Token Swap Service FAQ

Token Swap Service Frequently Asked Questions

What is the Token Swap Service?

Token Swap Service is a bidirectional swap service developed by ArcBlock, which currently enables the exchange of ABT asset chain native coins and Ethereum ERC20 ABT.

In the future, the token swap service may be available to other customers who need to support other types of ERC20 swaps for blockchains developed using ArcBlock’s SDK and Blockchain Framework.

Let’s call the conversion of ERC20 to native coin as Swap In, and the conversion of the native coin to ERC20 as Swap Out. If the image is represented:

• Swap in: Ethereum → ArcBlock
• Swap out: ArcBlock → Ethereum

Why do I need to change my token?

The main design goal of the ArcBlock system is the application, so they pass on the ABT chain is fully utilized in the application ecosystem of various ArcBlock platforms, and while Ethereum’s design is the same, it has not been easy to develop applications due to performance issues.

But Ethereum, as a popular public chain, has advantages in terms of asset security, universal access, and so on, so we have bridged (enabled interoperability) the two ecosystems through currency exchange services, giving developers and users maximum convenience and advantages.

Is switching to native ABT more secure for my assets?

If you used to use a decentralized wallet to save ERC20 ABT instead of being managed on an exchange, then the security of the native ABT is theoretically the same as the asset security of the ERC20.

How do I swap into a native ABT?

We have a step-by-step guided reference document for you: Transfer to operating instructions 16

How do I swap out ERC20 ABT?

We have a step-by-step guided reference document for you: Transfer-out operating instructions 4

How to change in the given address is an Ether address? What happens if I transfer to ETH or other ERC20 assets?

The address given in is a normal Ethereum address, which you can detect using Etherscan or other block browsers.

Keep in mind that this address is only used to accept ERC20 ABT for currency exchange services, never transfer to ETH or other ERC20 assets, and any non-ABT transfer will not be effective and cannot be recovered.

Why is there a time delay for the swap?

The swap operation is the user to transfer the ERC20 account to the account designated by the currency exchange service, and after the transaction is confirmed, the corresponding number of native ABT Tokens will be given to the user and are based on the asset chain.

When swapping, the currency exchange service waits for the transaction confirmation on Ethereum, which can be slow as the Ethereum’s network has a block time of around 15 seconds. The currency exchange service needs to wait for 12 Blocks to confirm that temporary forks are prevented from occurring in Ethereum, so there is usually a delay in the swap operation that can be as short as a few minutes, but longer depending on the size and available network capacity.

Don’t worry about latency or network failures, your ABT won’t be lost. If Ethereum fails or is severely delayed, your send transaction will not succeed so your ABT will remain in place, and if Ethereum sends your transaction successfully it will remain on Ethereum even if the currency exchange service fails or network issues will generate a corresponding conversion action based on the transaction on Ethereum during this period.

Why is there a time delay?

After logging in to the swap service, the currency exchange requires stringent verification. Our verification delay could be as long as 24 hours during the initial launch period of the swap service, and we will gradually reduce the delay in the future.

Just as a reminder, don’t worry about latency or network failures, your ABT won’t be lost. During this period you can always cancel the currency exchange if necessary.

Why is there a handling fee for swapping out ArcBlock → Ethereum

The swap operation requires a currency exchange service to call ethereum ERC20’s smart contract to transfer the user’s designated Ethereum address, which requires gas to be consumed for the transaction to be completed.

What are the fee rules for the exchange?

You will have to pay the Ethereum fee yourself at the time of the exchange, and there will be no additional charges for the currency exchange service.

The rules for the exchange-out handling fees are as follows:

• Charges at 0.1% of the amount transferred
• A minimum of 1 ABT for a single transfer and a maximum of 100 ABT

These fees belong to the ArcBlock Foundation and are used for the operating costs of the swap service. The ArcBlock Foundation reserves the right to adjust the proportions of this procedure at any time.

Is it possible to be rejected? Why?

In the vast majority of cases, swaps are processed as quickly as possible, but transactions that are determined to not meet the predetermined criteria, or suspicious may be rejected, and users who are rejected can cancel their own swaps, and their assets are maintained on the asset chain.

Can I cancel the swap operation?

Before the swap request is processed, the user can choose to cancel the action and the cancellation will also return the vast majority of the handling fee. It should be noted that in order to protect the swap service from abuse, there will be a fee for any cancellations.

Is there a limit on the transfer?

Since the swap operation is a normal Ethereum transfer operation, our system does not limit the amount.

We do not recommend a change over the recommended number, and there will be a limit at the time of exchange and a handling fee.

Why is there a limit on swaps?

During the launch phase, we will implement limitations on swap activities and will increase those limits as needed in the future.

User security is a priority, the swap service will use a one-day transfer limit for each account.

What if I have a problem? How do I ask for help?

If you’re having trouble using the swap service, you can reach our team in the community channel —

• Feedback in the official community: community.arcblockio.cn

Remember to post screenshots, trading hashes, and other key information when you respond to questions.

Why is my currency exchange history empty?

If you encounter changes in the service or history it may be due to a system upgrade. During those times, there may be a short period when history may not be reflected. However, there is no need to panic if this occurs. The system will recover in a few minutes, and all currency change operations in Ethereum and ArcBlock asset chain are recorded.