then see instructions in the form of a tutorial for creating your wallet.
Read the instructions carefully and proceed to the next step, encrypting the keystore file for your wallet.
Enter a password, accept the license agreement, and click the Download Keystore File button to download your wallet access file. Keep this file safe!
The next step is to record the Mnemonic phrase (similar to a seed phrase) to back up your wallet in case you lose your keystore or private key.
After recording the words on a physical sheet of paper, press the Continue button. You will be prompted to confirm that you have entered the word correctly.
If you have successfully completed all the steps, open your wallet and now go through the process of signing into your account.
Select the third keystore file, select the keystore file, enter your password, and click the Unlock Wallet Now button. If you do not have any problems with all the procedures, you will now be logged into your Binance DEX account.
Now, look for your account’s public address. You can see the address by clicking the Account icon in the upper right corner. You can copy the address value to the clipboard by clicking the icon next to it.
We have created an account on the Binance DEX and confirmed the address. The address is bnb1hwajgysalugw740r0sw5c87unzjx6cel700qvt for the wallet in this example.
Registering an Aergo deposit on Binance DEX
Deposits on Binance DEX must through a process similar to a regular crypto exchange. You will receive a virtual account specifically for your token swap purposes, and you can send ERC-20 to the address provided. First, access binance.aergo.io to get a virtual account.
In this example we’re registering our Address to Recieve as bnb1hwajgysalugw740r0sw5c87unzjx6cel700qvt, which is the public address of the Binance DEX account we created in the previous step.
The address to send Aergo ERC-20 tokens in this specific example0x221c537f23b698a8e3c44a0298661e6474569260. Record the address that comes up for you BEFORE pressing the Create button, it is directly linked to your virtual swap account. This is the address you will send your tokens to.
If you see the following popup when you click the Create button, your registration has been successful.
Token transfer and exchange
The address to send from our example was displayed above, and you should send to the address that came up before you pressed ‘Create’. You should send the tokens you want to be swapped to the address that you recorded down earlier. Once sent, wait some time for the transfer to complete.
Remember, do not send tokens to the deposit address from our example but the address that comes up on your screen!
Then, if you wait a few minutes, you can see that the Aergo BEP2 tokens have been credited to your Binance DEX account. At this point, the token swap service transfers the ERC-20 Aergo token to exchange your ERC-20 tokens into BEP2 tokens.
To ensure maximum security of the swap process, we process token swap transfers every 60 blocks. It takes about thirty minutes to execute the transaction after our service has processed your swap registration.
One thing we advise is conducting a swap of a small amount of 3 Aergo tokens to make sure there are no problems in your deposit or withdrawal setup. If you make a mistake or have other problems, you will only lose 3 Aergo! If you exchange without any problem, you will have a transaction that proves that you have used your deposit and withdrawal service normally. If you make a mistake or have not been able to issue a normal account due to a problem, you may not be able to reverse it by sending a large number of tokens.
When conducting your swap, a fee of 2 Aergo tokens will be incurred. Therefore, the withdrawals of 2 Aergo and lower are ignored. This fee is used to send and receive BNBs and to prevent DoS attacks towards the service. This fee is based on the exchange rate of the token, which means it may be revised in the future.
Take notice that there is a possibility for you to to lose a small incremental value in your balance. 1 AERGO is expressed by 1,000,000,000,000,000,000 AER on Ethereum but Binance Chain only permits 8 decimals under point — so we can’t express amount in BEP when it is less than 0.00000001 AERGO. The value may be truncated in other technical issues, too. The amount you may lose will be an extremely small amount compared to what you are sending, so this may not be something to worry about.
The withdrawal procedure is the same as for the deposit, and you can proceed after selecting For Withdrawal on the homepage. If you have any problems using the service, please contact support@blocko.io for help.
Please Note
The addresses and other values used in the example are not to be used in practice. The value in the example is used to show examples of deposits and withdrawals, so you should use your own values. The Aergo team is not responsible for problems that occur when using incorrect values.
