ICONFi Guide: Old ICX Token Swap

Published in
5 min readJun 6, 2021


Dear ICONists around the globe,

The ICONFi team is thrilled to launch the token swap service for the original ERC20 tokens (“ICO Tokens”) into the native ICX tokens for those who have not done so already.

Below is the guide the token swap service, divided into 3 steps:

1. Private Key extraction from your Ethereum wallet

2. Providing necessary information on ICONFi app

3. Send IOU tokens to ICONFi for native ICX tokens

Step 1. Private Key extraction from your Ethereum wallet

You will need to extract your private key for your Ethereum wallet that holds the old ICX tokens. For the safety of your assets, we recommend that you transfer out all your assets to a different wallet before extracting the private key. Each wallet will have its own method of private key extraction. Below are the instructions for some of the popular wallets:

MyEtherWallet: https://www.myetherwallet.com/access-my-wallet

MetaMask: https://metamask.zendesk.com/hc/en-us/articles/360015289632-How-to-Export-an-Account-Private-Key

Ledger: https://support.ledger.com/hc/articles/4404388633489

For those that use Ledger, if you created seed words before Ledger Live came out, you may need to follow the instructions in the below link: https://www.reddit.com/r/helloicon/comments/li1mws/icon_erc20_swap_help/

Trezor: https://wiki.trezor.io/Recovery_seed

For those that use Trezor, please refer to the below link in case you are having trouble: https://www.reddit.com/r/TREZOR/comments/7qhsg7/how_to_know_my_private_key_from_trezor/dspazoa/

Once you have successfully extracted your ETH wallet private key, you need to import the key into the ICONex Chrome extension. You will have an ICON wallet derived from your ETH private key after this importing process. Once this is complete, IOU token needs to be added into the list of recognized tokens.

The following is the step-by-step guide to get your ICONex wallet ready for the swap.

A. Please load ‘ICONex’ on Chrome extension.

B. Click “Add Wallets” on ICONex.

C. Select “Load Wallet”

D. Choose “Enter Private Key”:

1. Select ICON (ICX).
2. When you enter the private key, you must delete “0x” at the front (if any).
3. Please keep your keystore file and private key safely.

E. Now you have an ICONex wallet (starting with “hx”) derived from your ETH private key.

F. Add the IOU Token to the list of tokens in your ICONex wallet by clicking on “Add token”.

G. Click “Input Token Info”

H. Enter the Token Information:

Address: cx9ee7fbe8c98ca688ec4eb30e392463c1a82d10be
Token Name: ICX IOU Token
Token Symbol: ICXIOU
Number of Decimals: 18

Now your ICONex wallet address is ready — you can move on to the next step.

Step 2. Providing necessary information on ICONFi app

  1. Open the ICONFi app, and load[Staking] tab.
  2. Click on [+], and select [ICX].

3. Select [ICON] network, and click on [Create Deposit Address].

You will be able to see your ICX wallet created at the [Staking] tab.

4. Click on the ICX wallet. You can find the “ICO Token Swap” button on your ICX wallet page. You will then need to provide 2 things:

1) Any ETH TXID (“Outbound” TXID) ORIGINATING from your ETH wallet address holding the old ICO Tokens. If you have never had any outbound transfers from your ETH wallet, you will need to do so and submit that TXID.

2) ICONex wallet address you have obtained in the Step 1, derived from your ETH private key. Please note that any other ICONex wallet addresses will not work.

Once you submit the required information, you will be able to check the swap request history by clicking on the “History” button. Once the system processes your token swap request, you will receive IOU Tokens to your ICONex wallet address created during Step 1 above. Please note that it may take up to 3 days to receive the IOU Tokens.

Step 3. Send IOU Tokens to ICONFi for native ICX tokens

Once you receive your IOU tokens into your ICONex wallet, you can convert those IOU Tokens into native ICX. To do so, all you need to do is send those IOU Tokens (from the ICONex) to the ICX deposit wallet in the ICONFi app. — You can see your ICX deposit address by clicking on [Deposit], selecting [ICX], and clicking on [ICON] network type.

When ICONFi transfers IOU ICX to your ICX wallet, it sends a small amount of ICX to cover one transaction network fee. Once deposited, ICONFi app will replace your IOU Tokens with the native ICX tokens, and you can stake or transfer out the native ICX. Please note that it may take up to 3 days to receive the native ICX after you send the IOU ICX tokens.


If you have any questions or feedback, please open a ticket at #support channel on https://discord.gg/YdWsjaW8Eh.

About ICONFi

ICONFi is a digital asset savings platform that provides simple and intuitive earn products so that anyone can easily multiply crypto assets. ICONFi aims to simplify the complicated processes often associated with crypto assets and offers a sleek, straightforward user interface which supports saving, staking and airdrop activities at the palm of your hand.

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