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SpaceChain Advances ERC-20 SPC Token with Decentralized Finance Capabilities to Unlock New Possibilities in Financial Services

SINGAPORE — November 26, 2020 SpaceChain today announced beta access for the release of the enhanced ERC-20 SPC token (v2), which is fully compatible with Ethereum Decentralised Finance (DeFi) products capable of automating enforceable agreements in a highly immutable, permissionless system facilitated by smart contracts. The enhanced version will grant holders access to collateral and lending pools in decentralised exchanges, unlocking liquidity and growth opportunities in a fully peer-to-peer environment.

Existing ERC-20 SPC token (v1) holders can opt to upgrade their tokens on a one-to-one basis at any time with any volume, in a seamless and secure process managed by smart contracts on the Ethereum blockchain. The upgrade takes the SPC tokens (v1) and mints the exact same number of SPC tokens (v2). During the upgrade process, the tokens (v1) are either burnt or sent to the null address 0x0 to ensure permanent removal of the annulled tokens. Holders of QRC-20 SPC tokens can upgrade to the DeFi-compatible SPC token (v2) by filling in this form

The ERC-20 SPC (v2) token has successfully passed the audit by Coinspect, where the security of the token’s smart contract source code, deployment, and token migration processes were evaluated. The ERC-20 SPC (v2) token is now available on Uniswap, Balancer, 1inch, and HitBTC.

More information about the ERC-20 SPC (v2) token upgrade process can be found here.

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