Token Swap status update

Greetings, from the ICON Team

This post is to help you understand about the Token Swap process and give you an outline of the schedules.

First of all, we would like to apologize for the lack of communication leading to confusion throughout the community. We hope that this post will help answer some of the questions you have and also clear out some of the confusion.

What is Token Swap?

With the token sale which ended on 20.SEP.2017, the ICON Team have distributed ERC20 ICX tokens, which are currently being traded in the exchanges. ERC20 ICX tokens were distributed so that you can trade ICX in the exchanges before mainnet launch.

Now, we plan on exchanging the ERC20 ICX tokens to mainnet ICX coins so that we can further develop and expand the usage of ICX coins. The Token Swap will be made with an exchange rate of one ERC20 ICX token to one mainnet ICX coin.

How will the Swap be made?

The Token Swap will be implemented through our ICONex wallet and the exchanges that we are listed on.

1. Token Swap using ICONex

Using the Token Swap feature in the ICONex wallet, you can directly exchange your ERC20 ICX tokens stored in the ICONex ETH wallet to be exchanged and moved to the ICONex ICX wallet as mainnet ICX coins.

2. Token Swap using exchanges

If you are holding your ERC20 ICX tokens on the exchanges, you do not need to go through a seperate Token Swap process. The exchanges will automatically swap the ERC20 ICX tokens to mainnet ICX coins.

When will the Token Swap begin?

The Token Swap feature in the ICONex wallet is currently ready. However the Token Swap schedule through the exchanges are still being adjusted.

We are postponing the Token Swap so that both Token Swap processes can be started at the same time.

The exchanges currently do not support mainnet ICX to be traded. If the Token Swap process using the ICONex wallet is opened before the exchanges support mainnet ICX coins, it could lead to unintentional trouble or financial loss where you cannot sell the mainnet ICX coins in the exchanges. 
(Once the Token Swap is made, the mainnet ICX coins cannot be swapped back to ERC20 ICX tokens)

To protect users from any unintentional trouble or financial loss, we have made additional developments so that the ICONex Token Swap feature will be enabled aligned with the exchange’s status of supporting mainnet ICX coins. (You are free to check the feature, but the actual Token Swap does not happen at the moment.)

We will be announcing the start time of the Token Swap through our SNS channels(Blog, Reddit, Telegram) and email as soon as the exchanges are ready to trade mainnet ICX coins. The Token Swap feature will be enabled accordingly.

Will I be able to trade ERC20 ICX tokens?

The current ERC20 ICX tokens will be tradable in the exchanges as usual. Also, even after the Token Swap procedure begins, you will be able to trade and send your ERC20 ICX tokens until the Token Swap period is over.

How long will the Token Swap last?

The Token Swap will last for three months. The exact starting date will be announced once the exchanges are ready to trade mainnet ICX coins. We will be continuously sending notifications through our SNS channels and email. You can swap your ERC20 ICX tokens to mainnet ICX coins anytime during the Token Swap period.

Will the ERC20 ICX tokens be burned?

When you swap the ERC20 ICX tokens for mainnet ICX coins, we will retrieve the ERC20 ICX tokens and exchange them for mainnet ICX coins in return. The ERC20 ICX tokens retrieved will all be burned so that it will not be able for further use.

For the ERC20 ICX tokens that do not participate in the Token Swap procedure, they will be locked after the Token Swap period is over so that not even the ICON foundation can use them.

Once again we are greatly sorry for the lack of communication and delay in the Token Swap process. We will do our best to give you updates and speed up the adjustments with the exchanges.

Thank you for your patience and understanding.

Hyperconnect the World

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