DigitalBits Token-swap is announced today!

The DigitalBits Foundation team is pleased to announce that the XDB ERC-20 for digitalbits mainnet token swap will commence on August 15th, 2022, with Digifinex being the first exchange to announce today their full support on that date. Other participating exchanges are expected to announce their support for the token swap shortly. Each participating exchange will provide instructions on how they will facilitate the swap for their clients.

The digitalbits mainnet token is the native token of the DigitalBits blockchain. Every blockchain address on the DigitalBits blockchain requires mainnet tokens to enable functional use of the account and for transaction fees on the network associated with an array of uses including sending payments and minting NFTs. The mainnet token can also serve as a bridge token between two on-chain tokens that don’t have a direct market.

It is important to highlight some details on how the swap will take place:

1. Every participating exchange will announce with at least 30 days’ notice the date of the mainnet token swap along with detailed instructions.
2. Typically, they will temporarily halt deposits and withdrawals of the XDB ERC-20 token during the swap time window, while trading continues.
3. Participating exchanges will seamlessly swap each ERC-20 token for a mainnet token 1:1 on the token swap date and time period. Specific instructions may differ with each participating exchange.
4. This process is completely seamless for clients of the participating exchange who are not required to do anything different than deposit and wait.
5. After the swap, the participating exchange will only enable trading of the digitalbits mainnet token, and the ERC-20 token will no longer be tradable in any markets on that exchange.
6. Prior to the opening of the digitalbits mainnet to token trading, such an exchange will communicate date and time, the so-called cut-off, when they will no longer support XDB ERC-20 deposits and withdrawals.
7. If an XDB ERC-20 token holder does not swap his/her tokens by the cut-off date of the last participating exchange, he/she will no longer be able to swap the tokens.

Note: If you own XDB ERC-20 tokens in your non-custodial Ethereum wallet (e.g. Metamask, Trezor, Ledger), you must swap your tokens by following the instructions published by one of the participating exchanges before their cut-off date, to avoid the risk of losing your XDB tokens forever, with no possibility to swap tokens in the future.

To reassure the whole DigitalBits community, the team will be actively supporting the process via Telegram channel over the coming weeks, addressing any queries you may have.

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