All you need to know about the SPC v2 token
We are excited to announce beta access to the new ERC-20 SPC token (v2) that comes with DeFi features!
Modern Ethereum Decentralized Finance (DeFi) products require ERC-20 tokens to have certain features in order to be deposited, traded, borrowed, and more. Our current SpaceChain ERC-20 token lacks these standard API features that many DeFi products expect. But, with our upgraded ERC-20 token (v2), you’ll be able to unlock more financial products as it is plugged into DeFi instruments such as Uniswap and Balancer decentralized exchanges. You’ll also have access to other lending pools, collateral, and DEX style blockchain instruments.
The advanced SPC token (v2) opens doors to better market outcomes that benefit all users of our ecosystem.
Seamless and voluntary
The entire upgrade process is permissionless and secure as it is handled 100 percent by smart contract on the Ethereum blockchain. The swap process is also optional and voluntary, allowing you to choose when and how much to upgrade.
You may continue to hold your ERC-20 SPC tokens (v1) and swap to the SPC token (v2) today, tomorrow or 10 years from now. SPC (v1) can still be transferred to others, who can convert them to SPC (v2).
One-to-one exchange
The swap is on a 1:1 equal basis. This guarantees the Spacechain SPC token promise of keeping supply at 1 billion. The token upgrade process takes SPC tokens (v1) — either burning them or sending them to null address 0x0 — and mints the exact same number of SPC tokens (v2).
Audited and certified
We are pleased to share that the security audit of SPC token (v2) has been completed successfully by Coinspect. They evaluated the security of the smart contract source code, deployment, and user tokens migration procedures. The assessment identified a risk scenario where added caution ━ additional confirmations ━ should be applied at the user level, and SpaceChain modified its upgrade instructions accordingly. No high or critical severity issues were found in this audit.
Available on decentralized exchanges and more
The SPC token (v2) is currently available on Uniswap, Balancer, 1inch, and HitBTC.
Contract address and explorer for new SPC token (v2)
Contract address:
0x86ed939b500e121c0c5f493f399084db596dad20
Explorer: https://etherscan.io/token/0x86ed939b500e121c0c5f493f399084db596dad20
Recommendations
We suggest that you upgrade a small amount of SPC tokens first to verify that you understand the process and are able perform the swap correctly before risking larger amounts. This beta access is recommended for early adopters and risk takers who want to take advantage of the advanced benefits of the new SPC token (v2).
The swap process (ERC-20 only)
Follow this step-by-step guide to upgrade your tokens from SPC (v1) to SPC (v2).
- Connect ━ Connect your wallet via this application through metamask, or scan the QR code through any ethereum wallet.
- Send ━ Click “Send SPC to Vault” and approve the transaction from your wallet.
- Upgrade ━ Upgrade your token from v1 to v2. You can also verify the balance here.
FAQ
Q1: Why is a token upgrade recommended?
SpaceChain is encouraging all SPC token holders to migrate to SPC (v2), a new, more advanced token.
Since the release of the original SpaceChain token on qtum (“SPCv1.QTUM”) and original SpaceChain token on Ethereum (“SPCv1.ETH”), many new DeFi financial products have been designed, requiring more advanced token features.
The SPC token (v2) will be plugged into DeFi instruments such as Uniswap, Balancer, Kyber, and other lending pool, collateral, and DEX style blockchain instruments for SpaceChain token holders to use.
This is intended to open a new door into token and market health incentives and programs that benefit all SpaceChain token holders.
Q2: Does the total SPC token supply change?
No. The token supply remains capped at 1 billion. Each SPC (v1) to SPC (v2) upgrade exchanges tokens on a 1:1 basis.
The token upgrade process takes SPC tokens (v1) ━ either burning them or sending them to null address 0x0 — and mints the exact same number of SPC tokens (v2)
Q3: Am I required to upgrade? What happens if I do not upgrade my tokens immediately?
The upgrade process is opt-in and voluntary. You may hold and trade SPC tokens (v1) and always swap 1:1 SPC (v1) for SPC (v2), today, tomorrow or 10 years from now
Q4: What happens if I never upgrade my tokens?
SPC (v1) can still be transferred to others, who can convert them to SPC (v2).
Q5: Are exchanges required to upgrade?
No. Each exchange may choose when to upgrade. It is expected that most exchanges will want to upgrade for a better ecosystem.
Q6: What if I’m still holding on to SPC’s QRC20 tokens?
You may swap them to SPC (v2) directly by filling up this form. We will contact you via the SpaceChain official email or Telegram account (@SpaceChain) to guide you through the process.
* Update: We have previously given token holders a window of time to swap the QRC tokens to ERC. This window of time has ended in Dec 2021, and we no longer support the swap for SPC’s QRC 20 tokens to SPC ERC v2 tokens.
Further questions? Reach out to our admins on our social platforms, or email info@spacechain.com.
