Wanchain 5.0 wanToken WETH & Wrapped ERC20 Swapdrop Details

All WETH & other wrapped ERC20 tokens on Wanchain will automatically be swapdropped sometime between November 6th and November 10th next week

Noah Maizels

Published in

Wanchain

3 min readOct 31, 2020

What is the Wanchain 5.0 Swapdrop?

With the launch of Wanchain 5.0, the Wanchain cross-chain Storeman bridge will change from a permission one managed by the Wanchain foundation to a permissionless one managed by the public. Previously, the Wanchain foundation Storeman nodes issued wrapped Ether as WETH and various wrapped ERC20 tokens as W-Tokens (WETH, WLINK, WMKR, WZXC, WUSDT, WTUSD, WGUSD, WUSDC, WEURS), on Wanchain. With the launch of the new permissionless Wanchain 5.0 Storeman bridges, a new set of wrapped tokens must be issued. Those tokens are known as wanTokens. In order to get all Wanchain users their new wanTokens, we will take a snapshot (an exact record of the blockchain at a single point in time) of Wanchain at some time between November 6th and November 10th, and will in the next few hours airdrop an equivalent 1:1 amount of wanTokens to all WETH and wrapped ERC20 token holders.

Do Not Transact Your Old WETH or Wrapped ERC20 Tokens from November 6th to November 10th

In order to prevent malicious behavior, we are not revealing the exact time that the Swapdrop will take place, rather we are telling users that it will take place at some point between November 6 and November 10. So we recommend that users do not transact with their tokens at all between November 6th and November 10th, in order to ensure that they receive the correct amount of wanTokens.

What About my Old WETH and Wrapped ERC20 Tokens?

After the Swapdrop, you will no longer be able to use your old WETH and wrapped ERC20 tokens to convert back to their corresponding tokens on Ethereum. However, you will have received the corresponding wanTokens in the Swapdrop which you will be able to use to withdraw back to the native corresponding token on Ethereum. The old WETH and W-Tokens will not have any value, so please be careful not to mix up the new wanTokens (wanETH and wanERC20s) with the old and valueless WETH and W-Tokens.

Example:

For example, let’s say that you have currently 5 WETH and 100 WLINK in your wallet. Starting from November 6th, you should not do any transactions with those assets. Sometime before November 10, you will be airdropped 5 wanETH and 100 wanLINK. Once you receive your airdropped tokens, you will then be able to start using your new wanTokens.

Stay tuned to our Medium and Twitter to learn more about what you can do with wanTokens after 5.0 launches!

About Wanchain

Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.