VEED Is Now LIVE On SafeSwap — Securely Transfer To Ethereum, Polygon and BNB Smart Chain!
VEED is now live on SafeSwap!
We’re excited to bring our community the ability to swap VEED to other leading blockchains with SafeSwap, however, we’re aware it can be a bit of a confusing process. Not because of the swapping itself, which is very user-friendly, but because wallets on both receiving and sending blockchains are needed and SafeSwap does not yet include Nufinetes wallet on the VeChain side. Below we share a short video tutorial to show you how to safely transfer your precious VEED to other blockchains.
The VEED contract is the same on all three chains (Ethereum, Polygon, and BNB Smart Chain). That address is: 0x16fdd1edb14ac4012395A0617a682D81595dB486. Bookmark the address to ensure you never incorrectly input it.
To facilitate swaps from VeChain to other blockchains, VEED is sent to a SafeSwap contract. When VEED is deposited via SafeSwap on VeChainThor, the corresponding amount on the target blockchain is subsequently released to the user’s designated wallet. This ensures neither the overall circulating or the overall maximum circulating supply changes unintentionally. The swap process typically takes less than a minute.
SafeSwap does not yet include Nufinetes compatibility on VeChainThor, however Nufinetes mobile editions can be used via WalletConnect on the Ethereum and BSC networks. Accordingly, users will need to use alternative wallets such as Sync2, Comet (current Comet users, new downloads of Comet are currently in maintenance), or Venly when interacting with SafeSwap on VeChainThor. On other blockchains, users may simply use MetaMask, Venly or other compatible wallets.
Users of the SafeSwap platform will be required to pay fees in addition to the blockchain gas fees incurred by approving and sending tokens. Fees are charged on both the ‘source’ and ‘target’ blockchains of a given transaction. These fees are primarily used by SafeSwap to facilitate transactions, but a certain percentage are accrued by Safe Haven and partly shared with their node holders. Fees can vary over time, with VeChain (VTHO) and BSC (BNB) fees being the most stable. Below is an example of the platform fees taken by SafeSwap on the 1st of August 2022:
The latest fees will be displayed when using SafeSwap.
How will this affect VEED’s supply?
VEED tokens have been minted on BSC, Polygon and Ethereum. These tokens will remain locked unless VEED from VeChainThor is used to unlock them, in return being locked on VeChainThor. Therefore, neither the circulating or maximum supply of VEED will be changed by this listing.
Here is a video tutorial where VEED is sent from VeChain to BNB Smart Chain, using Sync2 on the VeChain side, and Nufinetes on the BSC side.
Access SafeSwap now at https://safeswap.io/
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