Harmony Token Swap — Launching the native ONE token
Yes, you read that correct, the long-awaited Harmony token swap is here. We are excited to launch the native ONE token. We know it’s been a long process for token holders and we’re incredibly grateful for your patience and continued support.
On to the swap - all issues flagged in the Peckshield security audit report have been successfully resolved and the mainnet has now smoothly passed the rolling upgrade in preparation for the swap. Huge thanks to our incredible team of Foundational Node operators who’ve been invaluable partners in this process. Results of the external audit conducted by Peckshield can be found here.
This means, you’ll now be able to exchange your interim BEP2 and ERC20 tokens for native Harmony ONE tokens. The process is simple but we urge you to be cautious in ensuring you only use our official swap partners listed below. All participants in the Harmony ecosystem will be completing the migration over the coming days.
How to get your native ONE?
Bitmax: After the official announcement by Bitmax, users will be able to deposit BEP2-ONE tokens in their Bitmax exchange wallets — but will only be able to withdraw native ONE tokens. The process will be fully automated, making it very straightforward. BEP2 in. native ONE out. Bitmax will support BEP-2 to native ONE swap only.
Binance: Binance will soon announce the procedure and timeline of the token swap. We will keep on posting more updates along the way. Please join our telegram announcements channel to be among the first to receive the notification. Binance will support BEP-2 to native ONE swap only.
HonestMining: This process will be similar to Bitmax. The token holders will be able to deposit BEP2 or ERC20 ONE tokens and withdraw native ONEs. Honest Mining is also one of the staking pools supporting ONE open-staking, so if you would like to participate through their validators, you can keep your tokens deposited in the Honest Mining infrastructure.
Other cryptocurrency exchanges that will soon support the swap: Huobi, Gate.io, Kucoin.
Why Migrate?
Harmony is a decentralized infrastructure supporting a new, radically transparent economy. Our initial BEP2-ONE and ERC20-ONE tokens distribution helped us take the initial steps of that journey, fueling the first phase of community participation and bootstrapping our token economy.
The native ONE token of Harmony blockchain will serve as the bridge for building an open platform without sacrificing performance, decentralization, community-based governance, and verifiable security.
The native ONE token will also be required to participate in staking, ensuring the economic security of the protocol. Our community will be able to run a validator node or delegate their ONE stake to an existing validator earning block rewards and transaction fees. We are very excited for the launch of open staking in the coming weeks as we begin driving the initial utility of the ONE token.
Where can you store native ONE?
After the swap to native ONE, you can continue to store your tokens on an exchange. If you do not wish to store your ONEs on an exchange, you can use the following, non-custodial wallets. Please note that this list will be continuously updated as integration and support for the network grows.
Software Wallets:
Trust Wallet: Trust Wallet is an easy to use, multi cryptocurrency wallet which can connect and trade crypto over decentralised exchanges (DEX Wallet). Users can also explore with Trust Browser, a full-fledged Web3 browser that allows you to interact with decentralized applications (DApp) directly from the crypto wallet app. In order to create a Harmony wallet via Trust Wallet please consult the documentation.
Set up a wallet via Trust Wallet
Math Wallet: Math Wallet is a browser extension and a mobile wallet for holding and transacting cryptocurrency.
Set up a wallet via Math Wallet
Harmony CLI: This is the official Command Line Interface (CLI) provided by Harmony. You can use it as a local wallet and as a way to interact with your Ledger Nano device. The CLI is completely open-source. You can track its development and post any issues encountered and your feature suggestions here. This option is recommended for more advanced users.
Set up a wallet via Harmony CLI
Hardware Wallets:
Ledger Nano S: The Nano S is a hardware wallet created by Ledger. A hardware wallet stores the private keys to Harmony tokens on a separate device, making it much harder for malicious parties to steal them. In fact, the private keys never leave the Nano S itself, so they will remain secure even if the device is connected to a compromised computer. As long as you follow best practices when using your Nano S, it is virtually impossible for an attacker to steal your funds.
Install and Setup a wallet via Ledger
SafePal: SafePal is a secure and user-friendly hardware wallet designed for the masses. SafePal S1, its first flagship hardware wallet, adopts multiple layers of security schemes and intuitive user interfaces, enabling users to store, transfer and trade coins in the wallet in the easiest way.
Important: While our network currently consists of 4 shards and supports cross-shard transactions, all activity with our partner exchanges will be limited to shard 0 for simplicity. This means that when you’re sending ONE tokens to an exchange wallet, you must send it from shard 0 of your wallet/address to shard 0 of the exchange wallet address. Note, your ONE wallet address remains the same for each shard, but you can additionally specify which shard out of the four shards would you like to send the ONE tokens to. For your ONE wallet on a centralized exchange, if you don’t receive ONE tokens on shard 0, then your funds will not be lost but you will need to contact the exchange in order to access them. You may choose to store your funds on any shard in any of the non-custodial wallets mentioned above that support cross-shard experience.
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FAQs
Do I have to swap to the native ONE?
Yes. As we migrate to the native blockchain ecosystem, a plethora of applications will be developing on the chain. Native ONE will be required to interact with this ecosystem and drive utility.
Is there any Swap deadline?
Currently, we are working with exchange partners to drive the complete token swap, we will keep on announcing timelines & updates in the coming days. It’s important to remember that to participate in staking, you would need to have native ONE tokens.
What amount of ONE Coin will I receive for my ERC20 & BEP2 ONE tokens?
The swap will be done on a 1-to-1 basis.
Where can I monitor my new tokens after the swap?
Once you have deposited your BEP2 tokens on one of the partner exchange, you will be able to withdraw your native ONE tokens onto any exchange or wallet that supports native ONE. You can check your token balances on these partner exchanges and wallets and also verify on the Harmony blockchain explorer (https://explorer.harmony.one/). Once you are on the explorer, paste the public address of your wallet in the search field and hit enter to see your account and its balance.
Can I still withdraw my ERC20 & BEP2 $ONE tokens once they have been deposited into an exchange?
Most or all of our exchange partners will only allow withdrawal of native ONE tokens. Refer to the swap details and timelines specified on the exchanges you’re interacting with. All of the utility on the Harmony blockchain will be driven by its native ONE token.
If you encounter any issues during your swap process that are not covered in this post, please reach out to the exchange or swap partner that you are using. However, If they are unable to resolve your issue, kindly reach out to nikos@harmony.one or join our 24/7 telegram group real-time support at harmony.one/telegram
